Tinubu Pushes For Economic Revolution: Details Emerge From Currency Swap Talks With China’s Foreign Minister

In a statement released on Thursday, Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, revealed that the president also urged China to review and expand the $50 billion aid package for Africa announced by President Xi Jinping last year.

China and Nigeria recently renewed their currency swap agreement, valued at 15 billion yuan (approximately $2 billion), aimed at enhancing trade and investment relations.

While hosting China’s Minister of Foreign Affairs, Wang Yi, at the State House, President Tinubu emphasized that an increased currency swap would accelerate infrastructure development in Nigeria and strengthen bilateral relations.

“We still demand more in the area of currency swap. The level approved for Nigeria is inadequate given our development agenda. If you can increase it, we would greatly appreciate it. Our bond must grow stronger and remain unbreakable,” Tinubu stated.

Addressing the $50 billion aid pledge to Africa, President Tinubu acknowledged China’s contributions but stressed the need for greater financial support to meet Africa’s growing infrastructure demands.

“I appreciate the $50 billion support for Africa, and I thank you for aiding our growth. However, Africa’s infrastructure needs surpass this amount. We aim to develop as swiftly as other regions, and deeper collaboration with China is vital for our success,” the president noted.

Additionally, Tinubu urged China to back Nigeria’s bid for a permanent seat on the United Nations Security Council, leveraging its influence as a current member.

“We seek your support in ensuring Nigeria secures a permanent seat on the UN Security Council,” Tinubu appealed.

The president also expressed gratitude to President Xi Jinping for his hospitality during Tinubu’s visit to China last year.