President Bola Ahmed Tinubu has called for a deepened partnership between Nigeria and the People’s Republic of China to bolster economic growth and infrastructural development.
During a meeting with Chinese Foreign Minister Wang Yi at the State House in Abuja, President Tinubu underscored the importance of expanding the scope of the existing currency swap agreement and increasing China’s financial support for Africa.
President Tinubu highlighted the need to scale up the current $2 billion currency swap arrangement between Nigeria and China, which was recently renewed to facilitate trade and investment.
He emphasized that a more substantial currency swap would accelerate Nigeria’s development agenda, particularly in infrastructure, and strengthen the strategic bilateral ties between the two nations.
“We still demand more in the area of currency swap,” President Tinubu stated. “The level approved by your government for Nigeria is inadequate considering our programmes. Increasing this will be greatly appreciated. Our bond should grow stronger and become unbreakable.”
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On the $50 billion aid package pledged by China to Africa, President Tinubu acknowledged the support but urged for an upward review to address the continent’s growing infrastructural needs.
“I say yes to the $50 billion support and thank you for contributing to Africa’s growth,” he said. “However, Africa’s infrastructural needs exceed that amount. We aim to progress as rapidly as other regions, and deeper collaboration is key to achieving this vision.”
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In the spirit of advancing Nigeria’s global influence, President Tinubu sought China’s support for Nigeria’s aspiration to secure a permanent seat on the United Nations Security Council. “You are a member of the UN Security Council, and we want you to use your influence to ensure Nigeria secures the seat,” he appealed.
President Tinubu also reflected on his visit to China during the Forum on China-Africa Cooperation (FOCAC), describing it as highly productive. He noted that several Memorandums of Understanding (MOUs) were signed, laying the groundwork for extensive collaboration.
To ensure the implementation of these agreements, the President appointed Mr. Joseph Tegbe as Director General and Global Liaison for Nigeria-China Strategic Partnership. “He will work to actualize the MOUs and promote greater understanding of developmental programmes,” Tinubu said.
The President also extended condolences to the Chinese government over the recent earthquake in Tibet, commending their swift response to the disaster.
In response, Foreign Minister Wang Yi reaffirmed China’s commitment to supporting Nigeria’s Renewed Hope Agenda, countering terrorism, and fostering regional security. He emphasized that Chinese investments in Nigeria would prioritize job creation and infrastructural development.
Yi further expressed China’s readiness to back an African country for permanent membership on the UN Security Council, calling it a “historical injustice” that needed rectification. “We stand with Africa and will continue to support its aspirations,” Yi stated.
China also welcomed Nigeria’s interest in joining BRICS and participating in global development mechanisms, signaling a growing alignment between the two nations on international platforms.
Minister Wang Yi praised President Tinubu’s visionary leadership, highlighting Nigeria’s achievements in maintaining regional peace and fostering economic stability. “Under your leadership, Nigeria has sustained sound economic momentum and increased its global influence, We believe Nigeria will achieve even greater heights”, Yi remarked.
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