PRESIDENT Bola Tinubu today, called on the government of the People’s Republic of China to raise the existing $2 billion currency swap between Nigeria and China to bolster trade between the two nations.
He also called for a reassessment of the $50 billion aid package for Africa, initially announced by Chinese President Xi Jinping last year.
Recently, China and Nigeria renewed their currency swap agreement, valued at 15 billion yuan (approximately $2 billion), aimed at enhancing trade and investment.
During a meeting with Chinese Foreign Minister Wang Yi at the State House in Abuja, Tinubu stated that increasing the currency swap would accelerate infrastructure development in Nigeria and strengthen bilateral relations.
“We need a larger currency swap. The current amount approved for Nigeria is insufficient given our needs. An increase would be greatly appreciated, and it would help solidify our bond,” the President was quoted as saying in a statement by his media aide, Bayo Onanuga.
Regarding the $50 billion pledged by China to support Africa, Tinubu emphasized that the continent’s infrastructure needs require a stronger commitment, advocating for a review to better reflect current realities.
“I’m pleased you are part of China’s top decision-making body. We hope you can leverage your position to enhance project funding. I support the $50 billion initiative and appreciate your contribution to Africa’s growth.
“The infrastructural demands of Africa exceed that amount, and we aim to progress as swiftly as our counterparts. Africa values its relationship with China and seeks deeper collaboration for infrastructure development,” he stated.
Tinubu also requested China’s backing for Nigeria’s bid for a permanent seat on the United Nations Security Council, saying, “As a member of the UN Security Council, we hope you will use your influence to help Nigeria secure this position.”
He expressed gratitude to President Xi Jinping for the warm welcome he received during his visit to China last year and noted that Africa, especially Nigeria, is ready to meet developmental goals and contribute to project funding.
“We are prepared to advance and achieve various developmental goals. Following our discussions, we signed numerous MOUs and planned several action programs.
“My visit during FOCAC was productive, resulting in several comprehensive MOUs. I have appointed one of our top experts, Mr. Joseph Tegbe, to coordinate Nigeria-China relations and ensure the implementation of these agreements,” he added.
Tinubu acknowledged the timely visit of Yi and extended his condolences for the recent earthquake in Tibet, commending the Chinese government for its swift response to protect lives.
In response, Yi thanked President Tinubu for appointing a Director General and Global Liaison for the Nigeria-China Strategic Partnership to oversee the execution of the MOUs aimed at rapidly developing Nigeria’s economy.
“I appreciate Nigeria’s adherence to the one-China principle, and we will continue to support Nigeria in achieving its Renewed Hope Agenda, combating terrorism, and ensuring regional security,” he stated.
Yi noted that Chinese investments in Nigeria would focus on job creation and infrastructure development, mentioning that the Chinese National Development Bank had begun funding various development projects.
He expressed support for including an African nation in the UN Security Council, calling it a historical injustice that needs rectification. “We stand with Africa and will not support any country that invades another,” he added.
The foreign minister welcomed Nigeria’s potential membership in BRICS and its participation in global development initiatives. He also expressed full support for Dr. Ngozi Okonjo-Iweala, the Director General of the World Trade Organization (WTO), for a second term.
Yi lauded President Tinubu for his visionary leadership and commitment to addressing Africa’s needs, which require China’s support.
“You have brought Renewed Hope to the people of Nigeria. Your economy has maintained strong momentum, and Nigeria’s global influence has grown steadily. Nigeria plays a crucial role in promoting regional peace and has become a significant force for stability in Africa.
“We congratulate Nigeria on its achievements and believe that under your leadership, the country will attain even greater success,” the Chinese foreign minister concluded.