In a bid to deepen Nigeria-China relations, President Bola Tinubu has called for an expansion of the $2 billion currency swap agreement between the two nations and urged China to increase its $50 billion aid package for Africa. These demands were made during the visit of China’s Foreign Minister, Wang Yi, to the State House in Abuja on Thursday.
President Tinubu underscored the importance of the currency swap as a tool for enhancing trade and expediting Nigeria’s infrastructural development. “The level you have approved for Nigeria is inadequate considering our programmes. If you can increase that, it will be well appreciated. Our bond should grow stronger and become unbreakable,” Tinubu stated.
The current currency swap agreement, valued at 15 billion yuan (approximately $2 billion), was renewed recently and is intended to promote trade and reduce reliance on the US dollar in bilateral transactions. However, Tinubu insists that a larger swap volume is critical to supporting Nigeria’s economic goals.
A Call for African Development
The President also pressed for an upward revision of China’s $50 billion commitment to Africa, which was announced last year by President Xi Jinping. Tinubu highlighted the continent’s vast infrastructural needs, noting that the existing pledge might fall short of addressing Africa’s challenges.
“Africa values the relationship with China and seeks deeper collaboration for infrastructural development,” Tinubu remarked. He further added, “I say yes to the $50 billion support, but the infrastructural needs of Africa are greater than that. We want to move as rapidly as our global counterparts.”
Tinubu also reiterated Nigeria’s interest in securing a permanent seat on the United Nations Security Council. Addressing Wang Yi, he said, “We want you to use your influence to ensure Nigeria secures the seat.” He thanked President Xi Jinping for his hospitality during his previous visit to China and expressed readiness to meet counterpart funding requirements for development projects.
Strengthening Strategic Partnerships
In response, Wang Yi reaffirmed China’s commitment to supporting Nigeria’s development agenda and regional stability. “We will continue to support Nigeria in achieving the Renewed Hope Agenda, countering terrorism, and ensuring regional security,” Yi said.
The Chinese Foreign Minister also noted progress in joint ventures, stating that the Chinese National Development Bank had already commenced funding projects aimed at job creation and infrastructural growth in Nigeria. “Chinese investments will focus on employment generation and boosting critical infrastructure,” he emphasized.
Yi expressed gratitude to Nigeria for adhering to the One-China principle and assured support for Nigeria’s potential membership in the BRICS group of nations. He also highlighted China’s backing of Dr. Ngozi Okonjo-Iweala, the Director General of the World Trade Organization, for a second term.
A Historical Alliance
Both leaders reflected on the mutual benefits of the longstanding Nigeria-China partnership. Tinubu expressed sympathy over the recent earthquake in Tibet and commended China’s swift response to the disaster.
The Nigerian President also announced the appointment of Joseph Tegbe as the Director General and Global Liaison of Nigeria-China Strategic Partnership, responsible for ensuring the implementation of agreements and promoting stronger bilateral ties.
Yi applauded the move, saying it demonstrated Nigeria’s commitment to actualizing developmental plans. “We stand with Africa and fully support correcting historical injustices such as the lack of African representation on the UN Security Council,” he noted.
Broadening Global Influence
Yi further acknowledged Nigeria’s growing role in global affairs, describing the country as an important force for regional stability. “Under your leadership, Nigeria will realize greater achievements. Your economy has sustained sound momentum, and the country’s global influence has steadily increased,” he said, referring to Tinubu’s administration as bringing “Renewed Hope” to Nigerians.
This meeting follows years of strategic cooperation between China and Nigeria, marked by numerous Memoranda of Understanding (MOUs) signed during Tinubu’s previous visit to Beijing for the Forum on China-Africa Cooperation (FOCAC). These agreements have aimed at bolstering trade, infrastructure, and social development across various sectors in Nigeria.
