Tinubu Seeks Expansion Of Nigeria-China Currency Swap Deal
President Bola Tinubu has called on China to increase the existing $2bn currency swap arrangement between both nations during a meeting with Chinese Foreign Minister Wang Yi at the State House in Abuja on Thursday.
According to Tinubu, the current swap level approved by China is insufficient for Nigeria’s programmes.
He called for its expansion to accelerate infrastructural development and strengthen bilateral relations between the two countries.
“We still demand more in the area of currency swap. 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,” he said.
During the meeting, Tinubu also requested an upward review of China’s $50bn aid package to Africa announced by President Xi Jinping in 2024.
The president told his guest that Africa’s infrastructural needs far exceed the pledged amount and that the continent desires to achieve rapid development comparable to other regions of the world.
“I am happy you are part of China’s highest decision-making body. We will want you to use your position to influence improved project funding. First, I say yes to the 50 billion dollar support, and thank you for contributing to African growth. The infrastructural needs of Africa are greater than that, and we want to move as rapidly as our other counterparts. All share your vision of rapid development. Africa values the relationship with China, and we seek deeper collaboration for infrastructural development,” Tinubu was quoted by his aide, Bayo Onanuga, to have said.
Recalling the warn reception accorded him during his recent visit to China, Tinubu said: “My visit during FOCAC was a good experience. We signed several comprehensive MOUs during the visit. We planned several programmes of action. As a result of that deliberation, I made sure that immediately after I returned, I appointed one of the best brains available to coordinate Nigeria-China relations, Mr Joseph Tegbe.
“He will work to actualise various MOUs and promote a greater understanding of developmental programmes.
“It is good that you came at such a critical time. My visit to China was a good experience. Once again, accept my sympathy for the earthquake in Tibet. It was a natural disaster that nobody expected. We commend your Government for the rapid reaction to protect lives.”
Tinubu further used the occasion to seek China’s support 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,” said Tinubu.
Yi responded that China would back the inclusion of an African country in the Security Council, describing the current exclusion as “a historical injustice that should be corrected.”
He added, “We stand with Africa, and we will not support a country that invades another country.”
The Chinese Foreign Minister expressed his country’s commitment to supporting Tinubu’s Renewed Hope Agenda, particularly in areas of counterterrorism and regional security.
He announced that the Chinese National Development Bank has begun funding development projects in Nigeria, with a focus on employment generation and infrastructure development.
Yi welcomed Nigeria’s potential membership in BRICS and participation in the global development mechanism.
He also confirmed China’s support for Dr. Ngozi Okonjo-Iweala’s bid for a second term as Director General of the World Trade Organisation.
Tinubu Seeks Expansion Of Nigeria-China Currency Swap Deal is first published on The Whistler Newspaper
