Tinubu pushes for increased currency swap between Nigeria and China - Ripples Nigeria
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Tinubu pushes for increased currency swap between Nigeria and China

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President Bola Tinubu on Thursday urged the Chinese government to increase the $2 billion currency swap between Nigeria and the Asian nation to enhance trade.

He also called for an upward review of the $50 billion aid package for Africa announced by China’s President, Xi Jinping, last year.

China and Nigeria recently renewed their currency swap agreement valued at 15 billion yuan (approximately $2 billion), to enhance trade and investment between the two nations.

Tinubu, who received the Chinese Foreign Affairs Minister, Wang Yi, at the State House, Abuja, said increasing the level of currency swaps would speed up the infrastructural development in Nigeria and deepen the strategic bilateral relations between the two countries.

He said: “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.”

READ ALSO: At Ghana president’s inauguration, Tinubu vows African leaders will lift citizens out of poverty

On the $50 billion pledged by the Chinese government to support Africa, President Tinubu noted that the continent’s infrastructural needs would require more commitment and called for a review of the amount to reflect the continent’s reality.

The president added: “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.

“All share your vision of rapid development. Africa values the relationship with China, and we seek deeper collaboration for infrastructural development.”

He urged China to support Nigeria’s bid for a permanent seat in the United Nations Security Council.

“You are a member of the UN Security Council. We want you to use your influence to ensure Nigeria secures the seat,” the President stated.

Tinubu said Africa, particularly Nigeria, was prepared to meet developmental goals and contribute counterpart project funding.

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