President Bola Tinubu has called on China to boost its $2 billion currency swap agreement with Nigeria, highlighting its potential to enhance trade and accelerate infrastructure development.
He also urged a review of the $50 billion aid package announced by Chinese President Xi Jinping for Africa, seeking greater support to address the continent’s significant infrastructure demands.
During a meeting with Chinese Foreign Minister Wang Yi at the State House, President Tinubu stressed the importance of strengthening the currency swap deal, which was recently renewed and valued at 15 billion yuan (approximately $2 billion).
“We need an increase in the currency swap agreement. The current level is insufficient for our developmental agenda. A higher level would be greatly appreciated,” Tinubu stated. He emphasized the importance of deepening Nigeria-China relations, describing their bond as one that should grow “stronger and unbreakable.”
Regarding the $50 billion aid pledge for Africa, Tinubu highlighted the need for more substantial funding to meet the continent’s infrastructure needs. “Africa’s infrastructural demands are immense, and additional support is necessary for rapid development,” he said, while reaffirming Africa’s commitment to collaborating with China.
The President also sought China’s backing for Nigeria’s bid for a permanent seat on the United Nations Security Council, underscoring Nigeria’s readiness to meet developmental goals and contribute to regional stability.
Foreign Minister Yi commended Nigeria for its alignment with the one-China principle and assured continued Chinese support in areas like counter-terrorism and regional security. He also noted that Chinese investments would focus on job creation and infrastructure. Furthermore, Yi expressed China’s support for including an African nation in the UN Security Council and welcomed Nigeria’s potential membership in the BRICS economic bloc.
Yi lauded Tinubu’s leadership, praising his focus on Africa’s development and Nigeria’s growing influence on the global stage.
