By Olaitan Ibrahim
President Bola Tinubu on Thursday in Abuja called on the Government of the People’s Republic of China to expand the $2 billion currency swap agreement between Nigeria and China to boost bilateral trade.
He also appealed for an upward revision of the $50 billion aid package for Africa, announced by Chinese President Xi Jinping last year.
The currency swap agreement, valued at 15 billion yuan (approximately $2 billion), was recently renewed to promote trade and investment between the two nations.
While receiving China’s Minister of Foreign Affairs, Wang Yi, at the State House, President Tinubu emphasised the importance of increasing the currency swap to accelerate Nigeria’s infrastructural development and strengthen strategic ties between the two countries.
“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.
On the $50 billion support pledged by China to Africa, President Tinubu underscored the continent’s vast infrastructural needs, urging a review of the sum to address Africa’s developmental challenges effectively.
“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,” he stated.
President Tinubu also called for China’s support for Nigeria’s bid for a permanent seat on the United Nations Security Council.
“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.
He expressed gratitude to President Xi Jinping for the warm reception during his visit to China last year and reaffirmed Africa’s readiness to achieve developmental goals and provide counterpart funding for projects.
“We are ready to move and reach the various developmental goals. Due to our deliberation, we signed many MOUs and planned many action programmes.
“My visit during FOCAC was a good experience. We signed several comprehensive MOUs during the visit. We planned several programmes of action. As a result of that deliberation, I made sure that immediately after I returned, I appointed one of the best brains available to coordinate Nigeria-China relations, Mr Joseph Tegbe. He will work to actualise various MOUs and promote a greater understanding of developmental programmes.
“It is good that you came at such a critical time. My visit to China was a good experience. Once again, accept my sympathy for the earthquake in Tibet. It was a natural disaster that nobody expected. We commend your government for the rapid reaction to protect lives,” President Tinubu said
In his remarks, Wang Yi thanked President Tinubu for appointing a Director General and Global Liaison, Nigeria–China Strategic Partnership, to oversee the MOUs’ implementation for Nigeria’s rapid economic development.
“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,” Yi said.
The Chinese foreign minister highlighted that Chinese investments in Nigeria would prioritise employment generation and infrastructural development. He disclosed that the Chinese National Development Bank had commenced funding for various development projects.
Yi also pledged China’s support for an African country to be included in the UN Security Council, describing the absence of Africa on the council as a “historical injustice” that must be rectified.
“We stand with Africa, and we will not support a country that invades another country,” he stated.
Additionally, Yi welcomed Nigeria’s potential membership in BRICS and participation in global development mechanisms. He reaffirmed China’s full support for Dr Ngozi Okonjo-Iweala’s second term as Director General of the World Trade Organization (WTO).
The minister praised President Tinubu for his visionary leadership and consistency in advocating for Africa’s needs.
“You brought Renewed Hope to the people of Nigeria. Your economy has sustained sound momentum, and Nigeria’s global influence has steadily increased. Nigeria has played an important role in upholding regional peace and has become an important force for African stability.
“We congratulate Nigeria on its achievements and believe that, under your leadership, Nigeria will realise greater achievements,” Yi concluded.