Tinubu Seeks Expanded Currency Swap And Aid For Africa In Meeting With China’s Foreign Minister(Video)

Tinubu Seeks Expanded Currency Swap And Aid For Africa In Meeting With China’s Foreign Minister(Video)

President Bola Ahmed Tinubu has called on the Chinese Government to expand its $2 billion currency swap agreement with Nigeria to bolster trade and accelerate infrastructural development…….READ MORE

Speaking during a meeting with China’s Minister of Foreign Affairs, Wang Yi, at the Presidential Villa in Abuja, the President also pushed for an upward review of China’s $50 billion aid package for Africa, announced last year by President Xi Jinping.

President Tinubu described the existing currency swap as insufficient to meet Nigeria’s developmental ambitions, urging China to increase its commitment to the bilateral agreement.

“Our bond must grow stronger and unbreakable. If you can increase the currency swap, it will be well appreciated,” the President stated.

He further emphasized the need for additional resources to support Africa’s infrastructure, noting that the continent’s developmental challenges require greater financial intervention.

On the global stage, President Tinubu appealed to China to back Nigeria’s bid for a permanent seat on the United Nations Security Council, describing it as a critical step toward addressing historical imbalances. He also expressed Nigeria’s readiness to honor its commitments and ensure the successful implementation of bilateral agreements, highlighting the appointment of Joseph Tegbe as Director General for Nigeria-China Strategic Partnerships.

China’s Foreign Minister, Wang Yi, reiterated his country’s commitment to supporting Nigeria’s Renewed Hope Agenda, emphasizing a focus on employment generation and infrastructure development. He acknowledged the historical oversight of African representation in the UN Security Council and affirmed China’s support for correcting this injustice.

“We stand with Africa and will support its rightful place in global governance,” Wang Yi said.

The Chinese envoy also assured Nigeria of continued investments in the country and welcomed its potential membership in BRICS. He praised Nigeria’s economic resilience under President Tinubu’s leadership, calling the country a stabilizing force in Africa.

The meeting reaffirmed the robust relationship between Nigeria and China, setting the stage for enhanced cooperation in trade, security, and global development.

Osigwe Omo-Ikirodah for iReporteronline