President Bola Tinubu has called for an increase in the $2 billion currency swap between Nigeria and China to boost trade and infrastructure development.
According to his Special Adviser on Information and Strategy Bayo Onanuga, during a meeting with Chinese Foreign Minister Wang Yi in Abuja, Tinubu also urged a review of China’s $50 billion aid package for Africa, announced last year, to better address the continent’s infrastructural needs.
Tinubu emphasized that the current currency swap agreement, recently renewed at 15 billion yuan (approximately $2 billion), was insufficient for Nigeria’s developmental plans. He requested China to consider increasing the swap amount to enhance strategic bilateral relations and expedite Nigeria’s infrastructure projects.
The President also advocated for increased Chinese support for Nigeria’s bid for a permanent seat on the United Nations Security Council, highlighting Nigeria’s commitment to meeting developmental goals and contributing to global peace and security.
Foreign Minister Wang Yi reiterated China’s support for Nigeria’s Renewed Hope Agenda and pledged continued investment in Nigeria’s economic and infrastructural growth. He welcomed Nigeria’s potential membership in BRICS and endorsed Dr. Ngozi Okonjo-Iweala for a second term as Director-General of the World Trade Organization.
Both leaders expressed mutual appreciation for the strong bilateral ties and emphasized the need for deeper collaboration to achieve shared development goals.
