In a significant development for Nigeria’s infrastructure ambitions, China’s Minister of Foreign Affairs, Wang Yi, has called on the Nigerian government to issue panda bonds in China to generate revenue for the country’s much-needed infrastructure development. Speaking at a press briefing alongside his Nigerian counterpart, Ambassador Yusuf Tuggar, after a meeting with President Bola Tinubu on Thursday, Wang Yi expressed strong confidence in Nigeria’s future.
Wang Yi emphasized that the issuance of panda bonds, which are bonds denominated in Chinese renminbi (RMB) and issued by non-Chinese entities in China’s domestic bond market, could be a crucial step in helping Nigeria finance its infrastructure projects. He assured that China would support the Nigerian government in issuing these bonds, noting that they would be backed by financial guarantees to ensure their safety.
The Chinese Minister went on to highlight the robust bilateral relationship between Nigeria and China, citing a number of successful collaborations between the two nations. Wang Yi pointed to the involvement of Chinese banks in the financing of phase three of Nigeria’s railway modernization project, which he described as a major success. “Chinese banks supported the building of the phase three of the railway modernization project, and it has been delivered,” he said, underscoring the ongoing collaboration in the infrastructure sector.
In addition to discussing financial matters, Wang Yi spoke of the broader strategic outcomes achieved through the leadership of Chinese President Xi Jinping and Nigerian President Bola Tinubu. He noted three key accomplishments: the elevation of China-Nigeria relations to a comprehensive strategic partnership, the establishment of the Intergovernmental Committee between the two countries, and the significant growth of their cooperation on the international stage. “We have achieved a new leap in the characterisation of our relations,” Wang Yi stated. “Our two presidents jointly announced the elevation of China-Nigeria relations to a comprehensive strategic partnership.”
Furthermore, Wang Yi highlighted the growing cooperation between China and Nigeria on international issues, stressing that both nations have worked closely on matters concerning the Global South. “Our cooperation at the international arena has reached new heights,” he added, pointing out the importance of their collaborative efforts in global and regional affairs.
In his remarks, Wang Yi also reaffirmed China’s commitment to supporting African nations in resolving their internal challenges, particularly in the areas of peace, security, and development. He reiterated China’s stance on non-interference in the domestic affairs of African countries, emphasizing that Africa is capable of solving its own problems. “African people are the real masters of this continent. They have every wisdom, capability and right to resolve their own issues,” Wang Yi stated.
China has pledged substantial support to Africa, including a grant of 1 billion yuan in military assistance and training for 6,000 military personnel and 1,000 police officers across the continent. “China will provide a grant of 1 billion yuan in military assistance to Africa and help train 6,000 military personnel and 1,000 police and law enforcement personnel for African countries,” he added. This move is part of China’s broader strategy to bolster peace and security efforts in Africa.
As part of its long-term commitment to the continent, China has also promised to support the establishment of African standby forces and counter-terrorism operations. Wang Yi stressed that China would continue to advocate for African countries’ rights at the United Nations and support multilateral peacekeeping missions on the continent. “At the United Nations Security Council, China’s vote will always go to Africa, and we will continue to speak up for the legitimate voice of African countries at the multilateral arena,” he said.
Nigeria’s role as a key player in Africa’s peace and security was highlighted by Wang Yi, who acknowledged the country’s leadership within the Economic Community of West African States (ECOWAS). He stated that Nigeria plays a critical role in safeguarding peace and stability in West Africa and the Sahel region. “Nigeria is an important country in Africa and the chair of ECOWAS; it plays an important role in safeguarding peace and stability in Western Africa and the Sahel region,” Wang Yi noted.
Ambassador Yusuf Tuggar, in his comments, echoed China’s support for Nigeria and its leadership in regional peace efforts. He also outlined Nigeria’s interest in collaborating with China to strengthen domestic production of military equipment. “We want to work with countries like China in domesticating production of military equipment, both kinetic and non-kinetic,” Tuggar said, emphasizing the need for Nigeria to reduce dependency on foreign procurement.
Wang Yi concluded his statement by reaffirming China’s commitment to long-term cooperation with Africa, and particularly Nigeria, in addressing security challenges and fostering development. He expressed hope that the continued strengthening of China-Nigeria ties would lead to lasting benefits for both nations, contributing to regional stability and growth across the African continent.
