China and Nigeria signed a raft of agreements expanding their economic cooperation in the run-up to the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing. Nigerian President Bola Tinubu met with his Chinese counterpart Xi Jinping after which they announced the elevation of the diplomatic relationship to a comprehensive strategic partnership. Tinubu said he hopes Nigeria will become China’s largest investment and trade partner on the continent.
Among the agreements was a comprehensive agreement to enhance collaboration in the Belt and Road Initiative, human resource development, and nuclear energy. Nigeria has been discussing the creation of its own nuclear energy industry for more than a decade. In 2023, Nigeria’s Senate updated legislation relating to the 46-year-old Atomic Energy Commission to bring it in line with present day requirements.
President Tinubu, who attended the summit alongside leaders from 50 African nations, highlighted the potential for this strategic partnership to drive growth not only in Nigeria but also across Africa, emphasising the importance of stability and security. China is Nigeria’s biggest bilateral lender, with loans amounting to $5bn at the end of March, according to figures from Nigeria’s Debt Management office.
