Tinubu seeks increase of $2bn currency swap deal with China

President Bola Tinubu has urged the Chinese government to increase the $2 billion currency swap between Nigeria and China to enhance trade between the two countries.

Tinubu also called for an upward review of the $50 billion aid package for Africa, which China’s President Xi Jinping announced last year.

The president made the call while receiving the Minister of Foreign Affairs of China, Wang Yi, at the Presidential Villa in Abuja on Thursday, January 9, 2025.

China and Nigeria recently renewed their currency swap agreement, valued at 15 billion yuan ($2 billion) to enhance trade and investment.

Tinubu said increasing the level of currency swaps will speed up the infrastructural development in Nigeria and deepen the strategic bilateral relations.

He stated: “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.”

On the $50 billion pledged by the Chinese government to support Africa, President Tinubu noted that the continent’s infrastructural needs would require more commitment, urging a review of the amount to reflect the continent’s reality.

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Tinubu added: “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 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.”

President Tinubu also 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,” he said.

Yi thanked 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.

Yi 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.

He said the Chinese government would support including 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.”

The Star