President Bola Tinubu has urged the Chinese government to expand the $2 billion currency swap agreement with Nigeria to bolster trade and expedite infrastructure development. This appeal was made during his meeting with China’s Minister of Foreign Affairs, Wang Yi, at the State House in Abuja on Thursday.
The currency swap agreement, renewed at 15 billion yuan (approximately $2 billion), aims to ease trade between the two nations. However, President Tinubu emphasized the need for an increase, citing Nigeria’s extensive development programs. “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,” he stated.
The President also called for an upward review of the $50 billion aid package announced by Chinese President Xi Jinping last year to support Africa. Stressing Africa’s infrastructural needs, Tinubu remarked, “The infrastructural needs of Africa are greater than that, and we want to move as rapidly as our other counterparts.”
Additionally, Tinubu sought China’s backing for Nigeria’s bid for a permanent seat on the United Nations Security Council. “We want you to use your influence to ensure Nigeria secures the seat,” he appealed.
Highlighting Nigeria’s readiness to fulfill developmental goals and contribute to joint project funding, Tinubu reiterated his administration’s commitment to leveraging the agreements reached during the Forum on China-Africa Cooperation (FOCAC). He expressed gratitude for China’s support, saying, “We commend your Government for the rapid reaction to protect lives,” referencing China’s response to the recent earthquake in Tibet.
Wang Yi, in his remarks, assured Tinubu of China’s commitment to Nigeria’s development agenda, emphasizing investments in employment generation and infrastructure. He also reaffirmed China’s stance on correcting “historical injustices” by supporting an African country for a permanent UN Security Council seat.
Yi commended Nigeria’s global influence and lauded Tinubu’s leadership, stating, “You brought Renewed Hope to the people of Nigeria. Your economy has sustained sound momentum, and Nigeria’s global influence has steadily increased.”
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The meeting underscores Nigeria’s strategic partnership with China, as both nations explore deeper collaborations in trade, infrastructure, and global governance.
