09
Jan
Jan
PRESIDENT TINUBU SEEKS INCREASED CHINA-NIGERIA TRADE AND COOPERATION
-
Nicolas Adekeye / 2 weeks
- 0
- 2 min read
President Bola Tinubu has urged the Government of the People’s Republic of China to increase the $2 billion currency swap between Nigeria and China to enhance trade between the two countries. The President made this request while receiving the Minister of Foreign Affairs of China, Wang Yi, at the State House in Abuja. The Special Adviser to the President (Information & Strategy), Bayo Onanuga, stated in a statement that President Tinubu emphasized the importance of increasing the level of currency swaps to speed up infrastructural development in Nigeria and deepen strategic bilateral relations. “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,” President Tinubu said. President Tinubu also called for an upward review of the $50 billion aid package for Africa, which China’s President Xi Jinping announced last year. He noted that the continent’s infrastructural needs would require more commitment, urging a review of the amount to reflect the continent’s reality. Furthermore, President Tinubu sought China’s support for Nigeria’s bid for a permanent United Nations Security Council seat. “You are a member of the UN Security Council. We want you to use your influence to ensure Nigeria secures the seat,” he said. In response, Wang Yi thanked President Tinubu for appointing a Director General and Global Liaison, Nigeria—China Strategic Partnership, to oversee the implementation of the MOUs for the rapid development of the Nigerian economy. Yi also stated that Chinese investments in the country would focus on employment generation and infrastructural development. The Chinese Government also expressed support for including an African country in the UN Security Council, with Yi stating that “it was a historical injustice by the world that should be corrected”. China also welcomed Nigeria’s membership in the BRICS and participation in the global development mechanism, and expressed full support for Dr Ngozi Okonjo-Iweala, the Director General of the World Trade Organisation (WTO), for a second term in office.