President Bola Tinubu has called on the Government of the People’s Republic of China to expand the $2 billion currency swap agreement with Nigeria to facilitate trade and infrastructural development in the country. He also urged China to review upwards its $50 billion aid package for Africa, citing the continent’s massive infrastructural demands.
The President made the appeal on Thursday during a meeting with China’s Foreign Minister, Wang Yi, at the State House in Abuja. This was disclosed in press statement released by Bayo Onanuga, Special Adviser to the President (Information & Strategy).
Speaking on the currency swap agreement, which was recently renewed at 15 billion yuan (approximately $2 billion), President Tinubu said the current arrangement was insufficient for Nigeria’s economic programmes.
“We still demand more in the area of currency swap, the level you have approved as a government for Nigeria is inadequate considering our programme. If you can increase that, it will be well appreciated. Our bond should grow stronger and become unbreakable.” Tinubu said.
On the $50 billion aid pledged by President Xi Jinping to Africa last year, Tinubu commended the gesture but emphasized the need for a review.
“First, I say yes to the $50 billion support, and thank you for contributing to African growth. However, the infrastructural needs of Africa are greater than that, and we want to move as rapidly as our other counterparts, Africa values the relationship with China, and we seek deeper collaboration for infrastructural development.” Tinubu said.
President Tinubu also used the occasion to advocate for Nigeria’s inclusion as a permanent member of the United Nations Security Council.
“You are a member of the UN Security Council. We want you to use your influence to ensure Nigeria secures the seat,” he urged.
Tinubu expressed gratitude to President Xi Jinping for the warm reception he received during his visit to China and reaffirmed Nigeria’s commitment to fulfilling its counterpart project funding obligations. He highlighted the strategic appointment of Joseph Tegbe as Director General and Global Liaison for the Nigeria-China Strategic Partnership, tasked with ensuring the implementation of various agreements signed during the Forum on China-Africa Cooperation (FOCAC).
“We are ready to move and reach the various developmental goals,” Tinubu said. “Due to our deliberations, we signed many MOUs and planned several action programmes. As a result, I appointed one of the best brains available to coordinate Nigeria-China relations.”
In his remarks, Wang Yi commended President Tinubu’s leadership and the consistency with which he has advocated for Africa’s development needs.
“You brought Renewed Hope to the people of Nigeria,” Yi said. “Your economy has sustained sound momentum, and Nigeria’s global influence has steadily increased.”
He further pledged China’s support for Nigeria’s developmental agenda, regional security, and membership in the BRICS bloc.
“We will continue to support Nigeria in achieving the Renewed Hope Agenda, countering terrorism, and ensuring regional security,” Yi assured.
Yi also confirmed that the Chinese National Development Bank had commenced funding some development projects in Nigeria and reiterated China’s support for Africa’s inclusion in the UN Security Council, describing the absence of an African nation as a “historical injustice.”
In addition, Yi revealed China’s full support for the reappointment of Dr. Ngozi Okonjo-Iweala as Director General of the World Trade Organization (WTO) for a second term.
The Chinese minister expressed China’s commitment to strengthening relations with Nigeria through investments focused on employment generation and infrastructural development.
