{"id":25141,"date":"2025-01-13T02:30:49","date_gmt":"2025-01-13T02:30:49","guid":{"rendered":"https:\/\/techandbiz.com.ng\/tab-backup\/?p=25141"},"modified":"2025-01-13T02:31:26","modified_gmt":"2025-01-13T02:31:26","slug":"president-tinubu-calls-for-expanded-currency-swap-and-aid-package-at-meeting-with-chinese-foreign-minister","status":"publish","type":"post","link":"https:\/\/techandbiz.com.ng\/tab-backup\/2025\/01\/13\/president-tinubu-calls-for-expanded-currency-swap-and-aid-package-at-meeting-with-chinese-foreign-minister\/","title":{"rendered":"President Tinubu Calls for Expanded Currency Swap and Aid Package at Meeting with Chinese Foreign Minister"},"content":{"rendered":"

\u00a0<\/strong><\/p>\n

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\u2019s growing infrastructural needs.<\/p>\n

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.<\/p>\n

\u201cWe 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,\u201d the President stated.<\/p>\n

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\u2019s infrastructural development.<\/p>\n

Call for a Review of the $50 Billion Aid Package<\/strong>
\nPresident 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.<\/p>\n

\u201cWe 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,\u201d he noted.<\/p>\n

UN Security Council and BRICS Membership<\/strong>
\nPresident Tinubu also solicited China\u2019s support for Nigeria\u2019s bid for a permanent seat on the United Nations Security Council.<\/p>\n

\u201cYou are a member of the UN Security Council. We want you to use your influence to ensure Nigeria secures the seat,\u201d he appealed.<\/p>\n

Additionally, the President expressed interest in Nigeria joining BRICS and participating in global development mechanisms.<\/p>\n

Strengthening Nigeria-China Relations<\/strong>
\nPresident Tinubu praised President Xi Jinping\u2019s efforts in strengthening Nigeria-China relations and commended the Chinese government\u2019s response to the recent earthquake in Tibet. He also highlighted Nigeria\u2019s 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).<\/p>\n

Chinese Foreign Minister’s Remarks<\/strong>
\nIn his response, Minister Wang Yi thanked Nigeria for its commitment to the one-China principle and pledged China\u2019s continued support for Nigeria\u2019s Renewed Hope Agenda.<\/p>\n

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.<\/p>\n

Yi also expressed China\u2019s support for including an African country in the UN Security Council, calling it \u201ca historical injustice that must be corrected.\u201d<\/p>\n

The foreign minister further congratulated President Tinubu on his visionary leadership, which he said had enhanced Nigeria\u2019s global influence and stability.<\/p>\n

\u201cYou brought Renewed Hope to the people of Nigeria. Your economy has sustained sound momentum, and Nigeria’s global influence has steadily increased,\u201d Yi remarked.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 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\u2019s growing infrastructural needs. Speaking during a meeting with Chinese Foreign Minister Wang Yi at the State House in Abuja, […]<\/p>\n","protected":false},"author":1,"featured_media":25144,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,346,366,73],"tags":[],"class_list":["post-25141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-culture","category-economy","category-news"],"_links":{"self":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts\/25141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/comments?post=25141"}],"version-history":[{"count":0,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts\/25141\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/media\/25144"}],"wp:attachment":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/media?parent=25141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/categories?post=25141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/tags?post=25141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}