During the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) held at the Great Hall of the People in Beijing, President Bola Tinubu called for increased global collaboration to foster shared progress and prosperity.
President Tinubu lauded the China-Africa partnership as a successful model for sustainable development, highlighting its potential to drive unprecedented growth for both regions. He emphasized that the partnership, grounded in trust and mutual respect, offers a blueprint for solving global challenges through cooperative efforts.
Tinubu urged the continuation of this collaborative momentum, stressing the importance of peaceful dialogue, transparent business practices, and diplomatic conflict resolution. He expressed confidence that the China-Africa partnership, driven by a collective vision, would yield substantial benefits for both continents.
“The success of FOCAC underscores a crucial truth: global progress is not a zero-sum game. By joining forces and seeking win-win solutions, we can create opportunities for sustainable development and shared prosperity,” Tinubu stated. He praised the partnership’s historical achievements and its ability to weather global challenges through respect for sovereignty and non-interference.
In his address, President Xi Jinping announced an audacious $50 billion in financial support for Africa, along with additional military aid. This pledge is part of a broader commitment that includes $280 million in aid and the implementation of ten partnership actions over the next three years. These actions encompass areas such as trade, industrial cooperation, connectivity, health, agriculture, and cultural exchanges.
Xi Jinping outlined that China’s financial support would include RMB360 billion yuan, broken down into RMB210 billion yuan in credit lines, RMB80 billion yuan in various forms of assistance, and RMB70 billion yuan in investment by Chinese companies. China will also support African countries in issuing panda bonds to enhance cooperation.
Additionally, Xi proposed elevating China-Africa relations to an all-weather community with a shared future, reflecting the deepening of bilateral ties over nearly 70 years. He called for the strategic enhancement of these relations, emphasizing a new era of cooperation and mutual growth.
President Tinubu congratulated earlier speakers, including co-chair President Bassirou Diomaye Faye of Senegal, for their contributions to strengthening the China-Africa partnership. He noted that this partnership exemplifies what can be achieved through consistent support and respect for mutual interests.
