President Bola Ahmed Tinubu has called on the Government of the People’s Republic of China to increase its $2 billion currency swap agreement with Nigeria to boost trade and accelerate infrastructure development in the country. The President also advocated for a review of China’s $50 billion aid package for Africa to reflect the continent’s growing infrastructural demands.
President Tinubu made these requests on Thursday while hosting China’s Minister of Foreign Affairs, Wang Yi, at the State House in Abuja. He emphasized that expanding the currency swap arrangement, which was recently renewed at a value of 15 billion yuan (approximately $2 billion), would deepen strategic bilateral relations and enhance Nigeria’s economic growth.
“We still demand more in the area of currency swap,” Tinubu said. “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 also underscored the significance of China’s $50 billion aid package for Africa, announced by President Xi Jinping last year, while calling for an upward review to address Africa’s infrastructural challenges.
“The infrastructural needs of Africa are greater than that [amount], and we want to move as rapidly as our other counterparts,” Tinubu noted. “Africa values the relationship with China, and we seek deeper collaboration for infrastructural development.”
President Tinubu used the opportunity to solicit China’s support for Nigeria’s bid for a permanent seat on the United Nations Security Council, citing the country’s role in maintaining regional stability and promoting global peace.
“You are a member of the UN Security Council. We want you to use your influence to ensure Nigeria secures the seat,” Tinubu appealed.
Reflecting on his visit to China during the Forum on China-Africa Cooperation (FOCAC), President Tinubu expressed gratitude for the warm reception by President Xi Jinping and the multiple agreements signed to enhance Nigeria-China relations.
He highlighted the appointment of Mr. Joseph Tegbe as Director General and Global Liaison for Nigeria-China Strategic Partnership to oversee the implementation of the Memorandums of Understanding (MOUs) and foster bilateral cooperation.
“It is good that you came at such a critical time. My visit to China was a good experience,” Tinubu said. “We are ready to move and reach the various developmental goals. As a result of our deliberation, we signed many MOUs and planned many action programmes.”
The President also extended condolences to the Chinese Government over the recent earthquake in Tibet, commending the swift response to protect lives.
In his remarks, Foreign Minister Wang Yi lauded President Tinubu’s leadership and Nigeria’s growing global influence, expressing confidence in the country’s economic trajectory under the Renewed Hope Agenda.
“You brought Renewed Hope to the people of Nigeria. Your economy has sustained sound momentum, and Nigeria’s global influence has steadily increased,” Yi said.
The minister pledged China’s continued support for Nigeria’s development, including counter-terrorism efforts, regional security, and infrastructural growth. He also welcomed Nigeria’s potential membership in BRICS and reiterated China’s commitment to addressing historical injustices, including Africa’s exclusion from the UN Security Council.
“China fully supports including an African country in the UN Security Council,” Yi said. “It is a historical injustice by the world that should be corrected.”
Yi confirmed China’s backing for Dr. Ngozi Okonjo-Iweala’s second term as Director General of the World Trade Organization (WTO) and noted that the Chinese National Development Bank has begun funding development projects in Nigeria to generate employment and improve infrastructure.
Both leaders reaffirmed the importance of Nigeria-China relations in achieving shared developmental goals. As Africa’s largest economy, Nigeria plays a pivotal role in fostering regional stability and advancing Africa’s interests on the global stage.
Bayo Onanuga
Special Adviser to the President (Information & Strategy)
