President Bola Tinubu on Thursday 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.
He also called for an upward review of the $50 billion aid package for Africa, which China’s President Xi Jinping announced last year.
China and Nigeria recently renewed their currency swap agreement, valued at 15 billion yuan (approximately $2 billion), to enhance trade and investment.
Receiving the Minister of Foreign Affairs of China, Wang Yi, at the State House Abuja, the President said increasing the level of currency swaps will speed up the infrastructural development in Nigeria and deepen the strategic bilateral relations.
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“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 was quoted to have said in a statement signed by his media aide, Bayo Onanuga.
Regarding the 50 billion dollars 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 50 billion dollar 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.
Tinubu called on China to support 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,” the President said.
The Nigerian leader thanked President Xi Jinping for his warm reception during his visit to China last year.
He said Africa, particularly Nigeria, was prepared to meet developmental goals and contribute counterpart project funding.
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“We are ready to move and reach the various developmental goals. Due to our deliberation, we signed many MOUs and planned many action programmes.
“My visit during FOCAC was a good experience. We signed several comprehensive MOUs during the visit. We planned several programmes of action. As a result of that deliberation, I made sure that immediately after I returned, I appointed one of the best brains available to coordinate Nigeria-China relations, Mr Joseph Tegbe. He will work to actualise various MOUs and promote a greater understanding of developmental programmes.
“It is good that you came at such a critical time. My visit to China was a good experience. Once again, accept my sympathy for the earthquake in Tibet. It was a natural disaster that nobody expected. We commend your government for the rapid reaction to protect lives.
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.
“I would like to thank Nigeria for abiding by the one-China principle, and we will continue to support Nigeria in achieving the Renewed Hope Agenda, countering terrorism and ensuring regional security,” he said.
Yi said Chinese investments in the country would focus on employment generation and infrastructural development. He said the Chinese National Development Bank had started funding some development projects.
He said the Chinese Government would support including an African country in the UN Security Council, adding that “it was a historical injustice by the world that should be corrected”.
“We stand with Africa, and we will not support a country that invades another country,” he stated.
The foreign minister said China would welcome Nigeria’s membership in the BRICS and participation in the global development mechanism.
He said China fully supported Dr Ngozi Okonjo-Iweala, the Director General of the World Trade Organisation (WTO), for a second term in office.
The minister lauded President Tinubu for his visionary leadership and consistency in projecting Africa’s needs, which require China’s support.
“You brought Renewed Hope to the people of Nigeria. Your economy has sustained sound momentum, and Nigeria’s global influence has steadily increased. Nigeria has played an important role in upholding regional peace and has become an important force for African stability.
“We congratulate Nigeria on its achievements and believe that, under your leadership, Nigeria will realise greater achievements,” the Chinese foreign minister stated.
Also, the Federal Government has said Nigeria will work with China in domesticating production of military equipment to avoid the unnecessary delays in relying on foreign countries.
On its part, the Chinese government expressed delight over Nigeria’s plan to float panda bond in China through its currency swap policy.
These were disclosed on Thursday, during a joint press briefing between Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and his Chinese counterpart, Wang Yi, at the presidential Villa, Abuja.
The China’s Minister of Foreign Affairs was on an official visit to Nigeria.
On foreign interference, Tuggar said private military companies, no matter where they are coming from are not the solution to tackling the country’s security challenges.
According to him, “Nigeria has consistently proved effective in leading other countries in our region, and I would even say, on the continent at large, in addressing challenges to peace and security.
“And we do this whenever we partner with other countries and have their support, including major powers that are outside of our region, outside of Africa, and we appreciate that sort of approach.
China partnership
“And this is why we work well with countries like China. Where we have a problem is whenever Nigeria is left out of such arrangements, it becomes more challenging.
“And it’s not just a one-off thing. It’s not a fluke. It is because of Nigeria’s place and position on the continent and in our region. And that’s why we take a firm stand and say, let us work together towards solving our problems by ourselves.
“Let us shun this idea of allowing others to come in to solve our problems for us.
“So private military companies, as far as we are concerned, it doesn’t matter whether they’re from north, south, east, west; we don’t think it is going to provide the panacea.
“But when you work with us, then we’re able to lead others in solving the problem.
Military equipment
“And also, we want to work with countries like China in domesticating production of military equipment, both kinetic and non-kinetic.
“This is what we’re looking for. So that we don’t have to go out looking to procure because of the delays and so many rules and regulations. We need to be able to produce locally.
“Nigeria is a very responsible country working with the Constitution. And we’ve never had any expansionist tendencies, which is why others reposed so much confidence in us and in our leadership.
“We will continue to work with countries such as China in addressing these challenges and rely on countries such as China, also, to work with us towards ensuring that private military country companies outside interference remains outside.”
The Minister said Nigeria is a very responsible country working with the Constitution, and that was why it has never had any expansionist tendencies, adding that it was the reason why other countries reposed so much confidence in her leadership abilities.
Also speaking, the Chinese Minister of Foreign Affairs, Wang, said the strategic planning of President Xi Jinping and President Tinubu, China-Nigeria relations have achieved three major outcomes.
He said: “First, we have achieved a new leap in the characterization of our relations. Our presidents jointly announced the elevation of China-Nigeria relations to a comprehensive strategic partnership.
“Second, we have worked together to establish a new platform.
“The first plenary session of the Intergovernmental Committee between China and Nigeria has been successfully held, contributing to the elevation in quality of our cooperation.
“Third, our cooperation at the international arena has reached new heights. Our two sides have coordinated closely in international and regional affairs and worked together for the collective rise, development and vitalization of the Global South.
“Over more than half a century since the establishment of diplomatic ties, no matter how changes occur in the international landscape, China and Nigeria have always in the spirit of mutual respect and equality, deepened our friendship and pursued practical cooperation, setting a fine example of South-South cooperation, and an important exemplar of China Africa cooperation.”
He said under the guidance of the two presidents, the relationship between the two countries would continue to be strategic, exemplary, and provide momentum and confidence for high quality development of China-Africa cooperation and the modernization of Africa.
“I believe that through the joint efforts of the two sides, the China, Nigeria, comprehensive strategic partnership will surely embrace an even brighter tomorrow,” he said.
Currency swap
Fielding questions on the proposed currency swap agreement with China, the Minister said it showed how well the country has carried out her financial cooperation and sustained its momentum.
He said, “As with regard to Nigeria’s wish to increase the line of the currency swap, we will favorably study and consider the issue. Our cooperation is going well in many ways, in terms of finance.
“For instance, we welcome the panda bonds to be issued. We welcome Nigeria to issue panda bonds in China, because we have full confidence in Nigeria’s credibility.
“And by issuing panda bonds, Nigeria will gain good revenue and the safety is guaranteed through financial support, we are working to contribute to Nigeria’s infrastructure development in particular railway.
