China has pledged support for Nigeria’s request to expand its currency swap line and backed plans for Nigeria to issue Panda bonds.
Chinese Foreign Minister, Wang Yi announced this in Abuja shortly after meeting with President Bola Tinubu at the Presidential Villa, Abuja.
Wang Yi confirmed China would favorably study Nigeria’s request to increase the currency swap agreement, which was first established in 2018 to enable direct Yuan-Naira transactions between both nations.
The minister expressed confidence in Nigeria’s credibility regarding the proposed Panda bonds – renminbi-denominated bonds issued by non-Chinese entities in China’s domestic market.
Wang Yi also highlighted China’s ongoing commitment to Nigeria’s infrastructure development, noting recent financial support from Chinese banks for the third phase of Nigeria’s railway modernization project, including the Kano-Kaduna railway.
