President Bola Ahmed Tinubu Thursday in Abuja, urged 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.
He also called for an upward review of the $50 billion aid package for Africa, which China’s President Xi Jinping announced last year.
China and Nigeria recently renewed their currency swap agreement, valued at 15 billion yuan (approximately $2 billion), to enhance trade and investment.
Receiving the Minister of Foreign Affairs of China, Wang Yi, at the State House, the President said increasing the level of currency swaps will speed up the infrastructural development in Nigeria and deepen the strategic bilateral relations.
“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,” the president said.
Regarding the 50 billion dollars pledged by the Chinese Government to support Africa, President Tinubu said the continent’s infrastructural needs would require more commitment, urging a review of the amount to reflect the continent’s reality.
“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.
“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 said.
President Tinubu called on China to support Nigeria’s bid for a permanent United Nations Security Council seat.
“You are a member of the UN Security Council. We want you to use your influence to ensure Nigeria secures the seat,” the President said.
President Tinubu thanked President Xi Jinping for his warm reception during his visit to China last year.
He said Africa, particularly Nigeria, was prepared to meet developmental goals and contribute counterpart project funding.
“We are ready to move and reach the various developmental goals. Due to our deliberation, we signed many MOUs and planned many action programmes.
“My visit during FOCAC was a good experience. We signed several comprehensive MOUs during the visit. We planned several programmes of action. As a result of that deliberation, I made sure that immediately after I returned, I appointed one of the best brains available to coordinate Nigeria-China relations, Mr Joseph Tegbe. He will work to actualise various MOUs and promote a greater understanding of developmental programmes.
“It is good that you came at such a critical time. My visit to China was a good experience. Once again, accept my sympathy for the earthquake in Tibet. It was a natural disaster that nobody expected. We commend your Government for the rapid reaction to protect lives,” he said.
Yi thanked President Tinubu for appointing a Director General and Global Liaison, Nigeria—China Strategic Partnership, to oversee the implementation of the MOUs for the rapid development of the Nigerian economy.
“I would like to thank Nigeria for abiding by the one-China principle, and we will continue to support Nigeria in achieving the Renewed Hope Agenda, countering terrorism and ensuring regional security,” he said.
Yi said Chinese investments in the country would focus on employment generation and infrastructural development. He said the Chinese National Development Bank had started funding some development projects.
He said the Chinese Government would support including an African country in the UN Security Council, adding that “it was a historical injustice by the world that should be corrected”.
“We stand with Africa, and we will not support a country that invades another country,” he stated.
The minister said China would welcome Nigeria’s membership in the BRICS and participation in the global development mechanism.
He said China fully supported Dr Ngozi Okonjo-Iweala, the Director General of the World Trade Organisation (WTO), for a second term in office.
The minister lauded President Tinubu for his visionary leadership and consistency in projecting Africa’s needs, which require China’s support.
“You brought Renewed Hope to the people of Nigeria. Your economy has sustained sound momentum, and Nigeria’s global influence has steadily increased. Nigeria has played an important role in upholding regional peace and has become an important force for African stability.
“We congratulate Nigeria on its achievements and believe that, under your leadership, Nigeria will realise greater achievements,” the Chinese foreign minister said.
Fielding questions from State House correspondents after a meeting with President Tinubu, Yi said the Chinese government in in support of Nigeria’s request to increase its currency swap line and plan to issue Panda Bonds.
“The currency swap agreement shows how well we have carried out our financial cooperation and sustained its momentum. As with regard to Nigeria’s wish to increase the line of the currency swap we will favourably study and consider the issue, our cooperation is going well in many ways, in terms of finance,” he said.
Yi expressed confidence in the economic cooperation between China and Nigeria, especially in the areas of finance.
“For instance, we welcome the panda bonds to be issued. We welcome Nigeria to issue panda bonds in China, because we have full confidence in Nigeria’s credibility. And by issuing panda bonds, Nigeria will gain good revenue and the safety is guaranteed through financial support, we are working to contribute to Nigeria’s infrastructure development in particular railway.
“Just a few days ago, Chinese banks supported through financial funds, the building of the phase three of the railway modernization project, and it has been delivered. So there are many details that are taking place between our cooperation.”
Yi also outlined China’s steadfast commitment to supporting peace and stability in Africa.
He reiterated China’s opposition to foreign interference, stressing that China firmly supports the African Union and regional organizations like the Economic Community of West African States (ECOWAS) in their constructive roles.
“Only through global solidarity can we together respond to the various security challenges,” he said.
He also highlighted the outcomes of the recent Forum on China-Africa Cooperation (FOCAC) Beijing Summit, where President Xi Jinping announced key initiatives aimed at advancing peace and security in Africa.
He spoke of China’s commitment to bolster Africa’s security capacity by providing 1 billion yuan (approximately $140 million) in military assistance, which will include training for 6,000 military personnel and 1,000 police officers from various African nations.
“We will continue to support the building of the African standby force and rapid response forces,” he said, emphasising China’s dedication to enhancing peacekeeping operations in collaboration with African countries.
At the United Nations Security Council, Yi assured that “China’s vote will always go to Africa,” reaffirming Beijing’s commitment to amplifying the voices of African nations on global platforms.
He also highlighted China’s role as a significant contributor to peacekeeping operations on the continent.
He further elaborated on China’s strategy for achieving security through development, stating that Beijing aims to utilize 360 billion yuan in funding support announced at the FOCAC summit to deepen cooperation across various sectors.
“Through this partnership, we will work with Africa to address the root causes of insecurity and achieve long-term stability through development,” he said.
Recognising Nigeria’s pivotal role as chair of ECOWAS and its influence in Western Africa and the Sahel region, Yi expressed China’s support for Nigeria in rallying regional countries towards unity and cooperation.
“China supports Nigeria in achieving strength through unity and promoting security through cooperation,” he said.
Yi reiterated China’s commitment to fostering a robust partnership with Africa based on mutual respect and shared development goals. This visit marks a crucial step in reinforcing China-Africa relations as both regions navigate an increasingly complex global landscape together.
Yi’s statements on security interference were echoed by Nigerian Foreign Affairs Minister Yusuf Tuggar, who highlighted Nigeria’s leadership role within the Economic Community of West African States (ECOWAS) and its broader influence on the continent. Tuggar remarked, “Nigeria has consistently proved effective in leading other countries in our region in addressing challenges to peace and security.”
He stressed that collaboration with major powers like China is vital for Nigeria’s efforts to maintain stability.
Tuggar also expressed concerns about external influences complicating Nigeria’s ability to lead regional security initiatives.
“Whenever Nigeria is left out of such arrangements, it becomes more challenging,” he stated.
He called for a focus on domestic production of military equipment, advocating for local manufacturing capabilities as a means to enhance Nigeria’s self-reliance in defense matters.
“We want to work with countries like China in domesticating production of military equipment,” Tuggar added.
He stressed that Nigeria’s responsible governance and constitutional adherence have earned it confidence from international partners.
