Nigeria and China have reached an agreement to enhance their collaboration on financial intelligence to combat money laundering and other economic crimes within Nigeria.
This strategic partnership, announced in a joint statement following a meeting between President Bola Ahmed Tinubu and President Xi Jinping of China, is intended to bolster Nigeria’s efforts to maintain the integrity of its financial and foreign exchange markets while addressing financial crimes.
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EKO HOT BLOG reports that the joint statement emphasized the significance of regional and monetary cooperation, advocating for flexible and diverse partnerships, including local currency swaps, to boost trade between China and Nigeria and promote global financial stability.
“Both countries agreed to leverage Nigeria’s strategic position in West Africa to establish flagship projects focused on cross-national and cross-regional cooperation,” the statement read.
“They also committed to deepening cooperation on infrastructure connectivity between the two nations, with China proactively supporting Nigeria in developing its domestic infrastructure, including transportation, ports, and free trade zones, to achieve integrated industrial development.”
Furthermore, the statement highlighted the importance of international cooperation on financial intelligence related to anti-money laundering (AML) and countering the financing of terrorism (CFT).
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Both nations pledged to support Nigeria’s efforts to safeguard its financial and foreign exchange markets and to crack down on financial crimes, including money laundering.
This agreement marks a significant step in strengthening the economic ties between Nigeria and China while addressing critical financial challenges facing Nigeria.
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