Tinubu Calls For Increase In Currency Swap Between Nigeria And China

President Tinubu also called for an upward review of the $50 billion aid package for Africa, which China’s President Xi Jinping announced last year.

China and Nigeria recently renewed their currency swap agreement, valued at 15 billion yuan (approximately $2 billion), to enhance trade and investment.

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.

President Tinubu in a statement by his spokesman , Bayo Onanuga, was quoted as saying, “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,” the President said.

Regarding the 50 billion dollars 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.

“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.

President Tinubu called on China to support Nigeria’s bid for a permanent United Nations Security Council seat.

“You are a member of the UN Security Council. We want you to use your influence to ensure Nigeria secures the seat,” the President said.

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.

“We are ready to move and reach the various developmental goals. Due to our deliberation, we signed many MoUs and planned many action programmes.

“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 actualise various MOUs and promote a greater understanding of developmental programmes.

“It is good that you came at such a critical time. My visit to China was a good experience. Once again, accept my sympathy for the earthquake in Tibet. It was a natural disaster that nobody expected. We commend your Government for the rapid reaction to protect lives.

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.

“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,” he said.