Tinubu Wants Increase in $2bn Currency Deal with China
President Bola Tinubu made a strong case for strengthening Nigeria’s economic ties with China on Thursday, urging the Chinese government to increase the $2 billion currency swap deal between the two nations. This move aims to enhance trade and investment, particularly in Nigeria’s infrastructure development.
According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, President Tinubu emphasized the importance of increasing the currency swap, stating, “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.”
Additionally, President Tinubu called for an upward review of the $50 billion aid package for Africa, announced by Chinese President Xi Jinping last year. The President noted that Africa’s infrastructural needs far exceed the current aid package, saying, “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… The infrastructural needs of Africa are greater than that, and we want to move as rapidly as our other counterparts.”
President Tinubu’s push for increased economic cooperation with China comes as the two nations recently renewed their currency swap agreement, valued at 15 billion yuan (approximately $2 billion) .
