FULL LIST: Agreements Nigeria signed with China during Tinubu’s visit.

The Nigerian government anticipates that increased economic growth, the creation of jobs, and higher living standards for its people will come from their cooperation as both countries strive to carry out these accords.

Following President Bola Tinubu’s diplomatic visit to China, Nigeria and China signed many historic accords that signalled a dramatic change in their bilateral relations.

The visit was part of Tinubu’s broader foreign policy agenda to secure international partnerships to deepen economic cooperation, improve infrastructure, and foster trade ties.

These accords addressed a number of industries, such as technology, energy, and transportation.

Below is a comprehensive summary of the agreements that were signed during Tinubu’s visit.

1. Bilateral Currency Swap Agreement

One of the most notable agreements was the expansion of the bilateral currency swap deal, first initiated in 2018.

The currency swap arrangement allows the Central Bank of Nigeria (CBN) and the People’s Bank of China (PBoC) to exchange currencies to facilitate trade and investment between the two nations without relying heavily on the US dollar.

With the renewed deal, both countries aim to increase liquidity in the Nigerian market, ease trade transactions, and reduce pressure on foreign exchange reserves.

The Nigerian government expects this deal to improve the availability of the Chinese yuan for Nigerian businesses, thus facilitating smoother transactions between Nigerian and Chinese firms.

2. Infrastructure Development Agreement

A significant portion of the agreements focused on infrastructure development, particularly road, rail, and energy projects. China committed to providing substantial funding and technical support for Nigeria’s infrastructure master plan.

This includes completing critical railway projects, building significant highways, and developing energy facilities

China’s experience in building strong road and rail networks can help Nigeria, improving logistics and transportation throughout the nation.

This agreement provided a major boost to the Lagos-Calabar coastal railway project, which had been put on hold because of financial difficulties.

China’s participation is expected to hasten the project’s completion, which will change Nigeria’s transport environment by easing trade, connecting important towns and ports, and cutting travel times.

3. Power Generation Agreement

Nigeria and China signed a comprehensive power generation agreement to address the perennial power shortages that have plagued Nigeria’s economy.

The deal encompasses the development of new power plants, the upgrading of existing power facilities, and the expansion of renewable energy sources such as solar and hydroelectric power.

This agreement aligns with President Tinubu’s commitment to resolving Nigeria’s energy crisis and boosting industrial growth.

With China’s assistance, Nigeria plans to increase its power generation capacity by several megawatts over the next few years, significantly reducing blackouts and powering economic activities across various sectors.

4. Mining and Solid Minerals Cooperation

To diversify Nigeria’s economy beyond oil, Tinubu signed an agreement with China focusing on mining and solid minerals exploration.

Nigeria is rich in untapped mineral resources, including gold, tin, and columbite, and this partnership aims to unlock the potential of the sector.

With its vast experience in mining and processing minerals, China will provide the necessary technical expertise and equipment to develop Nigeria’s mining sector.

The agreement also includes provisions for technology transfer and training of Nigerian mining professionals, which could greatly boost local capability and lessen reliance on outside knowledge.

With this agreement, Nigeria hopes to boost its revenues from solid minerals and create jobs in the sector.

5. Technology and Telecommunications Agreement

The digital economy was another major focus of the visit, as Nigeria signed a technology and telecommunications cooperation agreement with China.

The deal seeks to enhance Nigeria’s digital infrastructure, improve internet penetration, and foster the growth of the telecommunications sector.

Chinese tech behemoths like ZTE and Huawei are anticipated to be crucial in extending digital inclusion, enhancing internet availability, and establishing 5G networks throughout Nigeria.

Cooperation in cybersecurity is also covered by the agreement; both nations commit to work together to combat cyberthreats and guarantee the security of digital platforms.

6. Cultural Exchange and Education Agreement

A cultural exchange agreement was signed to promote closer ties between Nigerian and Chinese educational institutions.

This includes student exchange programmes, scholarships for Nigerian students to study in China, and collaboration between universities in both countries.

Along with promoting Chinese language instruction in Nigerian classrooms, the pact aims to expand the number of cultural exchange initiatives between the two countries.

It is anticipated that this program will improve mutual understanding and people-to-people contacts between the Chinese and Nigerian masses, strengthening grassroots diplomatic relations.

7. Agricultural Cooperation Agreement

Nigeria and China signed an agricultural cooperation agreement to improve food security and boost agricultural productivity in Nigeria.

The agreement involves the transfer of Chinese agricultural technology, expertise, and investment into Nigeria’s farming sector.

China will also provide funding for irrigation projects, modern farming equipment, and training for Nigerian farmers

This collaboration supports Nigeria’s objective of lowering its reliance on food imports and raising domestic staple crop output.

Nigeria’s efforts to reduce poverty, promote rural development, and ensure food security are anticipated to benefit from the deal.