Tinubu Calls For Increased China-Nigeria Currency Swap To Boost Trade
President Bola Tinubu on Thursday urged China to increase the $2 billion currency swap agreement between Nigeria and China to boost trade and investment. The President made this request while receiving China’s Minister of Foreign Affairs, Wang Yi, at the State House in Abuja. Tinubu emphasized that an increase in the currency swap would speed up Nigeria’s infrastructural development and further strengthen bilateral relations between the two countries.
“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,” President Tinubu said, highlighting the importance of expanding this financial cooperation.
The currency swap agreement, which was renewed recently, is valued at 15 billion yuan (approximately $2 billion). Tinubu believes that increasing this amount would facilitate more rapid development for Nigeria and deepen the ties between the two nations.
On the topic of the $50 billion aid package announced by Chinese President Xi Jinping last year for Africa, Tinubu called for a review, suggesting that Africa’s infrastructural needs demand greater funding. He stated, “The infrastructural needs of Africa are greater than that, and we want to move as rapidly as our other counterparts.”
Additionally, President Tinubu asked for China’s support for Nigeria’s bid for a permanent seat at the United Nations Security Council, urging Yi to use his influence to secure this important position for Nigeria.
The President also expressed gratitude for China’s warm reception during his visit to the country in 2024 and extended condolences to the Chinese government for the earthquake in Tibet.
Wang Yi acknowledged Nigeria’s commitment to the one-China principle and expressed continued support for Nigeria in its efforts to counter terrorism and ensure regional security. He also assured that Chinese investments would focus on employment generation and infrastructure development in Nigeria. Yi confirmed China’s support for Nigeria’s aspirations, including its bid for a permanent UN Security Council seat and membership in the BRICS group.
The two leaders discussed enhancing strategic partnerships, with Yi praising Tinubu’s leadership and noting Nigeria’s growing global influence.
