President Bola Ahmed Tinubu has called on the Chinese government to expand the existing $2 billion currency swap agreement with Nigeria to further facilitate trade and economic development between the two nations. Speaking during a meeting with China’s Minister of Foreign Affairs, Wang Yi, at the State House in Abuja, Tinubu emphasized the need for more robust collaboration in infrastructure development and economic growth.
Push for Enhanced Currency Swap
The current currency swap agreement, renewed recently and valued at 15 billion yuan (approximately $2 billion), was highlighted as insufficient to meet Nigeria’s developmental ambitions. President Tinubu urged China to consider increasing the swap to better align with Nigeria’s infrastructure goals, saying, “The level you have approved for Nigeria is inadequate considering our programme. If you can increase that, it will be well appreciated.”
Call for Review of $50 Billion African Aid Package
Tinubu also advocated for an upward revision of China’s $50 billion aid pledge to Africa, announced by President Xi Jinping in 2023, arguing that the continent’s infrastructure needs far exceed the current commitment. “The infrastructure needs of Africa are greater than that, and we want to move as rapidly as our counterparts,” he stated. Tinubu expressed gratitude for the current aid package but encouraged China to reflect Africa’s growing developmental needs in its funding decisions.
Support for Nigeria’s UN Security Council Bid
President Tinubu sought China’s backing for Nigeria’s bid for a permanent seat on the United Nations Security Council. He emphasized the country’s leadership role in regional stability and its commitment to global peace, urging China to leverage its influence to secure Nigeria’s position.
Strengthened Bilateral Ties
Tinubu highlighted the importance of Nigeria-China relations, citing several Memorandums of Understanding (MOUs) signed during his visit to China in 2024. He noted the appointment of Mr. Joseph Tegbe as the Director General and Global Liaison for Nigeria-China Strategic Partnership, tasked with ensuring the timely implementation of the MOUs and fostering deeper collaboration.
Tinubu also expressed sympathy for the victims of the recent earthquake in Tibet, commending China’s rapid response to the disaster.
China’s Commitments
Wang Yi reaffirmed China’s support for Nigeria’s “Renewed Hope Agenda,” with a focus on infrastructure development, counter-terrorism, and regional security. He stated that the Chinese National Development Bank had already begun funding projects in Nigeria and emphasized that Chinese investments would prioritize employment generation.
Yi also acknowledged Africa’s exclusion from the UN Security Council as a “historical injustice” and pledged China’s continued support for an African country’s inclusion.
BRICS and WTO Support
China expressed its willingness to welcome Nigeria into the BRICS alliance and endorsed Dr. Ngozi Okonjo-Iweala, Director General of the World Trade Organization, for a second term in office.
Commendations for Tinubu’s Leadership
Yi praised 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.”
The meeting underscores the growing strategic partnership between Nigeria and China, with both nations expressing mutual commitment to fostering deeper economic and diplomatic ties.