Tinubu Canvasses Currency Swap Boost For China, Nigeria

BY EDMOND ODOK – As part of efforts to enhance trade between Nigeria and China, President Bola Tinubu wants the Chinese government to increase the two billion dollar currency swap between the two countries.

For President Tinubu, this is also the need to review upwards the 50 billion dollar aid package for Africa announced by President Xi Jinping of the People’s Republic of China last year.

The President, who spoke while receiving the Minister of Foreign Affairs of China, Wang Yi, at the Aso Rock Villa, Abuja, said increasing the level of currency swaps would speed up the infrastructural development in Nigeria and deepen the strategic bilateral relations between both countries.

According to him; “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”.

Further commenting on the Chinese government’s pledge of 50 billion dollars to support Africa, President Tinubu said the continent’s infrastructural needs would certainly require more commitment.

The President, who called for an upward review of the package to reflect the continent’s current reality, said; “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”.

Additionally, President Tinubu pleaded with the Chinese government to back Nigeria’s bid for a permanent United Nations Security Council seat, saying; “You are a member of the UN Security Council. We want you to use your influence to ensure Nigeria secures the seat.”

Going forward, he said Africa, particularly Nigeria, was prepared to meet developmental goals and contribute counterpart project funding.

Hear him; “We are ready to move and reach the various developmental goals. Due to our deliberations, 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”.

In his remarks, the Chinese Foreign Ministrr, Wang Yi lauded 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.

He said; “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”.

Yi said Chinese investments in the country would focus on employment generation and infrastructural development, stressing also that the Chinese National Development Bank is already funding some development projects in Nigeria.

Pledging that the Chinese government is ready to support an African country in the UN Security Council, including Nigeria, Minister Yi said; “We stand with Africa, and we will not support a country that invades another country,” he stated.

He also said China would welcome Nigeria’s membership in the BRICS and participation in the global development mechanism, adding that China fully supported Dr Ngozi Okonjo-Iweala, for a second term in office as the Director General of the World Trade Organisation (WTO).

In commending President Tinubu for his visionary leadership and consistency in projecting Africa’s needs, which require China’s attention and support, Minister Yi said; “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”.

It is on record that Nigeria and China recently renewed their currency swap agreement, valued at 15 billion yuan (approximately 2 billion dollars), to enhance trade and investment between both sides. – With NAN report