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President Tinubu Advocates Boost in China-Nigeria Currency Swap Agreement

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1 year ago

January 10, 2025

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President Tinubu and the Minister of Foreign Affairs of China, Wang Yi.

President Bola Tinubu on Thursday urged the government of the People’s Republic of China to increase the $2 billion currency swap between Nigeria and China to enhance trade between the two countries.

He also called for an upward review of the $50 billion aid package for Africa, which China’s President Xi Jinping announced last year.

China and Nigeria recently renewed their currency swap agreement, valued at 15 billion yuan (approximately $2 billion), to enhance trade and investment.

Receiving the Minister of Foreign Affairs of China, Wang Yi, at the State House Abuja, the President said increasing the level of currency swaps will speed up the infrastructural development in Nigeria and deepen the strategic bilateral relations.

“We still demand more in the area of currency swap. The level you have approved as a government for Nigeria is inadequate considering our programme. If you can increase that, it will be well appreciated. Our bond should grow stronger and become unbreakable,” the President was quoted to have said in a statement signed by his media aide, Bayo Onanuga.

Regarding the 50 billion dollars pledged by the Chinese Government to support Africa, President Tinubu noted that the continent’s infrastructural needs would require more commitment, urging a review of the amount to reflect the continent’s reality.

“I am happy you are part of China’s highest decision-making body. We will want you to use your position to influence improved project funding. First, I say yes to the 50 billion dollar support, and thank you for contributing to African growth.

“The infrastructural needs of Africa are greater than that, and we want to move as rapidly as our other counterparts. All share your vision of rapid development. Africa values the relationship with China, and we seek deeper collaboration for infrastructural development,” he stated.

Tinubu called on China to support Nigeria’s bid for a permanent United Nations Security Council seat.

“You are a member of the UN Security Council. We want you to use your influence to ensure Nigeria secures the seat,” the President said.

The Nigerian leader thanked President Xi Jinping for his warm reception during his visit to China last year.

He said Africa, particularly Nigeria, was prepared to meet developmental goals and contribute counterpart project funding.

“We are ready to move and reach the various developmental goals. Due to our deliberation, we signed many MOUs and planned many action programmes.

“My visit during FOCAC was a good experience. We signed several comprehensive MOUs during the visit. We planned several programmes of action. As a result of that deliberation, I made sure that immediately after I returned, I appointed one of the best brains available to coordinate Nigeria-China relations, Mr Joseph Tegbe. He will work to actualise various MOUs and promote a greater understanding of developmental programmes.

“It is good that you came at such a critical time. My visit to China was a good experience. Once again, accept my sympathy for the earthquake in Tibet. It was a natural disaster that nobody expected. We commend your government for the rapid reaction to protect lives.

Yi thanked President Tinubu for appointing a Director General and Global Liaison, Nigeria—China Strategic Partnership, to oversee the implementation of the MOUs for the rapid development of the Nigerian economy.

“I would like to thank Nigeria for abiding by the one-China principle, and we will continue to support Nigeria in achieving the Renewed Hope Agenda, countering terrorism and ensuring regional security,” he said.

Yi said Chinese investments in the country would focus on employment generation and infrastructural development. He said the Chinese National Development Bank had started funding some development projects.

He said the Chinese Government would support including an African country in the UN Security Council, adding that “it was a historical injustice by the world that should be corrected”.

“We stand with Africa, and we will not support a country that invades another country,” he stated.

The foreign minister said China would welcome Nigeria’s membership in the BRICS and participation in the global development mechanism.

He said China fully supported Dr Ngozi Okonjo-Iweala, the Director General of the World Trade Organisation (WTO), for a second term in office.

The minister lauded President Tinubu for his visionary leadership and consistency in projecting Africa’s needs, which require China’s support.

“You brought Renewed Hope to the people of Nigeria. Your economy has sustained sound momentum, and Nigeria’s global influence has steadily increased. Nigeria has played an important role in upholding regional peace and has become an important force for African stability.

“We congratulate Nigeria on its achievements and believe that, under your leadership, Nigeria will realise greater achievements,” the Chinese foreign minister stated.

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International News

Israel Says It had Struck Two Naval Missile Production Sites In Tehran

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4 hours ago

March 25, 2026

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The Israeli military announced on Wednesday it had struck two naval cruise missile production facilities operating under Iran’s ministry of defence in Tehran.

“In recent days, the Israeli air force acting on IDF intelligence struck two key naval cruise missile production sites in Tehran,” the military said.

It said the facilities were used to “develop and manufacture long-range naval cruise missiles, which are capable of rapidly destroying targets at sea and on land”.

The strikes “represent another step in deepening the damage done to the regime’s military production infrastructure”, the military added.

Last week, the military announced its fighter jets had struck several Iranian naval ships in the Caspian Sea, including vessels equipped with anti-submarine missiles.

AFP

International News

2025 ‘Deadliest Year’ Yet For Red Sea Migrants, UN Reports 922 Deaths

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4 hours ago

March 25, 2026

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The number of migrants who died on the “Eastern Route” from the Horn of Africa to the Arabian Peninsula doubled to a record high of 922 last year, the UN migration agency said Wednesday.

Tens of thousands of migrants from Ethiopia, Somalia and neighbouring countries take the route across the Red Sea each year, mostly from Djibouti to Yemen, in search of work as labourers or domestic workers in wealthy Gulf countries.

“2025 was the deadliest year ever recorded on the Eastern migration route… with 922 people dead or missing — double the number from the previous year,” Tanja Pacifico, head of mission for the International Organisation for Migration (IOM) in Djibouti, told AFP.

The majority of victims were from Ethiopia, the second most-populous country in Africa with more than 130 million people. It is plagued by multiple internal conflicts and deep poverty.

“IOM remains fully committed to working alongside the government of Djibouti to promote safe and dignified migration pathways, in order to prevent further tragedies,” said Pacifico.

Many migrants who cross the Red Sea find themselves stuck in Yemen, the poorest country on the Arabian Peninsula, which has been embroiled in a civil war for nearly a decade, and some even choose to return.

Rapid economic growth in Ethiopia — estimated to reach around 10 percent in 2026 — could encourage less migration, IOM says, but that is mitigated by high inflation, also around 10 percent in February.

AFP

International News

Denmark Faces Lengthy Negotiations To Form A Government

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4 hours ago

March 25, 2026

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Election workers recount ballots in the Marselisborg Hallen in Aarhus, Denmark on March 25, 2026. (Photo by Mikkel Berg Pedersen / Ritzau Scanpix / AFP) /

Denmark’s political parties began the thorny process of forming a government Wednesday, with the centrist Moderates as kingmaker after the prime minister’s Social Democrats scraped through a general election without a majority.

Greenland’s Inuit Ataqatigiit party member Naaja Nathanielsen (C) looks on in a polling station in Nuuk, on March 24, 2026, during the parliamentary election in Denmark (Photo by Oscar Scott Carl / Ritzau Scanpix / AFP) / Denmark OUT

Danes were braced for a weeks-long process as Prime Minister Mette Frederiksen seeks to consolidate power in the deeply splintered parliament after Tuesday’s snap vote.

Denmark’s Prime Minister Mette Frederiksen arrives at Amalienborg Palace in Copenhagen to inform the king about the election result one day after the parliamentary election on March 25, 2026. (Photo by Martin Sylvest / Ritzau Scanpix / AFP)

A left-wing bloc made up of five parties, including Frederiksen’s Social Democrats, won 84 seats; the right-wing and far-right claimed 77; and the Moderates won 14 in the election.

The Social Democrats posted their worst election score since 1903—though they remained Denmark’s largest single party, with 38 seats in the 179-seat parliament.

Chairwoman of the Social Democrats Mette Frederiksen attends a party leader debate hosted by Publicists’ Club one the day after the parliamentary election at the Confederation of Danish Industry’s building in Copenhagen on March 25, 2026. (Photo by Liselotte Sabroe / Ritzau Scanpix / AFP)

Frederiksen formally tendered her coalition government’s resignation to King Frederik on Wednesday, telling a televised party leader debate she wanted to try to form a centre-left government.

“The most realistic scenario” would be a coalition with the five parties on the left and the centre-right Moderates, she said.

But it is not certain the Moderates, led by Foreign Minister Lars Lokke Rasmussen, would agree to that.

“I don’t believe that Denmark needs policies aligned with” the leftist Red-Green Alliance, Lokke said.

Chairman of the Moderates Lars Loekke Rasmussen attends a party leader debate at the Confederation of Danish Industry’s building in Copenhagen on March 25, 2026, the day after the parliamentary election. (Photo by Liselotte Sabroe / Ritzau Scanpix / AFP) / Denmark OUT

King Frederik was to meet party leaders individually later Wednesday to determine who should be asked to try to form the next government.

“My expectation is that Mette Frederiksen will become prime minister,” University of Copenhagen political science professor Rune Stubager told reporters.

“But I don’t know with the backing of which parties, like the left wing or the right wing,” he said.

He noted that Lokke, a two-time former prime minister, would likely vie for the position of prime minister, even though he has adamantly denied any interest in the job.

“Danes want me and not another prime minister. I still have the backing to be able to continue on behalf of the Danish people,” Frederiksen insisted during the debate.

Frederiksen has for the past four years headed an unprecedented left-right coalition made up of her Social Democrats, the Moderates and the Liberals.

The Liberals have refused to continue in a Social Democrat-led government.

‘Too Hard To Say’

Danes are now prepared for long negotiations. After the 2022 election, the talks lasted six weeks.

“It’s a long process, which means the government won’t be formed and it will be quite difficult to pass laws during this period,” lamented Jesper Dyrfjeld Christensen, a 54-year-old engineer.

“It’s really too hard to say who will be part of the coalition,” admitted Stubager.

With 12 parties in parliament, the political landscape is jagged — though Denmark is accustomed to minority governments.

“To some extent, this is the way Danish politics works. You have a minority government in the centre which forms a majority with the left on some issues and with the right on others,” he explained.

The negotiations are expected to focus on economic and pension issues, pollution and immigration, he said.

The traditional far-right party, the Danish People’s Party, which has heavily influenced policy since the late 1990s but slumped in the 2022 election, more than tripled its result to 9.1 per cent of votes.

The three anti-immigration groups together garnered 17 per cent, a stable figure for Denmark’s populist right over the past two decades.

“If negotiations take place in the left-wing bloc with the moderates, then there will be more focus on green issues than on immigration,” Stubager said.

“But if, instead, the Moderates negotiate with the parties on the right, then the central issue will be immigration.”

Four seats in Denmark’s parliament are held by its two autonomous territories — two for Greenland and two for the Faroe Islands.

While the Faroese renewed the mandates of the two outgoing lawmakers, with one for each bloc, Greenland overwhelmingly backed the left-wing party and Naleraq, which advocates rapid independence from Denmark.

AFP