Nigeria and China have agreed to strengthen the currency swap initiative and boost trade between the two countries.
BusinessDay recalls that the currency swap which was initiated under the administration of former President Muhammadu Buhari, was abandoned after being experimented on for some time
BusinessDay gathered that the Tinubu administration is working to strengthen the policy which is capable of helping in further strengthening the Naira
The Initiative is said to be occupying the top place on the agenda of the President’s ongoing engagements with the Chinese government.
President Bola Tinubu had on Tuesday, met with President Xi Jinping of China, where both leaders promised to encourage flexible and diverse regional monetary and financial cooperation such as local currency swaps, to facilitate trade between China and Nigeria
They also agreed to make contributions to global financial stability, through the currency swap initiatives. With trade between Nigeria and China hitting about 30%, both countries agree to carry out international cooperation on financial intelligence on anti-monetary laundering/ countering the financing of terrorism (AML/CFT).
They also agreed to support Nigeria’s efforts to safeguard the order of its financial and foreign exchange markets and to crack down on financial crimes, including money laundering.*
President Tinubu, while also meeting with Chinese Premier Li Qiang, on Wednesday, said Nigeria will continue to hold vast opportunities for investments, growth, and development with its vibrant population, productive economy, and natural resources.
Speaking at a bilateral meeting on Wednesday in Beijing, China, President Tinubu commended the role of the Forum on China–Africa Cooperation (FOCAC) in advancing partnership between Africa and China for mutual development and prosperity.
”The African spirit for FOCAC is based upon mutual respect and partnership that promotes development, happiness, peace, and stability for our people. We are on this journey together. We believe that we share common interests, which are investments and development.
”For me, as a Nigerian and as Chairman of ECOWAS, I am happy that the strategic partnership being promoted is acceptable to both sides and this is the way to go,” the President said.
President Tinubu also called for a strategic focus on areas of collaboration that will ensure the relationship remains mutually beneficial.
“Africa is a huge opportunity for economic development. As great people, we are willing to partner for progress and development. What is most important will be the focus of FOCAC in areas on which we can collaborate to make the relationship mutually beneficial to all of us,” President Tinubu stated.
The President, who is in Beijing for the ninth FOCAC, expressed his appreciation for the warm reception extended to him and his delegation by the Chinese government.
“I thank you for receiving us warmly. I am happy, despite the jetlag; we were well received and we are ready to move the ball,” the President concluded.
The Premier said China is ready to work with Nigeria to deliver on the mutual understanding reached by President Xi Jinping and President Tinubu under the recently established comprehensive strategic partnership between the two countries.
