President Bola Tinubu has urged the Government of the People’s Republic of China to increase the existing $2 billion currency swap agreement between Nigeria and China to foster enhanced trade relations.
He stated this during a meeting with the Minister of Foreign Affairs of China, Wang Yi, at the State House, in Abuja on Thursday.
He also called for a reassessment of the $50 billion aid package for Africa, announced by Chinese President Xi Jinping last year, emphasizing that the continent’s infrastructure demands necessitate greater financial commitment.
“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.
“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. All share your vision of rapid development.
“Africa values the relationship with China, and we seek deeper collaboration for infrastructural development,” he stated.
The recent renewal of the currency swap agreement, valued at 15 billion yuan (approximately $2 billion), aims to strengthen trade and investment ties between the two nations.
In his discussions with China’s Foreign Minister, Wang Yi, at the State House, President Tinubu highlighted that expanding the currency swap would accelerate Nigeria’s infrastructure development and deepen bilateral relations.
Tinubu stated, “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.”
On the subject of the $50 billion aid package, he pointed out that Africa’s infrastructural needs far exceed current commitments and urged for a review that reflects this reality.
He expressed gratitude for China’s support while advocating for Nigeria’s bid for a permanent seat on the United Nations Security Council.
In response, Foreign Minister Wang Yi acknowledged Nigeria’s adherence to the one-China principle and reiterated China’s commitment to supporting Nigeria in achieving its developmental goals, countering terrorism, and ensuring regional security.
He also noted that Chinese investments would focus on job creation and infrastructure development within Nigeria.
