Tinubu to China: Increase $50 billion aid package for Africa, expand $2 billion currency swap with Nigeria

The President’s appeal came during discussions with China’s Minister of Foreign Affairs, Wang Yi, who was visiting Nigeria to strengthen bilateral ties.

Tinubu also sought an increase in the $2 billion currency swap agreement between Nigeria and China, which is aimed at enhancing trade and investment between the two nations.

In a statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Tinubu was quoted as saying, “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.” 

“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,” President Tinubu said.

He said 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”. 

The minister lauded President Tinubu for his visionary leadership and consistency in projecting Africa’s needs, which require China’s support.

“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,” the Chinese foreign minister stated.

In September 2024, China’s President Xi Jinping during the 9th Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing pledged more than $50 billion in funding to the African continent, and announced elevating ties with all member nations to “strategic level” through the next three years”.

The Nigeria-China currency swap deal was originally signed in 2018 and was renewed in December 2024.