President Bola Tinubu has called on the Chinese government to increase its $2 billion currency swap agreement with Nigeria to further enhance trade and accelerate infrastructure development between the two nations.
Speaking at the State House in Abuja during a meeting with Chinese Foreign Minister Wang Yi, President Tinubu also urged China to review its $50 billion aid package for Africa to better address the continent’s infrastructure needs.
“We still demand more in the area of currency swap. The level you have approved for Nigeria is inadequate, considering our programme. If you can increase that, it will be well appreciated,” President Tinubu said.
Strengthening Bilateral Relations
The currency swap deal, renewed recently and valued at 15 billion yuan (approximately $2 billion), aims to promote trade and investment between the two countries. President Tinubu stressed that an increase in the swap amount would deepen the strategic partnership and enhance development goals.
Additionally, the President highlighted Africa’s vast infrastructural needs, urging an upward review of China’s $50 billion pledge to support the continent.
“Africa values its relationship with China, and we seek deeper collaboration for infrastructural development. The continent’s needs are far greater, and we must move as rapidly as our counterparts,” Tinubu said.
Nigeria’s UN Security Council Bid and Global Initiatives
President Tinubu also solicited China’s backing 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 stated.
Furthermore, Tinubu reiterated Nigeria’s commitment to implementing the various Memoranda of Understanding (MOUs) signed during his visit to China in 2024. He appointed Joseph Tegbe as the Director General of the Nigeria–China Strategic Partnership to oversee the agreements and drive developmental goals.
China’s Pledge to Support Nigeria
Foreign Minister Wang Yi reaffirmed China’s commitment to Nigeria’s growth, emphasizing employment generation and infrastructure as key areas of investment.
“We will continue to support Nigeria in achieving the Renewed Hope Agenda, countering terrorism, and ensuring regional security,” Wang Yi said.
He also expressed China’s endorsement of an African country’s inclusion in the UN Security Council, describing the current exclusion as a “historical injustice” that must be corrected.
China further extended support for Nigeria’s potential membership in BRICS and participation in global development mechanisms. Wang Yi praised President Tinubu’s leadership, describing Nigeria as an influential force in regional peace and African stability.
Renewed Partnership and Shared Vision
President Tinubu thanked China for its support and expressed condolences for the recent earthquake in Tibet. He emphasized the shared vision between Nigeria and China, particularly in fostering economic growth and addressing Africa’s development challenges.
The meeting reinforced Nigeria’s position as a key partner in China’s African strategy and set the stage for strengthened economic and diplomatic ties.
