President Bola Tinubu on Thursday called on the Chinese government to increase the $2 billion currency swap agreement between Nigeria and China and urged an upward review of the $50 billion aid package pledged by China to Africa. The appeal came during a meeting with Chinese Foreign Minister Wang Yi at the State House in Abuja.
The President emphasized that increasing the currency swap amount would enhance trade and accelerate Nigeria’s infrastructure development. “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,” Tinubu said.
He also pressed for a review of China’s $50 billion aid commitment to Africa, stating that the continent’s infrastructure needs require greater financial support. “The infrastructural needs of Africa are greater than that, and we want to move as rapidly as our other counterparts,” Tinubu said.
Tinubu further requested China’s support for Nigeria’s bid for a permanent seat on the United Nations Security Council, describing it as a key step toward equitable global representation.
The President thanked Chinese President Xi Jinping for his hospitality during Tinubu’s visit to China last year, where several Memoranda of Understanding (MOUs) were signed to strengthen bilateral relations. He also expressed appreciation for China’s rapid response to the recent earthquake in Tibet and reiterated Nigeria’s readiness to fulfill its counterpart funding for developmental projects.
During the meeting, Wang Yi commended President Tinubu’s leadership and vision, pledging China’s continued support for Nigeria’s “Renewed Hope Agenda,” counterterrorism efforts, and regional security initiatives. He revealed that the Chinese National Development Bank had already begun funding some Nigerian projects and assured that future Chinese investments would prioritize job creation and infrastructure development.
China’s Foreign Minister also affirmed his country’s backing for Africa’s inclusion in the UN Security Council, describing the current exclusion as a “historical injustice.” He further welcomed Nigeria’s interest in joining BRICS and praised the country’s growing influence under Tinubu’s leadership.
“We stand with Africa and believe Nigeria plays a critical role in maintaining regional peace and stability,” Wang Yi said, adding that China would continue to support WTO Director General Dr. Ngozi Okonjo-Iweala for a second term.
President Tinubu appointed Mr. Joseph Tegbe as Director General and Global Liaison for the Nigeria–China Strategic Partnership to oversee the implementation of bilateral agreements. Wang Yi lauded the move as a step toward ensuring rapid economic development and effective collaboration.
As the meeting concluded, Tinubu reaffirmed Nigeria’s commitment to strengthening its bond with China, describing it as “unbreakable.” Both leaders expressed optimism for deeper ties and enhanced cooperation to address Africa’s developmental challenges.
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