President Bola Tinubu has called on the People’s Republic of China to expand its currency swap agreement with Nigeria from $2 billion to a higher level to boost trade and accelerate infrastructure development. He also advocated for a review of the $50 billion aid package pledged by China for Africa, citing the continent’s significant infrastructure needs.

The President made these requests while hosting Chinese Foreign Minister Wang Yi at the State House in Abuja. He emphasized that enhancing the currency swap would deepen bilateral ties and strengthen Nigeria’s development agenda.

“While we appreciate the current currency swap arrangement, it is insufficient for the scale of our programmes. An increase in the swap volume would greatly aid our infrastructure projects and solidify our partnership,” President Tinubu stated.

Regarding the $50 billion African support fund announced by Chinese President Xi Jinping, Tinubu urged a reassessment to reflect the continent’s development realities.

“Africa’s infrastructural needs exceed the pledged amount. We need greater collaboration to ensure rapid development across the continent. We are grateful for the support but seek increased commitment,” he said.

President Tinubu also requested China’s backing for Nigeria’s bid for a permanent seat on the United Nations Security Council.

“As a member of the UN Security Council, we hope China will support our quest for permanent membership,” he added.

President Tinubu highlighted his administration’s efforts to foster stronger Nigeria-China relations, including appointing Joseph Tegbe to oversee the implementation of agreements signed during the Forum on China-Africa Cooperation (FOCAC).

“We signed several MOUs and outlined actionable programmes during my visit to China. Joseph Tegbe will ensure these plans materialize, enhancing our mutual understanding and developmental goals,” Tinubu noted.

He also extended condolences to China over the recent earthquake in Tibet and praised the Chinese government’s swift response.

Foreign Minister Wang Yi reaffirmed China’s support for Nigeria’s Renewed Hope Agenda, counter-terrorism efforts, and regional security initiatives. He emphasized China’s focus on investments that generate employment and promote infrastructure development.

Yi also pledged China’s support for including an African nation in the UN Security Council, calling the exclusion of Africa a “historical injustice.”

“We stand with Africa and will not back any country that invades another,” he declared.

The Chinese government welcomed Nigeria’s potential membership in BRICS and supported Dr. Ngozi Okonjo-Iweala for a second term as Director General of the World Trade Organization (WTO).

Yi commended President Tinubu’s leadership, citing Nigeria’s growing global influence and role in regional stability.

“Your Renewed Hope agenda has brought sound momentum to Nigeria’s economy. Under your leadership, we are confident Nigeria will achieve even greater success,” Yi concluded.

This meeting further solidifies the strategic partnership between Nigeria and China, with a focus on mutual economic growth and enhanced collaboration on global issues.