President Bola Ahmed Tinubu has urged the government of the People’s Republic of China to increase the $2 billion currency swap agreement between Nigeria and China to boost trade activities.
He also called for a revision of the $50 billion aid package for Africa announced by China’s President Xi Jinping last year.
During a meeting with China’s Minister of Foreign Affairs, Wang Yi, at the State House in Abuja on Thursday, President Tinubu emphasized that raising the currency swap would accelerate infrastructure development in Nigeria and strengthen the countries’ bilateral ties.
“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. Our bond should grow stronger and become unbreakable,” said President Tinubu.
The currency swap agreement, which was recently renewed, is valued at 15 billion yuan (approximately $2 billion) and aims to enhance trade and investment between the two nations.
In his remarks on China’s $50 billion aid package for Africa, President Tinubu noted that the continent’s infrastructure needs far exceed this amount and urged for more commitment.
“I am happy you are part of China’s highest decision-making body. We will want you to use your position to influence improved project funding. First, I say yes to the 50 billion dollar support, and thank you for contributing to African growth,” Tinubu said.
“The infrastructural needs of Africa are greater than that, and we want to move as rapidly as our other counterparts. All share your vision of rapid development. Africa values the relationship with China, and we seek deeper collaboration for infrastructural development,” he added.
