President Bola Tinubu has called on the Chinese government to increase the existing currency swap agreement between Nigeria and China.
Recently, both nations renewed their currency swap deal, valued at 15 billion yuan (approximately $2 billion), aimed at boosting trade and investment.
In a bilateral meeting with Chinese Foreign Minister Wang Yi at the presidential villa in Abuja, Tinubu said an increase in the currency swap would facilitate enhanced trade, accelerate infrastructural development in Nigeria, and strengthen 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 program. If you can increase that, it will be greatly appreciated. Our bond should grow stronger and become unbreakable,” Tinubu stated.
The Nigerian leader expressed gratitude to President Xi Jinping for the warm reception he received during his visit to China last year.
He noted that Africa, particularly Nigeria, is poised to meet developmental goals and contribute to counterpart project funding.
“We are ready to move forward and achieve our various developmental goals. Through our discussions, we signed numerous MOUs and planned various action programs.
“My visit during FOCAC was a fruitful experience. We signed several comprehensive MOUs and outlined several action programs. As a result of these discussions, I have appointed Joseph Tegbe, one of the most capable individuals available, to coordinate Nigeria-China relations. He will work to actualize the various MOUs and promote a deeper understanding of developmental programs.”
In response, Foreign Minister Yi thanked President Tinubu for appointing a Global Liaison to oversee the implementation of the MOUs aimed at the rapid development of the Nigerian economy.
“I would like to thank Nigeria for adhering to the one-China principle. We will continue to support Nigeria in achieving the Renewed Hope Agenda, countering terrorism, and ensuring regional security,” he said.
Wang Yi noted that Chinese investments in Nigeria would prioritize employment generation and infrastructural development. He commended President Tinubu for his visionary leadership and consistent advocacy for Africa’s needs, which require China’s support.
Earlier, the Chinese diplomat met with Nigeria’s Foreign Minister Yusuf Tuggar, where he reaffirmed the commitment of both countries to understand and support each other on issues of mutual interest and benefit.
Wang Yi’s tour of African nations began on January 5, 2025, including visits to Namibia, the Republic of the Congo, and Chad before concluding in Nigeria.
