On Thursday, President Bola Tinubu advised the People’s Republic of China’s government to expand the $2 billion currency exchange between China and Nigeria to improve bilateral trade.
Additionally, he demanded an upward assessment of the $50 billion aid plan for Africa announced by Chinese President Xi Jinping last year.
A currency exchange arrangement worth 15 billion yuan (about $2 billion) was recently extended between China and Nigeria to boost investment and trade.
At State House Abuja, the President welcomed China’s Foreign Affairs Minister Wang Yi and stated that expanding the amount of currency exchanges will accelerate Nigeria’s infrastructure development and strengthen the strategic partnership between the two countries.
“We continue to have higher demands in the currency swap space. Given our programme, the government approval you have given Nigeria is insufficient. I would be grateful if you could raise that. The president was cited as saying, “Our bond should grow stronger and become unbreakable,” in a statement signed by Bayo Onanuga, his media assistant.
President Tinubu stated that greater dedication would be needed to meet Africa’s infrastructure needs, and he called for a reconsideration of the 50 billion dollars the Chinese government had promised to fund the continent to consider its actual needs.
“I am pleased that you are a member of the highest decision-making body in China. We will want you to influence better project funding by using your position. First of all, thank you for helping to further African development, and I affirm the 50 billion dollar assistance.
Africa has more pressing infrastructure requirements than that, and we aim to advance at the same speed as our peers. Your vision of rapid progress is shared by all. Africa cherishes its connection with China, and we want to work more closely to enhance our infrastructure,” he said.
Tinubu urged China to back Nigeria’s application for a permanent seat on the UN Security Council.
“A member of the United Nations Security Council, you are. We want you to make sure Nigeria wins the seat by using your power,” the president stated.
Last year, when he visited China, the Nigerian leader expressed gratitude to President Xi Jinping for his cordial welcome.
He claimed that Africa, and Nigeria in particular, was ready to accomplish developmental objectives and provide funds for related projects.
“We are prepared to go and accomplish the different phases of development. Our discussions led to the signing of numerous MOUs and the planning of numerous action programmes.
“My experience during FOCAC was positive. It was during the tour that we signed several detailed MOUs. There were multiple action plans that we planned. I made sure to pick Mr. Joseph Tegbe, one of the brightest minds on the market, to oversee Nigeria-China relations as soon as I got back from that discussion. He will endeavour to bring numerous MOUs to fruition and advance a better comprehension of developmental programmes.
“I’m glad you arrived at such a crucial moment. It was a positive experience for me to visit China. Please accept my condolences for the Tibet earthquake once more. No one anticipated the natural tragedy. We applaud your government’s prompt response to save lives.
Yi expressed gratitude to President Tinubu for designating a Director General and Global Liaison, Nigeria—China Strategic Partnership, to supervise the execution of the MOUs to hasten the Nigerian economy’s growth.
“We will keep helping Nigeria achieve the Renewed Hope Agenda, fight terrorism, and maintain regional security. I would like to thank Nigeria for adhering to the one-China principle,” he said.
Yi stated that infrastructure development and job creation would be the main goals of Chinese investments in the nation. According to him, several development initiatives are now being funded by the Chinese National Development Bank.
“It was a historical injustice by the world that should be corrected,” he said, adding that the Chinese government would support the inclusion of one African nation in the UN Security Council.
He declared, “We will not back a nation that invades another nation; we stand with Africa.”
China will welcome Nigeria’s participation in the global development mechanism and BRICS membership, the foreign minister said.
He declared China’s full support for World Trade Organisation (WTO) Director General Dr. Ngozi Okonjo-Iweala’s bid for a second term in office.
The minister praised President Tinubu for his consistent and imaginative leadership in articulating Africa’s needs, which call for China’s assistance.
“You gave the people of Nigeria new hope. Nigeria’s influence has grown significantly on a worldwide scale, and your economy has maintained strong momentum. Nigeria has emerged as a significant force for stability in Africa and has contributed much to maintaining regional peace.”
The Chinese foreign minister said, “We commend Nigeria on its accomplishments and think that, under your leadership, Nigeria will achieve greater achievements.”
