- Says It’ll Speed Up Infrastructural Development, Deepens Strategic Bilateral Relations
- Demands Upward Review Of $50bn Aid Package For Africa
- MoUs Between Nigeria, China At Various Stages Of Implementation-Tuggar
In a bid to enhance trade between China and Nigeria, President Bola Tinubu on Thursday urged the government of the People’s Republic of China to increase the $2 billion currency swap between Nigeria and China to .
He made this known while receiving the Minister of Foreign Affairs of China, Wang Yi, at the State House Abuja, on Thursday, January 9, 2024.
He noted that increasing the level of currency swaps will speed up the infrastructural development in Nigeria and deepen the strategic bilateral relations.
The Matrix reports that China and Nigeria recently renewed their currency swap agreement, valued at 15 billion yuan (approximately $2 billion), to enhance trade and investment.
“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 was quoted to have said in a statement signed by his media aide, Bayo Onanuga.
He also called for an upward review of the $50 billion aid package for Africa, which China’s President Xi Jinping announced last year.
READ ALSO: China Endorses Nigeria’s Currency Swap Line For Nigeria
President Tinubu noted that 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 stated.
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.
The Nigerian leader 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.
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“We are ready to move and reach 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.
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 foreign 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 stated.
Meanwhile, Yusuf Tuggar, minister of foreign affairs has disclosed that the memoranda of understanding (MoUs) signed between Nigeria and China are at various stages of implementation.
Tuggar spoke in a press conference with Wang Yi, the Chinese foreign minister, in Abuja on Thursday.
During a state visit to China last September, President Bola Tinubu signed five MOUs in a meeting with Chinese President Xi Jinping.
They included a cooperation plan between Nigeria and China on jointly promoting the belt and road initiative; cooperation in the peaceful application of nuclear energy; strengthening cooperation on human resource development under the global development initiative; media exchange and cooperation; and a MoU between China Media Group and the Nigerian Television Authority (NTA).
The president said the signings elevated Nigeria-China ties to a comprehensive strategic partnership.
At the press conference, Tuggar said the MoUs are being implemented.
The minister also expressed Nigeria’s continued support for China, hailing the absence of tensions between both countries.
“You have mutual respect and a shared commitment to advancing peace, stability, and prosperity. Moreso, our cooperation has yielded fruitful results in various fields including trade, investment, infrastructure development, and cultural exchange,” Tuggar told his Chinese counterpart.
“As we explore new avenues for collaboration, I wish to acknowledge China’s remarkable progress in economic development, technological innovation and global leadership.
“Nigeria, too, is undergoing significant transformations driven by our vision to become a more prosperous, peaceful and egalitarian nation.
“Consequently, during our discussions, I look forward to exploring avenues to deepen our bilateral engagement, particularly in areas such as trade facilitation, capacity building, and people-to-people exchanges.
“I am confident that our deliberations will yield meaningful outcomes in fostering a brighter future for our nations and our peoples.”
