President Bola Tinubu on Thursday urged China to increase the $2 billion currency swap agreement with Nigeria to bolster trade and infrastructure development between the two nations.
Speaking in Abuja with China’s Foreign Minister, Wang Yi, Tinubu also called for an upward review of China’s $50 billion aid package for Africa, stating that the continent’s infrastructural demands far exceed the current allocation.
“The approved currency swap level is inadequate for Nigeria’s programmes. Increasing it would strengthen our bond and accelerate development,” Tinubu said, highlighting the need for deeper bilateral ties.
The currency swap agreement, renewed at 15 billion yuan (approximately $2 billion), aims to ease trade and investment flows.
Tinubu also requested China’s backing for Nigeria’s bid for a permanent United Nations Security Council seat, noting the strategic importance of such support.
In response, Wang Yi expressed China’s commitment to Nigeria’s development goals, emphasising support for the “Renewed Hope Agenda” and regional security. He also welcomed Nigeria’s potential inclusion in BRICS and pledged investment in employment and infrastructure.
China has started funding several Nigerian projects through its National Development Bank, with Wang reaffirming China’s stance on correcting historical injustices like Africa’s exclusion from the UN Security Council.
Tinubu concluded by thanking China for fostering strong ties with Nigeria and supporting Africa’s growth aspirations.