China has signaled a positive response to Nigeria’s request to expand their bilateral currency swap agreement, initially valued at ¥15 billion (about N720 billion).
The swap, signed in 2018, aims to reduce dependence on the U.S. dollar and bolster trade and investments.
Chinese Foreign Minister Wang Yi, during his visit to Abuja, expressed confidence in Nigeria’s economic stability, encouraging the country to issue renminbi-denominated panda bonds in China’s domestic markets. Wang explained that the bonds could diversify Nigeria’s funding sources while hedging against currency risks.
Highlighting China’s recent financial support for Nigeria’s railway modernization, Wang reaffirmed Beijing’s commitment to African development.
He announced a ¥1 billion military assistance package for Africa, training programs for security personnel, and continued support for the African Standby Force.
Nigeria’s Foreign Minister Yusuf Tuggar praised the collaboration, rejecting reliance on private military companies and advocating for local production of military equipment with China’s assistance.
The strengthened China-Nigeria partnership, elevated to a comprehensive strategic level, underscores shared goals in trade, infrastructure, and security, with both nations emphasizing African-led solutions to regional challenges.
