China, Nigeria Unite Against Financial Crimes

Nigeria, China Unite Against Financial Terrorism

The partnership was sealed following a meeting between President Bola Tinubu...

China and Nigeria have partnered to combat money laundering and terrorism financing, strengthening their bilateral cooperation in the fight against financial crimes.

The Chinese government has pledged to collaborate with Nigeria in the fight against money laundering and terrorism financing. This commitment was formalized in a joint statement issued by both countries, outlining their shared goal of combating financial crimes.

Strengthening Financial Stability and Security

The agreement aims to support Nigeria's efforts to maintain the stability of its financial and foreign exchange markets. By working together, China and Nigeria seek to create a more secure and transparent financial environment, ultimately reducing the risk of financial crimes.

A Fruitful Meeting Between Presidents

The partnership was sealed following a meeting between President Bola Tinubu of Nigeria and President Xi Jinping of China on Tuesday, September 3. This high-level engagement underscores the commitment of both nations to tackling the global challenges of money laundering and terrorism financing.

Joint Efforts to Combat Financial Crimes

Through this agreement, China and Nigeria will share expertise, resources, and intelligence to combat financial crimes. This cooperation is expected to enhance Nigeria's capacity to detect, prevent, and prosecute money laundering and terrorism financing activities.

A New Era of Cooperation

The partnership between China and Nigeria marks a significant milestone in their bilateral relations. As they work together to address common challenges, both nations can look forward to a more secure and prosperous future.

At the conclusion of their meeting, the two presidents formalized their agreements by signing several Memoranda of Understanding (MOUs). One of the key agreements was a cooperation plan aimed at jointly promoting the Belt and Road Initiative (BRI) between Nigeria and China.

According to the joint statement, both nations are exploring opportunities for regional and monetary cooperation. They are also considering innovative approaches to facilitate trade, including local currency swaps. This cooperation is expected to not only strengthen bilateral trade between China and Nigeria but also contribute to global financial stability.

“Both countries agreed to support Nigeria's geographical and development advantage in West Africa to establish Africa's flagship projects on cross- national and cross-regional cooperation,” the statement reads.

“They also agreed to deepen cooperation on the infrastructure connectivity between the two countries.

“China proactively supports Nigeria in developing its domestic infrastructure construction, including transportation, ports, and free trade zones, towards achieving integrated development and connectivity for industries.

“The two countries agree to carry out international cooperation on financial intelligence on anti-monetary laundering/countering the financing of terrorism (AML/CFT) and support Nigeria's efforts to safeguard the order of its financial and foreign exchange markets and to crack down on financial crimes, including money laundering.”