Wang Yi’s New Year tour of Africa, spanning January 5 to 11, continues a 35-year tradition aimed at quietly strengthening Beijing’s substantial influence on the resource-rich continent as Europe’s presence declines and America’s focus wavers.
This visit is part of a broader tour across Africa, which underscores China’s long-standing commitment to strengthening its partnership with African nations, with an emphasis on economic development, trade, and political cooperation.
Wang Yi’s focus on Namibia, the Republic of Congo, Chad, and Nigeria highlights China’s consistent engagement with Africa.
Analysts note that while global powers are distracted by events like the US presidential transition, wars in Ukraine and the Middle East, and domestic politics, China remains committed to its African partners.
Nigeria and China, in particular, are set to enhance cooperation in key areas like clean energy, defence, and finance.
Nigeria is the largest African market for Chinese exports and a key hub for Chinese technology investments on the continent.
It is also one of the most significant global destinations for Chinese construction companies involved in building railways, roads, and other infrastructure projects.
During Chinese Foreign Minister Wang Yi’s visit to Nigeria, discussions focused on four key areas aimed at boosting both countries’ economic growth;
Currency swap between Nigeria and China
President Bola Tinubu while discussing with Yi, called on the Government of the People’s Republic of China to expand the $2 billion currency swap agreement between Nigeria and China to boost bilateral trade.
The currency swap deal between Nigeria and China was first announced in 2018.
This initial agreement, valued at 15 billion yuan (roughly $2 billion), was signed to facilitate trade between the two countries by enabling transactions in their respective local currencies, the Naira and the Chinese Yuan, rather than using the US Dollar
Tinubu said increasing the level of currency swaps will speed up the infrastructural development and deepen the strategic bilateral relations.
Nigeria’s bid for Permanent UN Security Council seat
The Nigerian president also asked for support as Nigeria aims to secure the UN security council seat.
While calling on China to support Nigeria’s bid for Permanent Seat in the United Nations Security Council, President Tinubu said, “You are a member of the UN Security Council. We want you to use your influence to ensure Nigeria secures the seat.”
The African Union is gaining momentum in its push for a permanent presence on the UN Security Council.
In a significant development, the US announced its support for two new permanent seats for African countries and a non-permanent seat for small island developing nations last year.
This move follows the Biden administration’s 2022 pledge to expand the Security Council, marking a major step forward in addressing Africa’s historic underrepresentation.
Africa’s peace and stability
Chinese Foreign Minister, Wang Yi reiterated China’s commitment to supporting Africa’s ongoing efforts to sustain peace and stability.
He emphasized that global solidarity is essential to addressing various security challenges worldwide, stating, “We all have the issue on the top of all of our minds. In the world today, only through global solidarity can we together respond to the various security challenges.”
Furthermore, Yi reaffirmed China’s stance against foreign interference in Africa’s internal matters, highlighting its ongoing support for the African Union’s role in resolving conflicts and fostering peace across the continent
Supporting China’s position, the Nigerian government also ruled out plans to hire foreign mercenaries to combat insurgency, banditry, and other security challenges.
Also, China plans to advance its partnership with Africa through the Global Security Initiative (GSI), offering one billion yuan in military assistance.
This will fund training for 6,000 military and 1,000 law enforcement personnel and support the development of Africa’s standby and rapid response forces for peacekeeping and counterterrorism operations.
Upward review of the $50bn African aid package
President Bola Tinubu further called for an increase in the $50 billion aid package that Chinese President Xi Jinping pledged for Africa last year.
Recall Chinese President Xi Jinping in 2023, pledged $50 billion in financing for Africa during the Forum on China-Africa Cooperation (FOCAC).
The pledge, which outlines over $50 billion in financing for the continent over the next three years, focuses on strengthening cooperation in infrastructure and trade.
President Xi Jinping also promised to help “create at least one million jobs for Africa.”
“I am happy you are part of China’s highest decision-making body. We will want you to use your position to influence improved project funding.”
“First, I say yes to the $50 billion support, and thank you for contributing to African growth. The infrastructural needs of Africa are greater than that, and we want to move as rapidly as our other counterparts” Tinubu told the visiting minister.
