Tinubu Calls For Increased China-Nigeria Currency Swap To Boost Trade

President Bola Tinubu on Thursday urged the Government of the People’s Republic of China to increase the $2 billion currency swap between Nigeria and China to enhance trade between the two countries.

Tinubu also called for an upward review of the $50 billion aid package announced for Africa by the Chinese President, Xi Jinping last year.

China and Nigeria recently renewed their currency swap agreement, valued at 15 billion yuan (approximately $2 billion), to enhance trade and investment.

Receiving the Minister of Foreign Affairs of China, Wang Yi, at the State House in Abuja, the President, in a statement by his spokesman, Bayo Onanuga said increasing the level of currency swaps will speed up the infrastructural development in Nigeria and deepen the strategic bilateral relations.

“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,” the President said.

Regarding the $50 billion pledged by the Chinese Government to support Africa, President Tinubu noted that the continent’s infrastructural needs would require more commitment, urging a review of the amount to reflect the continent’s reality.

“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,” he stated.

Tinubu further called on China to support Nigeria’s bid for a permanent seat at 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,” the President said.

While thanking President Xi Jinping for his warm reception during his visit to China last year, the president said Africa, particularly Nigeria, was prepared to meet developmental goals and contribute counterpart project funding.

“We are ready to move and reach the various developmental goals. Due to our deliberation, we signed many MoUs and planned many action programmes.

“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.”

Tinubu who described his visit to China in 2o24 as a good experienced thanked his visitor for coming at a critical time.

He extended sympathy to the Chinese government for the earthquake in Tibet. “It was a natural disaster that nobody expected. We commend your Government for the rapid reaction to protect lives.”

Yi thanked President Tinubu for appointing a Director General and Global Liaison, Nigeria—China Strategic Partnership to oversee the implementation of the MoUs for the rapid development of the Nigerian economy.

“I would like to thank Nigeria for abiding by the one-China principle, and we will continue to support Nigeria in achieving the Renewed Hope Agenda, countering terrorism and ensuring regional security,” he said.

He added that Chinese investments in the country would focus on employment generation and infrastructural development, stressing that the Chinese National Development Bank had started funding some development projects.

He further assured of the Chinese Government’ support for an African country in the UN Security Council, adding that “it was a historical injustice by the world that should be corrected”.

“We stand with Africa, and we will not support a country that invades another country,” he stated.

The foreign minister also said China would welcome Nigeria’s membership in the BRICS and participation in the global development mechanism.

He said China fully supported Dr Ngozi Okonjo-Iweala, the Director General of the World Trade Organisation (WTO), for a second term in office.

He lauded President Tinubu for his visionary leadership and consistency in projecting Africa’s needs, which require China’s support.

“You brought Renewed Hope to the people of Nigeria. Your economy has sustained sound momentum, and Nigeria’s global influence has steadily increased. Nigeria has played an important role in upholding regional peace and has become an important force for African stability.

“We congratulate Nigeria on its achievements and believe that, under your leadership, Nigeria will realise greater achievements,” the Chinese foreign minister stated.