China has indicated its willingness to expand the bilateral currency swap agreement with Nigeria, valued at CN¥15bn (approximately N720bn or $2.5bn).
This development was announced by China’s Foreign Minister, Wang Yi, during a meeting with President Bola Tinubu at the Aso Rock Villa in Abuja.
Wang revealed that China will “favourably study and consider” Nigeria’s request to increase the currency swap line. He emphasized the importance of financial cooperation between the two nations, highlighting the success of the existing agreement in stabilizing Nigeria’s foreign reserves and promoting trade and investments.
The Chinese Foreign Minister also invited Nigeria to explore issuing Panda bonds in China’s markets, which would provide an additional revenue stream for key infrastructure projects, such as railway modernization.
Wang expressed confidence in Nigeria’s economic stability and reaffirmed China’s commitment to supporting Africa’s security and development initiatives.
In the area of security, China and Nigeria have rejected external interference in Africa’s security affairs, emphasizing the need for African-led solutions.
Wang pledged Beijing’s support for initiatives aimed at enhancing the continent’s security capacity, including a CN¥1bn military assistance package and training programs for African military personnel.
Nigeria’s Foreign Minister, Yusuf Tuggar, echoed this stance, underscoring Nigeria’s role as a leader in regional security.
Tuggar rejected notions of relying on private military companies, instead emphasizing the need for domestic production of military equipment with China’s assistance.
