Nigerian President Bola Tinubu paid a state visit to China at the invitation of Chinese President Xi Jinping, where he attended the Beijing Summit of the Forum on China-Africa Cooperation (F.O.C.A.C.). After the meeting, the two heads of state issued a joint statement to declare China-Nigeria relations were upgraded to a “comprehensive strategic partnership.” The content of the statement focused on deepening an all-round connection between the two countries and the promotion of South-South cooperation, which encompasses a variety of fields including politics, trade, investment, technology, and security.

According to China’s official media Xinhua News Agency, the two sides reiterated that the two countries support each other on issues involving core interests such as sovereignty and territorial integrity. Nigeria reiterated its support for the “One China” policy, while China also expressed appreciation for Nigeria’s “Renewed Hope” concept to help Nigerian people escape poverty. The two countries agreed to encourage flexible and diverse regional financial cooperations, such as local currency swaps. China also expressed its interest to help Nigeria’s economy “diversify and prosper” by encouraging more “powerful” Chinese companies to invest in Nigeria and welcomed the African state to join its e-commerce and logistics industries. While expanding investments, the two sides’ consultations were also reflected in the domains of science and technology. According to a press conference of the Nigerian Atomic Energy Commission, Nigeria also signed a nuclear energy pact with China to enhance its energy infrastructure. In terms of security, the two countries pledged to strengthen law enforcement against money laundering and terrorist financing through intelligence cooperations.

Nigeria is the most populous country and the largest economy in Africa, but its domestic situation has been turbulent due to historical and religious reasons. Tinubu’s A.P.C. party won the election by a narrow margin last year and faces great challenges. In addition to the opposition’s continued questioning of the election, there is also strong dissatisfaction among the people with the widespread inflation, injustice and hunger. In the meantime, conflicts caused by the Boko Haram terrorist group active in the north continues to plague the country. This cooperation between Nigeria and China is of great significance for jointly developing the economy, solving poverty, and ensuring regional peace and stability, but there are still obstacles that need to be overcome, for example, the familiar issue of debt.

Although China has invested heavily in Africa under the framework of the Belt and Road Initiative in the past six years, many African countries have fallen into debt crisis in the economic recession after the COVID-19 pandemic, said Kingsley Moghalu, former Deputy Governor of the Central Bank of Nigeria, in an interview with the BBC. According to an AFP article citing data from the Nigerian Debt Management Office, China is Nigeria’s largest bilateral lender, with a total loan amount of $5 billion as of the end of March. As the world’s largest lender, China has begun to adjust the terms of its loans to African countries by using more funds to build solar power stations and electric vehicle factories, while reducing investment in large infrastructure projects. Negotiations on debt issues have been ongoing for years, but this year’s F.O.C.A.C. Summit did not disclose further information on such matters. However, it is worth noting that at the opening ceremony of the forum, according to Xinhua News, Xi promised that China will provide a new $50 billion financial support to Africa in the next three years, which is historically unprecedented. It remains to be seen to what extent this method of “digging new pits instead of filling old ones” can have on economic development, and whether these loans have other additional conditions.

Despite the unresolved debt issue, after this joint statement, the efforts of both countries to promote regional prosperity by promoting economic development as well as combating the financing of terrorist organizations are evident. Deeper connections in the fields of industry, financing, and technological innovation will be made, and the manifestations brought about by these economic cooperations can significantly reduce poverty and hunger, thereby cutting the root causes of dissatisfaction and violence, promoting long-term stability and security, thus preventing the occurrence of insurgencies.