Tinubu in China: Increase aid to Africa by $50 billion, extend currency swap

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.