Nigeria and China have committed to revitalizing their local currency swap agreement to boost trade and contribute to global financial stability. This initiative emerged during Nigerian President Tinubu’s recent state visit to China, where he met with President Xi Jinping.
The bilateral currency swap agreement, initially valued at $2.4 billion when signed in 2018, faced implementation challenges due to trade imbalances. Both nations are now focused on overcoming these hurdles to enhance economic cooperation.
In addition to the currency swap, the two countries agreed to collaborate on financial intelligence to combat money laundering and terrorism financing. They also pledged to strengthen ties at the sub-national level and foster a favorable business environment for each other’s companies.
During the visit, the leaders endorsed the elevation of their relationship to a Comprehensive Strategic Partnership, aiming to support each other’s core interests and major concerns, including sovereignty and territorial integrity. Nigeria reiterated its support for China’s one-China policy, opposing Taiwan Independence.
The discussions also highlighted the significance of the Forum on China-Africa Cooperation (FOCAC) in advancing Sino-African relations. Both nations expressed their commitment to expanding trade and deepening strategic cooperation.
