Tinubu wants China to increase $2bn Currency Swap Deal

By emmanuel MALAGU

President Bola Tinubu and his Team in a Meeting with the Chinese Government Delegation

President Bola Tinubu has urged the Chinese Government to increase the two billion Dollar Currency Swap between Nigeria and China to enhance Trade between the two Countries.

He also called for an upward review of the $50bn Aid Package for Africa, which China’s President Xi Jinping announced last year.

China and Nigeria recently renewed their Currency Swap Agreement, valued at 15bn Yuan (approximately $2bn), to enhance Trade and Investment.

Receiving Wang Yi, the Minister of Foreign Affairs of China, at the State House, the President said increasing the Level of Currency Swaps would speed up the Infrastructural Development in Nigeria and deepen the 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.

“Our Bond should grow stronger and become unbreakable,” the President said.

Regarding the $50bn pledged by the Chinese Government to support Africa, President Tinubu noted that the Continent’s Infrastructural Needs would require more commitment, urging a review of the amount to reflect the Continent’s Reality.

“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 $50bn 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 stated.

 

Credit NAN: Texts excluding Headline