President Bola Tinubu, has urged the Government of the People’s Republic of China to increase the $2 billion currency swap between Nigeria and China to enhance trade between the two countries.
The Nigerian leader also called for an upward review of the $50 billion aid package for Africa, which China’s President Xi Jinping announced in 2024.
The President made the statements on Thursday at the Presidential Villa, Abuha when the Chinese Foreign Minister, Wang Yi visited the State House alongside Nigeria’s Minister of Foreign Affairs, Yusuf Tugger.
Regarding the $50 billion pledged by the Chinese Government to support Africa, President Tinubu noted that the continent’s infrastructural needs would require more commitment, urging a review of the amount to reflect the continent’s reality.
Receiving the Minister of Foreign Affairs of China, Wang Yi, at the State House, the President said increasing the level of currency swaps will speed up the infrastructural development in Nigeria and deepen the strategic bilateral relations.
China and Nigeria recently renewed their currency swap agreement, valued at 15 billion yuan (approximately $2 billion), to enhance trade and investment.
President Tinubu called on China to support Nigeria’s bid for a permanent United Nations Security Council seat.
President Tinubu thanked President Xi Jinping for his warm reception during his visit to China last year.
He said Africa, particularly Nigeria, was prepared to meet developmental goals and contribute counterpart project funding.
Yi thanked President Tinubu for appointing a Director General and Global Liaison, Nigeria—China Strategic Partnership, to oversee the implementation of the MOUs for the rapid development of the Nigerian economy.
Yi said Chinese investments in the country would focus on employment generation and infrastructural development. He said the Chinese National Development Bank had started funding some development projects.
He explained that the Chinese Government would support including an African country in the UN Security Council, adding that “it was a historical injustice by the world that should be corrected”.
“We are ready to move and reach the various developmental goals. Due to our deliberation, we signed many MOUs and planned many action programmes.”
The Foreign Minister said China would welcome Nigeria’s membership in the BRICS and participation in the global development mechanism.
He said China fully supported Dr Ngozi Okonjo-Iweala, the Director General of the World Trade Organisation (WTO), for a second term in office.
(Editor: Ken Eseni)
