President Tinubu Seeks china support for currency in both nations

Bola Tinubu, the President of Nigeria, has Sought that China raise its currency swap deal with Nigeria. During a discussion with Wang Yi, China’s Minister of Foreign Affairs, at the State House, Tinubu made this appeal.

In a release from Bayo Onanuga, the President's Special Adviser on Information and Strategy, Tinubu asked China to raise the current $2 billion currency swap between the nations to enhance trade. He also advocated for an increase in the $50 billion aid package announced by President Xi Jinping for Africa last year.

As noted in the statement, China and Nigeria had recently reestablished their currency swap agreement, estimated at 15 billion yuan (approximately $2 billion), aimed at boosting trade and investment. Tinubu emphasized that a larger currency swap would hasten Nigeria’s infrastructure development and deepen the bilateral ties between the two countries.

"There is still a need for more in the realm of currency swaps. The current amount approved for Nigeria is not sufficient for our goals. A boost would be immensely appreciated," he said. "Our connection should grow firmer and unbreakable."

Apart from the currency swap, Tinubu asked China to review the $50 billion aid package for Africa, citing the continent’s escalating infrastructure demands. While grateful for China's support, he called for a more robust commitment that reflects the reality of Africa's needs.

"It pleases me that you are a member of China's highest decision-making authority. We trust you will use your influence to secure further funding for projects. Although I am grateful for the $50 billion support, Africa's needs are far greater, and we must move forward quickly," he said. "Africa cherishes its relationship with China, and we seek a deeper partnership for infrastructure advancement."

In addition, President Tinubu called on China to support Nigeria’s bid for a permanent seat on the United Nations Security Council. "Being a member of the UN Security Council, we urge you to use your influence to help Nigeria obtain a seat," he said.

He thanked President Xi Jinping for the warm hospitality he received during his visit to China last year, noting the progress made through various memoranda of understanding and action initiatives.

Minister Wang Yi, in response, expressed his appreciation to President Tinubu for Nigeria’s adherence to the one-China policy and reaffirmed China’s commitment to supporting Nigeria's "Renewed Hope Agenda," addressing terrorism, and advancing regional security. He also stressed that Chinese investments would concentrate on job creation and infrastructure growth, with the Chinese National Development Bank already funding various projects.

Wang Yi communicated China’s position in favor of Africa’s participation in the UN Security Council, calling it a historical wrong that requires correction. "We stand with Africa, and we are against any country that invades another," he remarked.

He further mentioned that China was fully in favor of Nigeria’s membership in BRICS and its participation in global development programs. Moreover, China backed Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, for another term.