Tinubu in China: Increase aid to Africa by $50 billion, extend currency swap agreement with Nigeria by $2 billion
President Bola Ahmed Tinubu has called on the People's Republic of China to increase aid to Africa by $50 billion and extend the $2 billion currency swap agreement between Nigeria and China to boost bilateral trade and accelerate development.
The president's call came during talks with Chinese Foreign Minister Wang Yi, who was visiting Nigeria to strengthen bilateral ties.
Tinubu also called for a $2 billion increase in the Nigeria-China currency swap agreement, which is aimed at boosting trade and investment between the two countries.
In a statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Tinubu said: "I am happy that you are part of the highest decision-making body in China. We want to use your position to influence the improvement of the financing of the project. "First, I say yes to the $50 billion in aid and thank you for contributing to Africa's growth. Africa's infrastructure needs are greater than this, and we want to move forward like our other counterparts. We all share your vision for rapid development. Africa values its relations with China and we are looking to deepen our cooperation in infrastructure development."
"We are always looking for more in the field of trade. The level that you have adopted as a government for Nigeria is insufficient given our agenda. If you can increase this number, it would be greatly appreciated.
China supports Nigeria
The Foreign Minister said that China welcomes Nigeria's membership of BRICS and participation in the global development mechanism. He said China fully supports Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), for a second term. "I would like to thank Nigeria for adhering to the one-China principle, and we will continue to support Nigeria in implementing the Agenda for Sustainable Development, combating terrorism and ensuring regional security," he said. Yi said Chinese investment in the country is focused on job creation and infrastructure development. He said that the China National Development Bank has started financing several development projects. He said the Chinese government supports the inclusion of an African country in the UN Security Council, adding that "this was a historic injustice on the part of the world that needed to be corrected."
The Minister commended President Tinubu for his visionary leadership and consistency in projecting Africa's needs, which require China's support.
"You have brought new hope to the Nigerian people. Your economy has maintained strong momentum and Nigeria's global influence has continued to grow. Nigeria has played an important role in maintaining 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 achieve great achievements," the Chinese foreign minister said.
What you need to know
In September 2024, Chinese President Xi Jinping, at the 9th Summit on China-Africa Cooperation (FOCAC) in Beijing, pledged more than $50 billion in funding for the African continent and announced the establishment of ties with all member countries at a "strategic level". "in the next three years.
BRICS is an intergovernmental organization consisting of ten countries: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. It is a group of investment strategies, as well as a counterpart and alternative to the G7 bloc of the world's largest economies. China and Nigeria began formal diplomatic relations in 1971, more than a decade after Nigeria gained independence from Britain. The currency swap agreement between Nigeria and China was initially signed in 2018 and renewed in December 2024.