Kehinde Fajobi
China’s Minister of Foreign Affairs, Wang Yi, has encouraged Nigeria to issue panda bonds to generate revenue for infrastructure development, particularly in the railway sector.
Yi made this appeal on Thursday while addressing journalists at the State House, Abuja, after a meeting with President Bola Tinubu.
Expressing confidence in Nigeria’s credibility, Yi said, “We welcome Nigeria to issue panda bonds in China because we have full confidence in Nigeria’s credibility. Its safety will be guaranteed through financial support.”
Panda bonds are Chinese yuan-denominated bonds issued by non-Chinese entities in China’s domestic bond market.
Yi highlighted China’s ongoing contributions to Nigeria’s railway projects, noting, “Chinese banks supported the building of the phase three of the railway modernisation project, and it has been delivered.
“There are many transactions taking place between the two countries due to our comprehensive cooperation, which we would like to further boost.”
He outlined three key achievements of China-Nigeria relations under the leadership of Presidents Xi Jinping and Bola Tinubu.
“First, we have elevated China-Nigeria relations to a comprehensive strategic partnership. Second, we have established a new platform through the first plenary session of the Intergovernmental Committee. Third, our cooperation at the international arena has reached new heights,” Yi stated.
He reaffirmed China’s commitment to supporting Africa in addressing its own issues, opposing foreign interference, and promoting peace and security.
“African people are the real masters of this continent. They have every wisdom, capability, and right to resolve their own issues,” he said.
Yi also announced China’s plans to provide Africa with a 1 billion yuan military assistance grant, train 6,000 military personnel, and support peacekeeping operations.
On Nigeria’s role in regional stability, Yi remarked, “Nigeria, as an important country in Africa and chair of ECOWAS, plays a key 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.”
Nigeria’s Foreign Affairs Minister, Yusuf Tuggar, emphasised the need for local production of military equipment to enhance security efforts.
“We want to work with countries like China in domesticating the production of military equipment, both kinetic and non-kinetic. This ensures we don’t face delays or unnecessary hurdles in procurement,” Tuggar said.
The meeting reflects ongoing efforts to deepen China-Nigeria ties and address shared security and development challenges.