President Bola Tinubu has called on the Chinese government to increase its currency swap arrangement with Nigeria, emphasising the need for deeper economic collaboration to fast-track infrastructure development.
The president made this appeal on Thursday during a meeting with the Chinese Foreign Minister, Wang Yi, at the State House in Abuja.
Tinubu highlighted the inadequacy of the current $2 billion currency swap deal, urging China to consider a significant increase.
“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,” Tinubu said.
He also called for a review of the $50 billion aid package pledged by Chinese President Xi Jinping to support Africa, stating that the continent’s infrastructure needs surpass the current commitment.
He stressed the urgency of rapid development to ensure Africa keeps pace with other regions, adding, “Africa values the relationship with China, and we seek deeper collaboration for infrastructural development.”
In a push for global influence, Tinubu requested 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,” the President said.
The president reflected on his visit to China during the Forum on China-Africa Cooperation (FOCAC), noting that several Memoranda of Understanding (MOUs) and action plans were signed.
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To ensure their implementation, Tinubu appointed Joseph Tegbe as Director General and Global Liaison for the Nigeria-China Strategic Partnership.
He expressed optimism about advancing the bilateral relationship, adding, “We are ready to meet developmental goals and contribute counterpart project funding.”
Tinubu also extended condolences to China over the recent earthquake in Tibet, commending the Chinese government for its swift response.
Meanwhile, Wang Yi expressed gratitude for Nigeria’s adherence to the “One-China” principle and pledged China’s support for Nigeria’s “Renewed Hope Agenda,” regional security, and counterterrorism efforts.
The foreign minister revealed that Chinese investments in Nigeria would prioritize job creation and infrastructure, with funding for development projects already underway through the Chinese National Development Bank.
Yi also assured Nigeria of China’s backing for its bid to join the BRICS group and its inclusion in the United Nations Security Council, describing the latter as “a historical injustice that should be corrected.”
He further commended President Tinubu’s leadership, stating, “You brought Renewed Hope to the people of Nigeria. Your economy has sustained sound momentum, and Nigeria’s global influence has steadily increased. Under your leadership, Nigeria will achieve greater heights.”
