China Pledges Support for Increased Currency Swap Line, Urges Nigeria to Issue Panda Bonds
By Okafor Joseph Afam, January 9, 2025
The Chinese government has expressed its readiness to support Nigeria’s request for an increase in its currency swap line, while also encouraging the issuance of Panda Bonds in China to bolster bilateral financial cooperation.
Chinese Foreign Affairs Minister, Wang Yi, disclosed this during a press briefing at the Presidential Villa in Abuja on Thursday after meeting with President Bola Tinubu. Yi highlighted the robust financial cooperation between the two nations and the importance of sustaining its momentum.
“The currency swap agreement shows how well we have carried out our financial cooperation and sustained its momentum,” Yi stated.
Addressing Nigeria’s request for an expanded swap line, Yi remarked, “We will favorably study and consider the issue. Our cooperation is going well in many ways.”
He also underscored China’s confidence in Nigeria’s economic potential and credibility, emphasizing the advantages of issuing Panda Bonds in the Chinese market.
“We welcome the Panda Bonds to be issued. We welcome Nigeria to issue Panda Bonds in China because we have full confidence in Nigeria’s credibility,” Yi affirmed.
According to Yi, the issuance of Panda Bonds will enable Nigeria to generate significant revenue while ensuring financial safety. He also reiterated China’s commitment to supporting Nigeria’s infrastructure development, particularly in the railway sector.
“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, especially in railway,” Yi added.
Further details are expected to emerge as both nations deepen their economic collaboration.
