In order to boost bilateral trade and quicken the construction of infrastructure, President Bola Ahmed Tinubu has urged the People’s Republic of China to augment its $50 billion aid package for Africa and extend the $2 billion currency swap deal between Nigeria and China.
The President made the request while speaking with Wang Yi, China’s Foreign Affairs Minister, who was in Nigeria to deepen bilateral relations.
In order to improve commerce and investment between China and Nigeria, Tinubu also wanted to expand the two countries’ $2 billion currency swap deal.Tinubu was quoted as adding, “I am happy you are part of China’s highest decision-making body,” in a statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy. We will want you to influence better project funding by using your position. I would first like to thank you for your contribution to African progress and say yes to the $50 billion support. Africa needs more infrastructure than that, and we want to advance at the same speed as our peers. Your vision of rapid progress is shared by all. Africa cherishes its connection with China, and we aim to work with more closely on infrastructure development.
“In the domain of currency swap, we continue to demand more. In light of our program, the level that you have authorized as Nigeria’s government is insufficient. It would be greatly appreciated if you could raise that.
According to President Tinubu, “our bond should grow stronger and become unbreakable.”
Nigeria is supported by China.
China will welcome Nigeria’s participation in the global development mechanism and BRICS membership, the foreign minister said.
He declared China’s full support for World Trade Organization (WTO) Director General Dr. Ngozi Okonjo-Iweala’s bid for a second term in office. He stated, “We will continue to support Nigeria in achieving the Renewed Hope Agenda, countering terrorism, and ensuring regional security. I would like to thank Nigeria for adhering to the one-China principle.”
Yi stated that infrastructure development and job creation would be the main goals of Chinese investments in the nation. According to him, several development initiatives are now being funded by the Chinese National Development Bank.
“It was a historical injustice by the world that should be corrected,” he said, adding that the Chinese government would support the inclusion of one African nation in the UN Security Council.
The minister praised President Tinubu for his consistent and imaginative leadership in articulating Africa’s needs, which call for China’s assistance.
“You gave the people of Nigeria new hope.” Nigeria’s influence has grown significantly on a worldwide scale, and your economy has maintained strong momentum. Nigeria has emerged as a significant force for stability in Africa and has contributed much to maintaining regional peace.
The Chinese foreign minister said, “We commend Nigeria on its accomplishments and think that, under your leadership, Nigeria will achieve greater achievements.”
Things you should be aware of
At the 9th Forum on China-Africa Cooperation (FOCAC) Summit in Beijing in September 2024, Chinese President Xi Jinping promised to invest over $50 billion in the African continent and to raise relations with all of the member countries to a “strategic level” over the following three years.
Ten nations—Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates—make up the BRICS intergovernmental organization. In addition to being an alternative to the G7 bloc of the biggest economies in the world, it is an organization that focuses on investment initiatives.
More than ten years after Nigeria’s independence from Britain, China and Nigeria established formal diplomatic ties in 1971.
First agreed in 2018, the Nigeria-China currency swap agreement was extended in December 2024.
ALSO READ:
Days Before His Inauguration, Trump Will Be Sentenced In The Hush Money Case.
