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Agency Report –
Wang Yi, Chinese Minister of foreign Affairs, on Thursday urged Nigeria to issue panda bonds in China to generate revenue to finance its infrastructure development.
The Minister said this while addressing State House correspondents alongside his Nigerian counterpart Amb. Yusuf Tuggar, after a meeting with President Bola Tinubu.
Yi, who expressed confidence in Nigeria, said the Chinese government would encourage the Federal Government to issue the panda bonds because its safety would be guaranteed through financial support.
The News Agency of Nigeria (NAN) reports that panda is a bond denominated in Chinese renminbi, RMB, and issued by non-Chinese entities in the China domestic bond market.
Chinese-owned entities incorporated outside of mainland China are eligible for issuance.
Yi said China would also contribute to Nigeria’s infrastructure development, particularly railway.
“Chinese banks supported the building of the phase three of the railway modernisation project, and it has been delivered.
“So, there are many transactions that are taking place between the two countries due to our cooperation, which is comprehensive; and we would like to further boost it,” said the Minister.
Yi added that strategic planning by President Xi Jinping and President Tinubu had achieved three major outcomes.
“First, we have achieved a new leap in the characterisation of our relations. Our two presidents jointly announced the elevation of China Nigeria relations to a comprehensive strategic partnership.
“Second, we have worked together to establish a new platform. The first plenary session of the Intergovernmental Committee between China and Nigeria has been successfully held, contributing to the elevation in quality of our cooperation.
“Third, our cooperation at the international arena has reached new heights. Our two sides have coordinated closely in international and regional affairs and worked together for the collective rise, development and vitalisation of the Global South,” he said.
Yi said China would support Africans in addressing African issues in the African way.
“African people are the real masters of this continent. They have every wisdom, capability and right to resolve their own issues. China opposes foreign interference in the internal affairs of African countries.
“We firmly support the African Union and the sub regional organisations in playing a constructive role, and promoting the resolution of disagreements and disputes through dialogue and consultation.
“China will support Africa in strengthening peace and security capacity building. We will work with Africa to establish a partnership for implementing the Global Security Initiative and make it a fine example of GSI cooperation,” he said.
He said China would 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 that China would also continue to support the building of the African standby and rapid response forces and support African countries in carrying out counter terrorism peacekeeping operations.
“China will firmly support Africa in safeguarding its legitimate rights and interests, practicing true multilateralism and not letting power politics and bullyism find their place in Africa.
“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 multilateral arena.
“As the second largest contributor to peacekeeping operations, China will continue to support the United Nations in carrying out peacekeeping operations in Africa,” said Yi.
Yi said through deepening cooperation in various areas, the Chinese government would work with Africa to address insecurity and achieve long term stability through development.
“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.
“China supports Nigeria in rallying countries in the region to achieve strength through unity, to build synergy through reconciliation, and to promote security through cooperation,” he said.
Tuggar earlier said Nigeria had consistently proved effective in leading other countries in addressing challenges to peace and security in partnership with other countries.
“We want to work with countries like China in domesticating production of military equipment, both kinetic and non kinetic.
“This is what we’re looking for, so that we don’t have to go out looking to procure and the delays and the you know, so many rules and regulations we need to be able to produce locally,” said Mr Tuggar.
