The people’s Republic of China says it is studying the possibility of considering a currency swap with Nigeria.
The Cineses Minister of Foreign Affairs, Mr. Wang Yi, gave this indication after he and his Nigerian counterpart, Ambassador Yusuf Tuggar, had a closed-door meeting with President Tinubu in Abuja.
He said the two countries’ agreement on currency swap had demonstrated how well had carried out their financial co-operation and sustained its momentum.
The Chinese Foreign Minister said their acceptance to allow Nigeria issue the Panda Bonds in China, was based on the confidence in Nigeria’s credibility.
“And by issuing panda bonds, Nigeria will gain good revenue and the safety is guaranteed through financial support, we are working to contribute to Nigeria’s infrastructure development in particular railway” he said.
Mr. Yi said China would like to work with Africa to deliver on the global security initiative in Africa to achieve a modernisation featuring peace and security, and build an all weather, China-Africa community with a shared future.
He expressed China’s support to the policy of allowing Africans to address African issues in the African way.
He noted that Africans had every wisdom, capability and right to resolve their problems by themselves, stressing that China opposes foreign interference in the internal affairs of African countries.
“We firmly support the African Union and the sub regional organisations in playing a constructive role, supports major African countries in strengthening their leading positions and promoting the resolution of disagreements and disputes through dialogue and consultation and the settlement of hotspot issues through the political way”, Mr. Yi stressed.
The Chinese Foreign Minister stated that China would support Africa in strengthening peace and security capacity building, adding that China will work with Africa to establish a partnership for implementing the Global Security Initiative, GSI, and make it a good example of security co-operation.
He said China would provide a grant of one billion Yuan in military assistance to Africa and help train 6000 military personnel and 1000 police and other law enforcement personnel for African countries.
Mr. Yi also said China would continue to support the establishment of the African Standby Force and the Rapid Response Forces, while supporting African countries in carrying out counter terrorism peacekeeping operations.
He said China would support Africa in safeguarding her legitimate rights and interests, practising true multilateralism without letting power politics and bullyism find a place in Africa.
The Chinese Foreign Minister said at the United Nations Security Council, China’s vote would always go to Africa, adding that China will continue to speak up for the legitimate voice of African countries at multilateral arena.
Mr. Yi said China would equally support Africa in achieving security through development, and that they would work with Africa to jointly carry out the 10 partnership actions and make good use of the 360 billion Yuan of funding support announced at the recent China-Africa Summit.
He said China had acknowledged Nigeria’s role in safeguarding peace and stability in Western Africa and the Sahel region, which makes it imperative for China to support her in rallying countries in the region to achieve strength through unity, to build synergy through reconciliation, and to promote security through co-operation, to achieve peace and stability in the region.
Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar said Nigeria would want to work with countries like China in domesticating the production of military equipment to be able to effectively quel emerging eventualities.
“This is what we’re looking for, so that we don’t have to go out looking to procure and the delays and the you know, so many rules and regulations we need to be able to produce locally.
“Nigeria is a very responsible country working with the Constitution, and that’s why, we’ve never had any expansionist tendencies, which is why others reposed so much confidence in us and in our leadership”
“we will continue to work with with countries such as China in addressing these challenges and rely on countries such as China, also, to work with us towards ensuring that” he said.
