Tinubu Seeks Increase In $2 Billion Currency Swap With China

• President Bola Ahmed Tinubu met with China’s Foreign Minister, Wang Yi, to discuss trade and investment between Nigeria and China.

• He urged China to increase the $2 billion currency swap between the two countries to enhance trade and infrastructural development.

• The president also called for a review of China’s $50 billion aid package for Africa, saying the continent’s infrastructural needs require more commitment.

President Bola Ahmed Tinubu has called on the Chinese government to increase the $2 billion currency swap between Nigeria and China.

The president made the request during a meeting with China’s Foreign Minister, Wang Yi, at the State House.

According to a statement by Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the president believes that increasing the level of currency swaps will speed up infrastructural development in Nigeria and deepen the strategic bilateral relations between the two countries.

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Tinubu also urged China to review its $50 billion aid package for Africa, saying the continent’s infrastructural needs require more commitment.

Also, the president called on China to support Nigeria’s bid for a permanent United Nations Security Council seat.

China Bankrolls Kano-Kaduna Railway Project With $254m Loan

The China Development Bank (CDB) has approved a $254.76 million loan to support the construction of the Kano-Kaduna railway project in Nigeria.

In a statement released on Tuesday, the bank said the funding would facilitate the smooth implementation of the infrastructure project.

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