President Bola Tinubu, on Thursday in Abuja, called on the Chinese government to increase the existing $2 billion currency swap agreement between Nigeria and China, with a view to boosting trade relations between the two nations.
Tinubu also pushed for a revision of the $50 billion aid package that Chinese President Xi Jinping committed to Africa last year, arguing that it should better reflect the continent’s growing infrastructural demands.
The currency swap agreement, valued at 15 billion yuan (roughly $2 billion), was recently renewed by both countries to facilitate enhanced trade and investment opportunities.
During a meeting with China’s Foreign Minister Wang Yi at the Presidential Villa, Tinubu highlighted the need for an increase in the currency swap allocation, saying it would significantly accelerate Nigeria’s infrastructure development and further strengthen the bilateral relationship.
“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,” the President stated. “Our bond should grow stronger and become unbreakable.”
In regard to the $50 billion pledged by China to support African nations, Tinubu emphasized that Africa’s infrastructural requirements far exceed that amount, urging China to reassess the commitment to meet the continent’s real needs.
“I am happy you are part of China’s highest decision-making body. We want you to use your position to influence improved project funding. First, I say yes to the $50 billion 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 remarked.
The Nigerian leader also sought China’s backing for 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 added.
Thanking Chinese President Xi Jinping for his hospitality during his visit to China last year, Tinubu reiterated that Nigeria was ready to fulfill its developmental goals and contribute to project funding.
“We are ready to move and reach the various developmental goals. Due to our deliberation, we signed many MOUs and planned many action programmes,” he stated. “My visit during FOCAC was a good experience. We signed several comprehensive MOUs during the visit. We planned several programmes of action. As a result of that deliberation, I made sure that immediately after I returned, I appointed one of the best brains available to coordinate Nigeria-China relations, Mr Joseph Tegbe. He will work to actualize various MOUs and promote a greater understanding of developmental programmes.”
Tinubu also extended his sympathies to China following the recent earthquake in Tibet, praising the quick response of the Chinese government to protect lives.
Foreign Minister Wang Yi thanked the Nigerian President for appointing a Director General for the Nigeria–China Strategic Partnership, aimed at overseeing the implementation of key MOUs to facilitate Nigeria’s economic growth.
“I would like to thank Nigeria for abiding by the one-China principle, and we will continue to support Nigeria in achieving the Renewed Hope Agenda, countering terrorism, and ensuring regional security,” Yi affirmed.
Yi further revealed that Chinese investments in Nigeria would focus on job creation and infrastructure development, with the Chinese National Development Bank already funding several projects. He also expressed China’s support for the inclusion of an African nation in the UN Security Council, calling it a “historical injustice” that needs to be rectified.
“We stand with Africa, and we will not support a country that invades another country,” he asserted.
Additionally, Yi confirmed that China fully supported Nigeria’s membership in BRICS and its participation in the global development framework. He also reiterated China’s support for Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, in her bid for a second term.
Praising President Tinubu for his leadership, Yi remarked, “You brought Renewed Hope to the people of Nigeria. Your economy has sustained sound momentum, and Nigeria’s global influence has steadily increased. Nigeria has played an important role in upholding regional peace and has become an important force for African stability. We congratulate Nigeria on its achievements and believe that, under your leadership, Nigeria will realise greater achievements.”
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