Tinubu calls for strengthening China-Nigeria currency swap in talks with Chinese foreign minister

President Bola Tinubu on Thursday urged China to increase its $2 billion currency swap agreement with Nigeria to accelerate trade and infrastructural development.

During a meeting with Chinese Foreign Affairs Minister Wang Yi at the State House, President Tinubu emphasized the importance of strengthening bilateral financial cooperation to support Nigeria’s economic agenda.

“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,” Tinubu said, calling for a stronger, “unbreakable” bond between the two nations.

The President also called for a review of China’s $50 billion aid package pledged to Africa, noting that the continent’s infrastructure needs require greater financial commitments to match its developmental ambitions.

“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,” he told the Chinese minister.

President Tinubu urged China to support Nigeria’s long-standing bid for a permanent seat on the United Nations Security Council, acknowledging China’s influence as a member.

He reiterated Nigeria’s readiness to fulfill counterpart funding commitments and implement signed agreements from his prior visit to China during the Forum on China-Africa Cooperation (FOCAC).

“My visit to China was a good experience,” Tinubu said, adding that he had appointed Mr. Joseph Tegbe as Director General and Global Liaison for Nigeria-China Strategic Partnership to oversee the implementation of memoranda of understanding (MOUs).

Expressing sympathy for the victims of the Xizang earthquake, he commended China’s rapid disaster response.

Minister Wang Yi reaffirmed China’s support for Nigeria’s “Renewed Hope Agenda” and regional security efforts. He acknowledged Nigeria’s leadership in West Africa and its pivotal role in maintaining peace.

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Yi revealed that the Chinese National Development Bank had already begun funding infrastructure projects in Nigeria and assured further investment focused on job creation and economic growth. He also noted China’s full support for Dr. Ngozi Okonjo-Iweala’s second term as Director General of the World Trade Organization.

Regarding Nigeria’s potential membership in BRICS, Yi welcomed Nigeria’s interest in joining the global development mechanism and emphasized China’s backing for including an African country in the UN Security Council, calling the current exclusion a “historical injustice.”

“China will stand with Africa and will not support any country that invades another country,” he added.

In his closing remarks, Yi praised President Tinubu for his visionary leadership and Nigeria’s growing global influence, predicting even greater achievements under his administration.