China has agreed to support Nigeria’s request to expand its currency swap deal and the country’s plan to issue Panda Bonds.
This was announced during a meeting between Chinese Foreign Minister Wang Yi and President Bola Tinubu at the Presidential Villa, Abuja, on Thursday.
Wang Yi confirmed the development while speaking to journalists after the meeting. “The currency swap agreement shows how well we have carried out our financial cooperation and sustained its momentum. We will study Nigeria’s request to increase the swap line favorably,” he said.
The currency swap deal, recently renewed, is valued at 15 billion yuan (about $2 billion) and aims to boost trade and investment between the two countries.
Yi also expressed confidence in Nigeria’s economic stability, saying China supports Nigeria’s plan to issue Panda Bonds. “We welcome Nigeria to issue Panda Bonds in China because we have full confidence in Nigeria’s credibility. This will bring good revenue and ensure safety through financial support,” he explained.
He highlighted China’s ongoing role in Nigeria’s infrastructure development, including financial backing for the third phase of Nigeria’s railway modernization project.
Wang Yi emphasized China’s commitment to African stability and security, reaffirming Beijing’s opposition to foreign interference. He stated, “China firmly supports the African Union and ECOWAS in their constructive roles. Only through global solidarity can we respond to various security challenges.”
He added that China will continue to support African peace efforts by providing military assistance worth 1 billion yuan (about $140 million), training 6,000 military personnel, and 1,000 police officers across the continent.
At the United Nations, Yi assured, “China’s vote will always go to Africa,” reaffirming Beijing’s dedication to amplifying African voices on global platforms.
Nigeria’s Foreign Affairs Minister, Yusuf Tuggar, stressed the importance of Nigeria’s leadership within ECOWAS and the Sahel region. “Nigeria has consistently led efforts to address peace and security challenges in our region,” he said.
He also called for collaboration with China in domestic military equipment production to enhance Nigeria’s self-reliance. “We want to work with countries like China to domesticate production of military equipment,” Tuggar added.
Both nations pledged to strengthen their partnership and address regional challenges together.
