Nigeria and China extended their $2 billion currency swap agreement. President Tinubu, while meeting in Abuja with Chinese Foreign Minister Wang Yi, requested a larger amount.
More was demanded in the area of currency swap, as the level approved by the government for Nigeria was considered inadequate for their programme, Mr Tinubu said. Enhancements to that would be most welcome and a stronger, unbreakable bond between us is important.
The President also discussed China’s $50 billion aid package for Africa; it needs to be bigger. I am happy to see you serving on one of China’s top decision-making bodies and this is a meaningful accomplishment because it shows your expertise and influence. We will want you to use that position to influence more project funding and this will be important to our success.
I approve of the fifty billion dollar support package, as well as I express my gratitude for your contribution to the large growth of African economies”
Tinubu stressed Africa’s big infrastructure needs and asked China to help Nigeria get a permanent UN Security Council seat, saying “You’re on the UN Security Council; help Nigeria get a seat.”
China’s Foreign Minister Wang Yi pledged support for Nigeria’s development. Nigeria’s adherence to the one-China principle is appreciated and because of this, support for Nigeria in achieving the Renewed Hope Agenda, countering terrorism and guaranteeing regional security will be continued.
Yi supported African representation on the UN Security Council, calling past exclusion a historical injustice and backed Nigeria joining BRICS and Dr. Okonjo-Iweala’s WTO term.
The Chinese minister commended Tinubu, saying his leadership brought renewed hope to Nigeria, increased the economy and strengthened Nigeria’s global influence and role in African stability.
He said Nigeria’s achievements were impressive and would improve under its leadership.
Closer ties and deeper cooperation were agreed upon by both nations at the meeting.
