President Bola Tinubu has called on the government of the People’s Republic of China to increase the $2 billion currency swap between Nigeria and China to enhance trade between the two countries.
The President made the request during a meeting with the Chinese Minister of Foreign Affairs, Wang Yi, at the State House in Abuja.
According to a statement by the President’s Special Adviser on Information and Strategy, Mr. Bayo Onanuga, President Tinubu noted the importance of increasing the level of currency swaps to speed up infrastructural development in Nigeria and deepen the strategic bilateral relations between the two nations.
“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,” the President said.
Tinubu also called for an upward review of the $50 billion aid package for Africa, announced by Chinese President Xi Jinping last year.
He noted that Africa’s infrastructural needs require more commitment, urging a review of the amount to reflect the continent’s reality.
The meeting between Tinubu and Wang Yi marks a significant milestone in the historical ties between Nigeria and China, which dated back to February 10, 1971, when the two countries formally established diplomatic relations.
Since then, trade relations have grown exponentially, with bilateral trade reaching $19.27 billion in 2019.
China has become one of Nigeria’s important trading and export partners, with significant investments in the country’s oil and gas, telecommunications, and infrastructure development sectors.
Nigeria has also become an important source of oil and petroleum for China’s rapidly growing economy.
In addition to seeking increased economic cooperation, the Nigerian leader also called on China to support Nigeria’s bid for a permanent United Nations Security Council seat.
Wang Yi, in response, pledged China’s support for Nigeria’s bid and commended President Tinubu for his visionary leadership and consistency in projecting Africa’s needs.
The Chinese foreign minister also announced that Chinese investments in Nigeria would focus on employment generation and infrastructural development, with the Chinese National Development Bank already funding some development projects.
China also expressed its support for Nigeria’s membership in the BRICS and participation in the global development mechanism.
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