Will FOCAC Live Up To Its Hype?

The Forum for China-Africa Cooperation (FOCAC) may have offered fresh opportunities that would, hopefully, deepen existing cooperation between that Asian country and Africa.

The Nigerian delegation to the 2024 FOCAC summit in Beijing was led by President Bola Tinubu, who used the opportunity to discuss Nigeria and China relations.

FOCAC , held in Beijing between September 4 and 6, 2024. Since its inception in 2000 and the setting up of the China-Africa Development Fund in 2006, the forum has deepened ties between the two economic regions.

During this year’s FOCAC Summit, Chinese President Xi Jinping outlined new investment initiatives for African countries worth billions of dollars, and China announced that it has opened opportunities for more Nigerian products to be exported into its 1.4 billion market.

Chinese Ambassador to Nigeria, Yu Dunhai emphasised that the Comprehensive Strategic Partnership between Nigeria and China will boost cooperation in diverse fields for mutual benefits for both countries.

The Chinese envoy noted that Nigerian agricultural products such as peanuts are in high demand in the Chinese market adding that “China welcomes the expansion of bilateral trade and supports the import of more quality products from Nigeria into its market.”

Nigeria is noted for producing numerous agricultural products that are highly sought after in the Chinese market. These include sesame seeds, cashew nuts, millets, sorghum, cocoa seeds, and soya beans.

We believe that Nigerian businesses can leverage this improved partnership to export these products to the Chinese market. This will improve the nation’s exports, help increase foreign exchange earnings, and ease pressure on the value of the Naira.

It is heart-warming that President Tinubu was among the very few to be accorded a state visit, which fully reflects China’s high respect for the Nigerian people, the importance China attaches to Nigeria as a major country, and the political commitment to developing bilateral relations and strengthening friendship between the two countries.

Within the framework of this partnership, Nigeria also reaffirmed its support for the One-China policy and stressed that the region of Taiwan remains an integral part of China.

Relevant government departments from both countries signed 13 cooperation documents covering topics such as high-quality Belt and Road cooperation planning, the implementation of the Global Development Initiative, economic growth, human resources, the application of the Beidou Satellite Navigation System, the export of peanuts to China, and media exchanges.

One bilateral cooperation document covers around 19 projects. During the visit, multiple cooperation agreements were signed between relevant departments, state governments, and Chinese companies.

We believe that Nigeria must strengthen its partnership with China in developing energy and mineral resources and work with Chinese companies to set up plants in Nigeria to meet local consumption and export needs.

There are areas of cooperation to jointly explore the potential in the digital economy, green development, blue economy, and agricultural modernisation and foster new growth drivers in collaboration.

The diversity of partnership also extended to regional monetary and financial cooperation, such as local currency swaps, to facilitate trade between China and Nigeria and contribute to global financial stability. Another important aspect is the collaboration to carry out international cooperation on financial intelligence, anti-money laundering and financing of terrorism.

Nigeria has a lot to learn from China in terms of judicious resource use, people-oriented politics, prudent resource management, and war against corruption.

With Deng Xiaoping’s 1978 reforms and opening up of China, China has progressed from an agrarian society to an industrial global power with massive investment in human capital. In over 40 years, China has lifted over 800 million of its citizens from absolute poverty into prosperity, and Nigeria can learn from that Chinese experience.

It has become incumbent on Nigerian officials at the federal, state, and local government levels to take advantage of the intergovernmental dialogue mechanism between China and Nigeria, which guarantees cooperation even among subnational institutions of both countries.

Part of the agreements is that states, local authorities, and municipalities in China can engage with their Nigerian counterparts to generate practical outcomes in their cooperation. It is important that states and local governments in Nigeria can take advantage of this mechanism.

The Nigerian situation is very alarming. Prices of food and other essential items have increased to unprecedented levels following the ill-advised removal of subsidies on petroleum products and electricity.

More Nigerians have been plunged into abject poverty in recent months. Unemployment is at a record high because of the failing business environment that has chased away foreign companies and destroyed the capacity of local investors.

Nigeria must go beyond the glamour of the summit and find ways to begin genuine implementation of the nearly 20 agreements signed with China. These must be activated to work, and efforts must be made to address the traditional deficit of policy implementation that has beset Nigeria in recent years, halting its growth and development.

Proper implementation of policies is the only guarantee for lifting Nigerians out of the deplorable poverty trap confronting the citizens.