President Bola Tinubu has called on China to increase the $2 billion currency swap arrangement between it and Nigeria, emphasising the importance of the arrangement for boosting trade and infrastructural development in Nigeria.

President Tinubu made the appeal while receiving China’s Minister of Foreign Affairs, Wang Yi, at the State House in Abuja on Thursday.

A statement by the Senior Special Assistant to the President on Public Engagement, Frederick Nwabufo, said President Tinubu underscored the need for greater support in Nigeria’s currency swap arrangement with China, stressing that the current level was insufficient to meet the country’s developmental goals.

“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,” Tinubu stated.

The currency swap agreement, renewed recently and valued at 15 billion yuan (approximately $2 billion), was initially established to facilitate trade and investment between both nations.

The President also urged China to review its $50 billion aid package for Africa, which was announced by President Xi Jinping last year, to better reflect the continent’s extensive infrastructure needs.

“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,” Tinubu stated.

During the meeting, President Tinubu appealed to China for support in Nigeria’s bid for a permanent seat on the United Nations Security Council.

“You are a member of the UN Security Council. We want you to use your influence to ensure Nigeria secures the seat,” he said.

The President also extended his gratitude to President Xi Jinping for the warm reception he received during his visit to China last year, which coincided with the Forum on China-Africa Cooperation (FOCAC).

He expressed his government’s readiness to meet developmental goals, contribute counterpart project funding, and deepen the strategic partnership between Nigeria and China. He also sympathised with China over the recent earthquake in Tibet, commending the country’s swift response.

In his remarks, Wang Yi appreciated Nigeria for maintaining its support of the one-China principle and reiterated China’s commitment to supporting Nigeria’s developmental agenda, particularly through the Renewed Hope Agenda.

“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,” Yi said.

He disclosed that Chinese investments in Nigeria would focus on employment generation and infrastructure, noting that the Chinese National Development Bank had already started funding projects in the country.