..swap agreement worth 15 billion RMB/3.28 trillion Naira
The Consul General of the People’s Republic of China in Lagos, Ms.Yan Yuqing, has said the Peoples Bank of China and the Central Bank of Nigeria has renewed a three-year bilateral currency swap agreement worth 15 billion RMB/3.28 trillion Naira (extendable by mutual consent).
She said it was part of the trade and economic upgrading at the end of 2024, noted that China Development Bank disbursed its first loan of 245 million euros for the Kano-Kaduna Railway.
The Ogun Free Trade Zone has attracted over 140 Chinese enterprises, setting a benchmark for West African economic zones.
Agricultural trade has also surged, with Nigerian peanuts, sesame, cashews, and other specialties gaining popularity in the Chinese market. Cultural bonds strengthened friendship between nations thrives on people-to-people ties.
According to her, Chinese and Nigerian communities now jointly celebrate festivals such as the Lunar New Year, Dragon Boat Festival, Mid-Autumn Festival, and national anniversaries. Performances by Nigerian artists from the Huaxing Arts Troupe featuring lion dances, kung fu, waist drumming, and traditional Yoruba, Igbo, Hausa dances vividly showcase cultural integration, reinforcing the social foundation for a shared China-Nigeria and China-Africa future.”
Also, she stated the member of the Political Bureau of the CPC Central Committee, Foreign Minister Wang Yi warmly reviewed the development of China-Africa relations at the press conference of the 3rd Session of the 14th National People’s Congress, emphasizing that China and Africa are always good friends, good partners, and good brothers with a shared future.
She said, ” Under the guidance of President Xi Jinping and African leaders, China-Africa relationship is now at its best in history. China has established strategic partnership with all African countries having diplomatic ties with it.
“The China-Africa community with a shared future has been elevated to an all-weather level. As pivotal partners on the African continent, China and Nigeria have consistently demonstrated profound camaraderie through practical actions, embodying the spirit of “mutual trust and solidarity.”
Yuqing further said that standing at the historic milestone of the 25th anniversary of the Forum on China-Africa Cooperation (FOCAC), China and Nigeria are injecting robust momentum into bilateral relations and Africa’s development through closer collaboration.
She noted that China-Nigeria cooperation has embarked on a new chapter.
“Africa is a fertile land of hope of the 21st century. There will be no global modernization without African modernization. This years marks the beginning of implementing the outcomes of the FOCAC Beijing Summit. China stands ready to deliver on the ten partnership actions for China and Africa to jointly advance modernization, including supporting Africa in accelerating its industrialization and agricultural modernization.
“Also implementing zero-tariff treatment for 100 percent tariff lines, fostering new growth drivers like digital, green and AI industries, promoting 1,000 “small and beautiful” livelihood projects, enhancing governance experience sharing and raising the representation and voice of Africa in international affairs.
She however noted that President Xi Jinping underscored the power of unity, guiding both sides to stride confidently toward modernization. Looking ahead, as members of a community with a shared future. “China and Nigeria will continue advancing equality and mutual benefit, deepening cooperation in industrial and agricultural modernization, digital innovation, AI, and green development.
“Leveraging FOCAC as a platform and prioritizing people-centered progress, the two states will write a new chapter of friendship in the modern era. With joint efforts, China-Nigeria relations will reach greater heights, energizing African modernization and contributing meaningfully to a community with a shared future for mankind.”
