Chinese Foreign Minister Wang Yi’s visit to Nigeria has reinforced the growing partnership between China and Africa, with discussions centred on strengthening economic ties, enhancing security cooperation, and advancing mutual development goals.
The visit is part of Yi’s broader tour of Africa from 5 to 11 January, continuing a 35-year tradition of engaging with the continent.
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Expansion of currency swap agreement
During the visit, President Bola Tinubu called for the expansion of the $2 billion currency swap agreement between Nigeria and China. Initially signed in 2018, the agreement allows transactions between the two nations to be conducted in their local currencies, the Naira and Yuan, instead of the US Dollar.
Tinubu emphasised the importance of expanding the agreement to fast-track infrastructure development and deepen strategic ties. “Increasing the level of currency swaps will speed up infrastructural development and deepen the strategic bilateral relations,” Tinubu stated.
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Nigeria’s push for UN security council membership
The Nigerian president also sought China’s support for Nigeria’s bid for a permanent seat on the United Nations Security Council. Tinubu highlighted the significance of China’s influence as a member of the Security Council.
“You are a member of the UN Security Council. We want you to use your influence to ensure Nigeria secures the seat,” Tinubu said.
This appeal aligns with growing global calls for Africa’s representation on the Security Council. The African Union’s push for permanent membership has gained momentum, with recent support from the United States for two permanent seats for African countries.
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Commitment to peace and stability
Wang Yi reiterated China’s commitment to supporting peace and stability across Africa. He underscored the importance of global solidarity in addressing security challenges.
“We all have the issue on the top of all of our minds. In the world today, only through global solidarity can we together respond to the various security challenges,” Yi said.
China reaffirmed its support for the African Union’s role in resolving conflicts and emphasised its opposition to foreign interference in Africa’s internal affairs. Nigeria, in turn, ruled out plans to hire foreign mercenaries to tackle insurgency and banditry.
Under the Global Security Initiative (GSI), China plans to provide one billion yuan in military assistance, fund training for African military and law enforcement personnel, and support the development of Africa’s peacekeeping and counterterrorism capabilities.
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Review of the $50 bn African aid package
President Tinubu also called for an upward review of the $50 billion aid package pledged by Chinese President Xi Jinping for Africa during the Forum on China-Africa Cooperation (FOCAC) in 2023.
Acknowledging the aid, Tinubu highlighted Africa’s significant 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,” Tinubu said.
The package, which spans three years, aims to strengthen Africa’s infrastructure and trade sectors while creating at least one million jobs across the continent.
Strengthened economic partnership
Nigeria remains a key partner for China in Africa, serving as the largest African market for Chinese exports and a hub for Chinese technology investments. It is also a significant destination for Chinese construction firms involved in building infrastructure such as railways and roads.
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