Updated: Tinubu Seeks to Strengthen Nigeria-China Ties, Urges Increase in Currency Swap, Aid Package

President Bola Tinubu has demanded that the People’s Republic of China’s government increase the $2 billion currency swap to promote trade between the two nations.

Wang Yi, the Chinese minister of foreign affairs, and the President met at the State House in Abuja to discuss the matter.

President Tinubu noted the need to increase the volume of currency swaps in a statement released by Mr. Bayo Onanuga, the president’s special adviser to information and strategy, and to advance the two countries’ strategic bilateral relations.

“We are still requesting more in the currency swap market. In light of our program, the level you have approved as Nigeria’s government is insufficient. If you can increase that, it will be well appreciated”, the President said.

Tinubu also urged Xi Jinping, the president of China, to revise the $50 billion aid package for Africa.

He noted that Africa’s infrastructural needs require more commitment, urging a review of the amount to reflect the continent’s reality.

The meeting between Tinubu and Wang Yi marks a significant turning point in the two countries’ historic ties, which started on February 10, 1971, the day they formally began diplomatic relations.

Since then, trade relations have grown exponentially, with bilateral trade reaching $19.27 billion in 2019.

China has become one of Nigeria’s important trading and export partners, with significant investments in the country’s oil and gas, telecommunications, and infrastructure development sectors.

Nigeria has also become a significant oil and petroleum supplier for China’s rapidly expanding economy.

The Nigerian leader called on China to support Nigeria’s request for a permanent UN Security Council seat in addition to promoting increased economic cooperation.

Wang Yi, in response, pledged China’s support for Nigeria’s bid and commended President Tinubu for his visionary leadership and consistency in projecting Africa’s needs.

The Chinese National Development Bank is already funding some development projects, and the Chinese Foreign Minister also stated that Chinese investments in Nigeria would be focused on creating jobs and developing infrastructure.

Source: Per Second News