Nigeria has secured $2.2 billion currency swap with China, marking a significant milestone in economic development under Tinubu’s leadership.The Nigeria-China Strategic Partnership (NCSP) said with the renewal of the currency swap arrangement with China valued at 15 billion yuan (about $2.2 billion), the administration of President Bola Tinubu had secured a significant milestone in Nigeria’s economic development. Director-General and global liaison for NCSP, Joseph Tegbe, disclosed this on Sunday.
Tegbe said the landmark deal strengthened economic ties between the two nations, facilitated bilateral trade and investment, reduced reliance on the US dollar, and mitigated financial risks.
Relatedly, a chieftain of APC in Osun State, Hon. Olatunbosun Oyintiloye, said the various economic policies of Tinubu will yield positive results in 2025.
Oyintiloye, a member of the defunct APC Presidential Campaign Council (PCC), while speaking with newsmen on Sunday in Osogbo, said the challenges the policies had caused were temporary.
Tegbe stated the swap arrangement with China, worth N3.28 trillion, was a testament to the growing relationship between Nigeria and China, with trade value hitting N7.38 trillion as of June 2024.
The deal makes China Nigeria’s number one trading partner, and the partnership is expected to boost bilateral trade and investment and create new opportunities for economic growth and development.
Tegbe said the currency swap agreement was a crucial step towards achieving the goals, and it signified a deeper financial collaboration between the central banks of the two countries, enhanced financial market stability, and provided businesses with more financing options and convenience.
He added that by enabling direct settlement of transactions in CNY and NGN, Nigerian businesses will benefit from lower transaction costs and reduced exchange rate risks.
He said the establishment of NCSP had been instrumental in fostering bilateral relations and promoting partnerships between the two nations. He said it underscored the premium the president placed on a comprehensive strategic partnership with the People’s Republic of China.
Oyintiloye said although the unavoidable reforms in the economy had started yielding positive results, Nigerians would feel the full impact in 2025.
According to him, Nigeria is currently navigating significant economic changes prompted by a series of bold reforms introduced by the president.
Oyintiloye, who commended Nigerians for their patience amid the rise in the cost of living, said 2025 would be a year of positive harvest of the Tinubu government’s economic policies.
He said the rewards of the removal of petrol subsidy and floating of the naira, which caused temporary discomfort for Nigerians in the outgoing year, would put smiles on their faces in 2025.
Oyintiloye further explained that the recent reduction in the pump price of petrol was a positive signal that 2025 would have a positive economic outlook.
He said given the positive indicators in other sectors, Nigerians will have reasons to celebrate in 2025.
Oyintiloye stated, “Presently, President Tinubu’s economic reforms have triggered a dramatic surge in revenue allocation from the federation accounts to various states, which allows them to deliver bigger dividends of development to Nigerians.
“Also, in response to Nigeria’s escalating economic challenges, the president approved a $2.25 billion injection into the economy.
“This funding, sourced from the World Bank, aims to enhance revenue and support economic reforms amid the severe cost-of-living crisis.
“As part of a rapid stabilisation and development strategy, this urgent financial assistance is intended to revive the economy quickly.
“The funds are specifically targeted to reduce interest rates in key sectors and provide credit lines to support small, medium-sized, and large businesses.
“Nigerians should be rest assured that we will surely see even more of the positive outcomes of the president’s reforms, in infrastructure, agriculture, security, healthcare, education, creative and digital economy, among others, in 2025.”
