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In a significant move to bolster economic cooperation, Nigeria and China have agreed to fortify their currency swap initiative and amplify trade relations. This development revives the currency swap program, initially launched during former President Muhammadu Buhari’s tenure, which was temporarily suspended but has now been reinvigorated by the Tinubu administration.
President Tinubu’s ongoing engagements with the Chinese government have prioritized this initiative, aiming to enhance regional monetary and financial cooperation. During a meeting with President Xi Jinping, both leaders pledged to promote flexible and diverse regional monetary and financial cooperation, including local currency swaps, to facilitate trade between China and Nigeria.
The two nations have also agreed to contribute to global financial stability through the currency swap initiatives and to engage in international cooperation on financial intelligence on anti-monetary laundering/countering the financing of terrorism (AML/CFT). Furthermore, they will support Nigeria’s efforts to safeguard the order of its financial and foreign exchange markets and crack down on financial crimes, including money laundering.
President Tinubu, during a meeting with Chinese Premier Li Qiang, highlighted Nigeria’s vast opportunities for investments, growth, and development, citing its vibrant population, productive economy, and natural resources. He commended the Forum on China–Africa Cooperation (FOCAC) for advancing partnership between Africa and China, emphasizing mutual respect, development, happiness, peace, and stability.
The President called for strategic collaboration, focusing on areas that ensure mutual benefits. “Africa offers immense opportunities for economic development. We are willing to partner for progress and development, prioritizing areas that make our relationship mutually beneficial.”
Expressing gratitude for the warm reception, President Tinubu concluded, “We are ready to move forward, despite the jetlag; we were well received.”
Chinese Premier Li Qiang assured that China is committed to working with Nigeria to deliver on the mutual understanding reached by President Xi Jinping and President Tinubu under the comprehensive strategic partnership between the two nations.
Source: businessday
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