President Bola Ahmed Tinubu has urged the Government of the People’s Republic of China to increase the $2 billion currency swap between Nigeria and China to enhance trade between the two countries.
The President spoke when he played host to Chinese Foreign Affairs Minister, Wang Yi, just as he called for an upward review of the 50 billion dollars pledged by the Chinese Government to support Africa, as the continent’s infrastructural needs would require more commitment, urging a review of the amount to reflect the continent’s reality.
China and Nigeria recently renewed their currency swap agreement, valued at 15 billion yuan (approximately $2 billion), to enhance trade and investment, as President Tinubu said increasing the level of currency swaps would speed up the infrastructural development in Nigeria and deepen the strategic bilateral relations.
According to Tinubu, “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”.
“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”, he added.
He also stressed, “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.
“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.
Yi expressed his appreciation to Tinubu for appointing a Director-General and Global Liaison, Nigeria – China Strategic Partnership, to oversee the implementation of the MOUs for the rapid development of the Nigerian economy.
He said Chinese investments in the country would focus on employment generation and infrastructural development, adding that the Chinese National Development Bank had started funding some development projects already.
He further assured that the Chinese Government would support an African country in the UN Security Council, adding, “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”.
