President Bola Tinubu on Thursday called for China to increase the currency swap agreement between Nigeria and China, currently valued at $2 billion, in order to boost trade and investment between the two nations.
During a meeting with Chinese Minister of Foreign Affairs Wang Yi at the State House, President Tinubu urged the Chinese government to review the currency swap amount, which was recently renewed at 15 billion yuan (approximately $2 billion), to meet Nigeria’s growing economic needs.
He stressed that enhancing the swap would accelerate infrastructure development in Nigeria and strengthen the strategic partnership between both nations.
“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,” President Tinubu said. “Our bond should grow stronger and become unbreakable.”
- Shocking Discovery: Crocodiles Now ‘Pretend to Drown’ to Lure Humans Into the Water!
- Shocking Scandal: 10 EFCC Officers Arrested for Stealing Operational Items!
The President also addressed the 50 billion-dollar aid package that Chinese President Xi Jinping pledged to Africa last year. He noted that while the gesture was appreciated, Africa’s infrastructural demands are much larger and called for a review of the pledged amount to better align with the continent’s realities.
“I am happy you are part of China’s highest decision-making body. We will want you to use your position to influence improved project funding,” Tinubu said. “First, I say yes to the 50 billion-dollar support, and thank you for contributing to African growth. The infrastructural needs of Africa are greater than that, and we want to move as rapidly as our other counterparts.”
The Nigerian leader further emphasised the importance of deepening collaboration between Nigeria and China for infrastructural development and broader economic growth.
He also appealed for China’s support in Nigeria’s bid for a permanent seat on 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,” Tinubu stated.
In response, Minister Wang Yi praised the Nigerian government’s commitment to strengthening bilateral ties and outlined the growing Chinese investment in Nigeria, with a focus on employment generation and infrastructure development.
Yi also confirmed that the Chinese National Development Bank had already begun funding certain development projects in Nigeria.
“We stand with Africa, and we will not support a country that invades another country,” Yi said, expressing China’s stance on regional stability.
Additionally, Minister Yi expressed China’s full support for Nigeria’s membership in the BRICS group of emerging economies and affirmed China’s backing of Dr Ngozi Okonjo-Iweala for a second term as Director-General of the World Trade Organization (WTO).
He commended President Tinubu for his “visionary leadership” and lauded Nigeria’s role in upholding peace in the region, noting that Nigeria’s influence on the global stage has been steadily increasing.
“You brought Renewed Hope to the people of Nigeria. Your economy has sustained sound momentum, and Nigeria’s global influence has steadily increased,” Yi remarked. “We congratulate Nigeria on its achievements and believe that, under your leadership, Nigeria will realise even greater successes.”
