The Buhari Media Organisation, (BMO) has described the currency
exchange deal just signed by Nigeria and China as a new road to faster economic recovery for
The group noted that the initiative could not have come at a better time as the government of President Muhammadu Buhari places diversification agenda for faster growth of national economy on the front burner.
The pro-Buhari group made this known in a statement issued and signed by its Coordinator, Austin Braimoh and Secretary Cassidy Madueke in Abuja. It described the development as part of the successful outcome of a visit by President Buhari to China in April 2016.
“President Buhari had, during his last visit to China, secured the commitment of the Republic of China to invest $6 billion in the Nigerian economy. We are happy that currency exchange between the two countries will attract huge investments into our country as projected”.
It expressed delight that the new deal will not only promote smooth business relationship between Nigeria and China, it will also assist in rebranding the Nigerian economy by strengthening its foreign exchange to handle a large trade volume.
BMO also noted that the existing bilateral agreement between Nigeria and China, covering multiple sectors of the economy, including power, solid minerals, agriculture, housing and rail transportation, would be better served and brought to fulfillment through the new deal.
The group also applauded the Central Bank of Nigeria (CBN) for its relentless efforts in sealing the deal, two years after PresidentBuhari’s fruitful visit to China, and advised the apex bank to ensure attaining maximum results from the currency deal with thorough supervision.
It also called on Nigerian businessmen with interest in trade with China to take full advantage of the new development while assisting to strike an international trade balance between the two countries.