The agreement was reached after a meeting between Nigerian President Bola Ahmed Tinubu and China’s President Xi Jinping on Tuesday.
Nigeria and China have taken a significant step in strengthening their financial cooperation to combat financial crimes, including money laundering and terrorist financing. The two countries have agreed to enhance their collaboration on financial intelligence sharing to support Nigeria’s efforts to safeguard its financial and foreign exchange markets.
The agreement was reached after a meeting between Nigerian President Bola Ahmed Tinubu and Chinese President Xi Jinping on Tuesday. The joint statement issued after the meeting highlighted the importance of regional and monetary cooperation, encouraging flexible and diverse cooperation, such as local currency swaps, to facilitate trade between the two countries and contribute to global financial stability.
Both countries also agreed to support Nigeria’s geographical and development advantage in West Africa by establishing flagship projects on cross-national and cross-regional cooperation. Additionally, they will deepen cooperation on infrastructure connectivity between the two countries, with China proactively supporting Nigeria’s development of its domestic infrastructure construction, including transportation, ports, and free trade zones.
The agreement also emphasizes the need for international cooperation on financial intelligence, anti-money laundering (AML), and countering the financing of terrorism (CFT). Nigeria and China will work together to support Nigeria’s efforts to safeguard its financial and foreign exchange markets and crack down on financial crimes, including money laundering.
This enhanced cooperation between Nigeria and China is expected to facilitate trade between the two countries, promote economic growth, and contribute to global financial stability. It is also seen as a significant step in the fight against financial crimes, which can undermine the integrity of the financial system and threaten economic stability.
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