President Bola Tinubu, on Thursday, urged the People’s Republic of China to expand the existing $2 billion currency swap agreement with Nigeria and review its $50 billion aid package for Africa to address the continent’s growing infrastructural needs.
Speaking during a meeting with Chinese Foreign Minister Wang Yi at the State House in Abuja, President Tinubu emphasized the importance of enhancing trade and strategic bilateral relations between the two nations.
“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 stated.
The renewed currency swap agreement, valued at 15 billion yuan (approximately $2 billion), is intended to boost trade and investment between Nigeria and China. However, President Tinubu stressed the need for a higher swap amount to fast-track Nigeria’s infrastructural development.
Call for a Review of the $50 Billion Aid Package
President Tinubu highlighted the insufficiency of the $50 billion aid pledged by China for Africa, urging an upward review to reflect the continent’s developmental realities.
“We want you to use your position to influence improved project funding. The infrastructural needs of Africa are greater than what has been pledged. We seek deeper collaboration for infrastructural development to move as rapidly as other regions,” he noted.
UN Security Council and BRICS Membership
President Tinubu also solicited China’s support 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,” he appealed.
Additionally, the President expressed interest in Nigeria joining BRICS and participating in global development mechanisms.
Strengthening Nigeria-China Relations
President Tinubu praised President Xi Jinping’s efforts in strengthening Nigeria-China relations and commended the Chinese government’s response to the recent earthquake in Tibet. He also highlighted Nigeria’s readiness to meet developmental goals, citing the appointment of Mr. Joseph Tegbe as Director General and Global Liaison for Nigeria-China Strategic Partnership to oversee the implementation of Memorandums of Understanding (MOUs).
Chinese Foreign Minister’s Remarks
In his response, Minister Wang Yi thanked Nigeria for its commitment to the one-China principle and pledged China’s continued support for Nigeria’s Renewed Hope Agenda.
He affirmed that Chinese investments in Nigeria would focus on employment generation and infrastructural development, noting that the Chinese National Development Bank had begun funding key projects in the country.
Yi also expressed China’s support for including an African country in the UN Security Council, calling it “a historical injustice that must be corrected.”
The foreign minister further congratulated President Tinubu on his visionary leadership, which he said had enhanced Nigeria’s global influence and stability.
“You brought Renewed Hope to the people of Nigeria. Your economy has sustained sound momentum, and Nigeria’s global influence has steadily increased,” Yi remarked.
