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Renewal of Currency Swap with China, Landmark Achievement of Present Administration, Says Tegbe
Renewal of Currency Swap with China, Landmark Achievement of Present Administration, Says Tegbe
By: Michael Mike
The Nigeria-China Strategic Partnership (NCSP) has said with the renewal of the currency swap arrangement with China valued at 15 billion yuan (about $2.2 billion), the present administration of President Bola Tinubu has secured a significant milestone in Nigeria’s economic development.
Director-General and global liaison for the Nigeria-China strategic partnership the Nigeria-China Strategic Partnership (NCSP),
Joseph Tegbe said on Sunday said this landmark deal strengthens economic ties between the two nations, facilitating bilateral trade and investment, reducing reliance on the US dollar, and mitigating financial risks.
He noted the agreement, worth NGN 3.28 trillion, is a testament to the growing relationship between Nigeria and China, with trade value hitting N7.38 trillion as of June 2024. This makes China Nigeria’s number one trading partner, and the partnership is expected to boost bilateral trade and investment, creating new opportunities for economic growth and development.
He said the currency swap agreement is a crucial step towards achieving these goals, and it signifies a deeper financial collaboration between the two central banks, enhancing financial market stability and providing businesses with more financing options and convenience, adding that by enabling direct settlement of transactions in CNY and NGN, Nigerian businesses will benefit from lower transaction costs and reduced exchange rate risks. This is a significant step towards achieving President Tinubu’s vision for a more prosperous and economically independent Nigeria, as outlined in his Renewed Hope Agenda.
He said the establishment of the Nigeria-China Strategic Partnership (NCSP) has been instrumental in fostering bilateral relations and promoting partnerships between the two nations. This development is a testament to President Tinubu’s commitment to expanding Nigeria’s foreign policy thrust. Specifically, it
underscores the importance which the President gives to the comprehensive strategic partnership with the People’s Republic of China.
He said overall, President Tinubu’s administration deserves commendation for this significant achievement, which is expected to contribute to a more prosperous and economically independent Nigeria.
Renewal of Currency Swap with China, Landmark Achievement of Present Administration, Says Tegbe
Troops rescue 31 kidnapped passengers in Kogi, search ongoing for others
By; Zagazola Makama
The Nigerian Army troops in collaboration with police and local hunters rescued 31 kidnapped passengers along the Apata-Obajana road on Thursday night.
Zagazola Makama informed reliably that the incident occurred on May8, at about 11:50 p.m. when two Toyota Hiace buses travelling from Lagos to Kano and Katsina respectively were attacked by armed hoodlums.
The first bus with registration number DTF 773 XA driven by Saminu Yahaya was heading to Kano with 17 passengers, while the second, with registration number KNA 170 XA, driven by Bashir Dahiru, was en route to Katsina with another 17 passengers.
A distress alert was received from a local hunter, prompting a swift response by the troops who engaged the assailants in a fierce gun duel, which forced the attackers to abandon 31 of the 38 victims and flee into the forest.
Four of the rescued passengers sustained machete injuries, while one victim was hit by a bullet in the left thigh. All injured victims were immediately evacuated to a hospital for medical treatment.
Efforts are ongoing to rescue the remaining seven abducted persons have been intensified.
Troops rescue 31 kidnapped passengers in Kogi, search ongoing for others
Troops of Operation Safe Haven arrest notorious gunrunners, recover arms in Kaduna
By: Zagazola Makama
Troops of Operation Safe Haven (OPSH) have arrested three suspected notorious gunrunners and recovered arms and ammunition in Golgokofa village under Godogodo Chiefdom, Jema’a Local Government Area of Kaduna State.
The operation, which was conducted on May 8, followed credible intelligence that led the troops to the suspects’ hideout.
The suspects were identified as Adamu Musa, 65; Lukman Isah, 35; and Umar Jammo, 25.
Items recovered from the operation include one AK-47 rifle, one fabricated gun, one AK-47 magazine, a round of 7.62mm (Special) ammunition, and three motorcycles.
The suspects are currently in custody and making useful confessions to aid further operations aimed at arresting other members of the criminal network and recovering additional arms.
OPSH reiterated its commitment to working with the public and utilizing actionable intelligence to rid the region of criminal elements and ensure a safe and secure environment.
Troops of Operation Safe Haven arrest notorious gunrunners, recover arms in Kaduna
Cattle Herder Survives ISWAP Terrorists Attack in Monguno LGA, Borno
By Hamza Suleiman
On May 7, 2025, at approximately 2030hrs, a cattle herder, Hassan Bukar, 55, was attacked by suspected Boko Haram/ISWAP terrorists while grazing his cattle in Wulo bush, Monguno Local Government Area, Borno State.
Sources told Zagazola Makama that the assailants used a knife to cut him at the nape of his neck, but the victim, despite the severity of the injury, managed to survive.
The victim was immediately rushed to Monguno General Hospital by a patrol team from Monguno Division, where he was admitted and is currently receiving treatment.
Troops of Sector 3 MNJTF and Operational Hadin Kai have intensified efforts to track and nutrialised the terrorists.
Cattle Herder Survives ISWAP Terrorists Attack in Monguno LGA, Borno
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Troops rescue 31 kidnapped passengers in Kogi, search ongoing for others
Troops of Operation Safe Haven arrest notorious gunrunners, recover arms in Kaduna
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