President Bola Ahmed Tinubu has urged the Government of the People’s Republic of China to expand the $2 billion currency swap agreement with Nigeria to enhance trade and accelerate infrastructural development.
Speaking on Thursday in Abuja during a meeting with China’s Minister of Foreign Affairs, Wang Yi, the President also called for a review of China’s $50 billion aid package for Africa, announced last year, to better address the continent’s infrastructure needs.
Tinubu emphasized the importance of scaling up the currency swap, renewed recently at 15 billion yuan (approximately $2 billion), as a vital tool for fostering strategic bilateral relations and advancing Nigeria’s economic goals.
“We still demand more in the area of currency swaps,” Tinubu stated. “The level approved for Nigeria is inadequate given our ambitious programmes. If this can be increased, it will be greatly appreciated. Our bond should grow stronger and become unbreakable.”
On China’s $50 billion pledge to Africa, the President highlighted the need for greater financial commitment, urging an upward review to reflect the continent’s developmental realities.
“Africa’s infrastructural needs far exceed the current support,” Tinubu noted. “We want to move as rapidly as our global counterparts. While we appreciate China’s support, we seek deeper collaboration for accelerated development.”
Tinubu also called on China to back Nigeria’s bid for a permanent seat on the United Nations Security Council.
“As a member of the UN Security Council, we look to China to influence global decisions and help ensure Nigeria secures a permanent seat,” he said.
The President thanked China’s President Xi Jinping for his hospitality during his visit to China last year and reaffirmed Nigeria’s readiness to meet its developmental commitments.
“My visit during the Forum on China-Africa Cooperation (FOCAC) was productive. We signed comprehensive MoUs and action plans. Upon my return, I appointed Mr. Joseph Tegbe to oversee Nigeria-China relations and ensure the implementation of these agreements,” Tinubu said.
The President also expressed sympathy over the recent earthquake in Tibet and commended China’s swift response to the disaster.
In response, Wang Yi praised Nigeria’s commitment to the one-China policy and pledged China’s ongoing support for Nigeria’s “Renewed Hope Agenda.” He emphasized that Chinese investments in Nigeria would prioritize employment generation and infrastructure development.
“The Chinese National Development Bank has already begun funding projects in Nigeria,” Yi revealed. “We are committed to supporting Africa’s inclusion in the UN Security Council, a historical injustice that must be corrected. Additionally, we fully back Nigeria’s aspirations to join BRICS and participate in the global development mechanism.”
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Yi also endorsed Dr. Ngozi Okonjo-Iweala for a second term as Director-General of the World Trade Organization and lauded Tinubu’s leadership in advocating for Africa’s needs on the global stage.
“Under your leadership, Nigeria’s economy has sustained sound momentum, its global influence has steadily increased, and it continues to play a pivotal role in regional stability,” Yi concluded.
The meeting further solidified Nigeria-China relations, underscoring mutual commitments to trade, infrastructure, and global development collaboration.
