President Tinubu Asks China To Increase $2billion Currency Swap Between Both Countries
Tinubu, according to the statement urged “the People’s Republic of China to increase the $2billion currency swap between Nigeria and China to enhance trade between the two countries.”
Nigeria’s President, Bola Tinubu, has urged China to increase its currency swap with Nigeria.
Tinubu stated this when he received the Minister of Foreign Affairs of China, Wang Yi, at the State House.
This was communicated in a statement signed by Bayo Onanuga, who is the Special Adviser to the President on Information and Strategy.
Tinubu, according to the statement urged “the People’s Republic of China to increase the $2billion currency swap between Nigeria and China to enhance trade between the two countries.”
“He also called for an upward review of the $50billion aid package for Africa, which China’s President Xi Jinping announced last year.”
The statement noted that “China and Nigeria recently renewed their currency swap agreement, valued at 15 billion yuan (approximately $2 billion), to enhance trade and investment.”
Tinubu noted that “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.
This is even as Tinubu asked China to pledge more than the 50 billion dollars it has currently pledged for Africa development.
According to him, the support of the Chinese Government for Africa, will boost the the continent’s infrastructural needs.
He noted that beyond the $50 billion, Africa 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.
President Tinubu called on China to support Nigeria’s bid for a permanent United Nations Security Council seat.
“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.
Tinubu according to the statement was quoted as thanking President Xi Jinping for his warm reception during his visit to China last year.
“We are ready to move and reach the various developmental goals. Due to our deliberation, we signed many MOUs and planned many action programmes.”
While commenting , Yi thanked President Tinubu for appointing a Director General and Global Liaison, Nigeria—China Strategic Partnership, vowing to continue to support Nigeria.
“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.
According to Yi, Chinese investments in the country would focus on employment generation and infrastructural development.
This is even as he said the “Chinese National Development Bank had started funding some development projects.”
According to him, the Chinese Government would support including 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 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.
