Tinubu pursues expanded Nigeria-China Currency swap

In a strategic effort to strengthen Nigeria-China relations, President Bola Tinubu urged the Chinese government on Thursday to expand the $2 billion currency swap agreement.

During a meeting in Abuja with China’s Foreign Affairs Minister, Wang Yi, Tinubu highlighted that an expanded currency swap would greatly enhance trade, accelerate infrastructure development, and deepen bilateral ties.

Additionally, President Tinubu requested a review of China’s $50 billion aid package for Africa, announced by President Xi Jinping last year.

He pointed out that Africa’s infrastructure demands significantly surpass the current pledge and called for a more substantial commitment to address the continent’s developmental needs.

realities. “Our bond should grow stronger and become unbreakable,” Tinubu remarked, stressing the importance of mutual collaboration.

Highlighting Nigeria’s aspirations on the global stage, Tinubu sought China’s support for Nigeria’s bid for a permanent seat on the United Nations Security Council.

He expressed gratitude to President Xi for his hospitality during Tinubu’s visit to China last year, where multiple Memorandums of Understanding (MoUs) were signed.

To ensure effective implementation of these agreements, Tinubu appointed Joseph Tegbe as Director General and Global Liaison for Nigeria-China Strategic Partnership.

Wang Yi commended Nigeria’s adherence to the one-China principle and pledged continued support for Nigeria’s Renewed Hope Agenda, regional security, and counter-terrorism efforts.

He revealed that Chinese investments in Nigeria would focus on job creation and infrastructure, with the Chinese National Development Bank already funding key projects.

China also expressed support for Africa’s inclusion in the UN Security Council, calling it a necessary correction of historical injustices.

Wang Yi also supported Nigeria’s potential membership in BRICS and reaffirmed China’s backing for Dr. Ngozi Okonjo-Iweala’s WTO term.

The meeting highlighted the strengthening partnership between Nigeria and China, focusing on shared objectives regarding development, security, and global influence.

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