Abuja, Jan, 10, 2025 – President Bola Tinubu has called the expansion of the $2 billion currency swap deal between Nigeria and China.
The $2 billion currency swap deal was initiated in 2018 to allow trade transactions between China and Nigeria to be done in the Chinese yuan and the Naira.
Tinubu made the request for the expansion of the deal on Thursday when the Chinese Foreign Affairs Minister, Wang Yi, visited him in Abuja.
He said expanding the deal would help to speed up the infrastructural development and deepen the strategic bilateral relations between the two countries.
“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,” he said.
Nigeria’s president also called for an upward review of the $50 billion aid package for Africa which China’s President Xi Jinping announced last year.
“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 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.
“We all share your vision of rapid development. Africa values the relationship with China, and we seek deeper collaboration for infrastructural development.
“You are a member of the UN Security Council. We want you to use your influence to ensure Nigeria secures the seat.
“We are ready to move and reach the various developmental goals. Due to our deliberation, we signed many MOUs and planned many action programmes,” Tinubu said.
Yi, while responding, said the currency swap agreement and potential bond issuance would bolster Nigeria’s revenue, enhance safety, and deepen bilateral ties.
“The currency swap agreement shows how well we have carried out our financial cooperation and sustained its momentum.
“About Nigeria’s wish to increase the line of the currency swap, we will favourably study and consider the issue. Our cooperation is going well in many ways, especially in finance.”
“We welcome Nigeria to issue Panda bonds in China because we have full confidence in Nigeria’s credibility. By issuing Panda bonds, Nigeria will gain good revenue, and safety is guaranteed through financial support.
“Just a few days ago, Chinese banks supported the financial funding for the building of phase three of the railway modernization project, and it has been delivered.
“Overall, our cooperation is comprehensive, and we would like to further boost it,” he said.
