President Bola Ahmed Tinubu has called on the People’s Republic of China to increase its $50 billion aid package for Africa and expand the $2 billion currency swap agreement between Nigeria and China to foster trade and accelerate infrastructural growth.
The appeal was made during discussions with China’s Foreign Minister, Wang Yi, who visited Nigeria to strengthen bilateral relations. Tinubu emphasized the need for enhanced project funding, citing Africa’s vast infrastructural requirements.
“I say yes to the $50 billion support, but Africa’s needs are far greater. We value our relationship with China and seek deeper collaboration for rapid development,” Tinubu said in a statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy.
He also urged China to increase the currency swap deal, stressing that the current level was insufficient to support Nigeria’s economic programs.
Foreign Minister Wang Yi reiterated China’s commitment to Nigeria, including support for the Renewed Hope Agenda, counter-terrorism, and regional security. He also welcomed Nigeria’s potential membership in BRICS and pledged Chinese investments focused on employment generation and infrastructure.
The Chinese National Development Bank has already begun funding projects in Nigeria, and Wang stated that China would back efforts to include an African country in the UN Security Council to address historical injustices.
“You have brought Renewed Hope to Nigerians. Under your leadership, we believe Nigeria will achieve greater milestones,” Wang Yi said, commending Tinubu’s leadership.
In September 2024, China pledged over $50 billion in funding for Africa during the 9th Forum on China-Africa Cooperation (FOCAC) summit. The Nigeria-China currency swap agreement, first signed in 2018, was renewed in December 2024 to bolster trade and investment.
BRICS, the intergovernmental organization to which China supports Nigeria’s membership, includes major economies like Brazil, Russia, India, and South Africa. It serves as a counterweight to the G7 economic bloc.
Formal diplomatic relations between Nigeria and China date back to 1971, marking over five decades of partnership.
