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China to Consider Expanding Currency Swap Agreement with Nigeria
The People’s Republic of China has announced its willingness to consider Nigeria’s request to expand the bilateral currency swap agreement, a move aimed at strengthening financial cooperation between the two nations.
China’s Foreign Minister, Wang Yi, disclosed this on Thursday while briefing State House Correspondents after a meeting with President Bola Tinubu at the Aso Rock Villa, Abuja.
The currency swap agreement, initially signed in 2018 between the People’s Bank of China and the Central Bank of Nigeria, was valued at CN¥15 billion, equivalent to approximately N720 billion or US$2.5 billion at the time. It was designed to reduce reliance on the US dollar, stabilize Nigeria’s foreign reserves, and promote trade and investment between the two countries.
Wang Yi emphasized the ongoing momentum in bilateral financial relations, encouraging Nigeria to explore issuing Panda bonds in China’s domestic markets. Panda bonds are renminbi-denominated bonds issued by foreign entities in China, allowing countries and corporations to raise capital directly within China while diversifying funding sources.
“The currency swap agreement shows the depth of our financial cooperation,” Wang stated. “We will favorably consider Nigeria’s request to increase the currency swap line. Additionally, we welcome Nigeria to issue Panda bonds in China’s markets, as we have confidence in Nigeria’s economic credibility.”
Wang highlighted that such initiatives could generate significant revenue for Nigeria and support key infrastructure projects, such as railway modernization. He also pointed to the recent financial backing from Chinese banks for Phase III of Nigeria’s railway project as evidence of the strong economic collaboration between the two nations.
Strengthening African Security and Development
Beyond financial cooperation, China and Nigeria reaffirmed their commitment to African-led solutions for security challenges on the continent. Both nations rejected external interference in Africa’s internal affairs, advocating for local and regional approaches to peacekeeping and counterterrorism.
Wang Yi pledged Beijing’s full support for Africa’s security initiatives, including a CN¥1 billion military assistance package. This package involves training 6,000 military personnel and 1,000 police officers across various African countries and bolstering the African Standby Force and rapid response units.
“China firmly supports Africa in building its peace and security capacity,” Wang said. “We will work with Africa to implement the Global Security Initiative and provide military assistance to enhance regional stability.”
He added that China would continue to advocate for Africa’s interests at the United Nations Security Council and remain a key contributor to peacekeeping efforts on the continent.
Nigeria’s Push for Local Military Production
Nigeria’s Foreign Minister, Yusuf Tuggar, echoed the need for self-reliance in addressing the nation’s security challenges. Tuggar emphasized Nigeria’s focus on domestic production of military equipment with China’s collaboration to reduce dependency on foreign procurement.
“We want to work with China to domesticate the production of military equipment, both kinetic and non-kinetic,” Tuggar said. “This will ensure we address our security challenges swiftly and efficiently without the delays associated with external procurement.”
He reiterated Nigeria’s leadership role in promoting peace and stability in West Africa and the Sahel region, stressing the need for collaborative efforts among neighboring countries.
A Growing Partnership
The discussions between Nigeria and China underscore the deepening economic and security ties between the two nations. From expanding the currency swap agreement to exploring new financial instruments like Panda bonds and advancing regional security initiatives, both countries are positioning their partnership as a cornerstone for mutual growth and development.
Wang Yi expressed optimism about the future of the relationship, stating, “China is committed to supporting Nigeria in its journey toward economic stability, infrastructure development, and regional leadership. Together, we can achieve strength through unity and cooperation.”
Acclaimed Nollywood filmmaker Kemi Adetiba has unveiled the release date for the highly anticipated third installment of her blockbuster series, King of Boys (KOB).
Titled “The Beginning of the End,” the movie is set to premiere in cinemas on December 25, 2025, promising fans an unforgettable Detty December experience.
Adetiba shared the exciting news on her Instagram page during her birthday celebration, posting, “KOB Army… ARISE!!! It’s time… We MOOOOOOOVE. Signed: Your General. #KOB3 #TheBeginningOfTheEnd #DettyDecember25 #KAV25.”
The new installment will continue the gripping tale of Alhaja Eniola Salami, played by Nollywood legend Sola Sobowale. As the powerful businesswoman and philanthropist, Salami finds herself embroiled once again in a treacherous political power struggle.
Fans can also look forward to a blend of new characters and familiar faces from the franchise. Previous installments featured celebrated actors like Nse Ikpe-Etim, Richard Mofe-Damijo, Adesua Etomi, and Jide Kosoko.
The King of Boys saga, which began in 2018, has garnered critical acclaim for its intense storyline and stellar performances. Its sequel, King of Boys: The Return of the King, released on Netflix in 2021, shattered viewership records and solidified Adetiba’s reputation as a trailblazer in Nollywood.
Adetiba’s journey from a radio presenter to an internationally recognized filmmaker is nothing short of inspiring. Her early works, including The Wedding Party and Across a Bloodied Ocean, laid the groundwork for her rise to global fame.
Beyond King of Boys 3, Adetiba has teased upcoming projects, including To Kill A Monkey and Welcome to the Fourth.
As the December 25 countdown begins, expectations are sky-high for King of Boys 3. Will it meet the high bar set by its predecessors? Fans are ready, and so is Adetiba.
The Nigerian government has announced that the national minimum wage will now be reviewed every two years, replacing the previous five-year cycle.
The Minister of State for Labour and Employment, Nkeiruka Onyejeocha, disclosed this on Thursday during an event in Abia State. She explained that the change aligns with President Bola Tinubu’s promise to improve workers’ welfare and ensure regular wage adjustments.
READ ALSO: Report: $15 minimum wage bill would benefit 20.7 million workers
“It used to be reviewed every five years, but now, in less than two years, we will revisit the minimum wage,” Onyejeocha stated.
This decision comes amid calls from the Trade Union Congress (TUC) for yearly reviews to address rising inflation, which hit 34.60% in November 2024.
President Tinubu had previously approved a ₦70,000 minimum wage in 2024, committing to a three-year review. The new two-year timeline reflects efforts to better respond to economic realities and support Nigerian workers.
Tension gripped the Atikankan area of Ado Ekiti, Ekiti State, on Thursday following a violent clash between individuals suspected to be members of the Oodua Peoples Congress (OPC) and motorcycle riders.
The altercation, which sources attributed to allegations surrounding the death of a motorcycle ticketing officer, escalated as the opposing groups reportedly wielded weapons, including cutlasses and knives.
Eyewitnesses claimed the motorcycle riders accused the OPC of being responsible for the officer’s death, while others suggested the chaos stemmed from criminal activities.
Men of the Rapid Response Squad from the Ekiti State Police Command intervened to restore order. The police arrested six suspects in connection with the clash, while efforts are ongoing to apprehend other fleeing individuals.\
READ ALSO: OPC, Riders Clash in Ado-Ekiti Over Officer’s Death
Police Public Relations Officer, Superintendent Sunday Abutu, confirmed the arrests, stating, “The command received a distress call that hoodlums were attacking and robbing innocent people in the Atikankan area. Operatives were deployed, and six suspects were arrested. Investigations are ongoing.”
Calm has since returned to the area as police intensify efforts to prevent further unrest.
Sex can play a significant role in a romantic relationship, but just how important it is—and how much is enough—varies from couple to couple. Some couples thrive with frequent intimacy, while others focus on emotional connection in different ways.
Why Does Sex Matter in Relationships?
For many, sex goes beyond physical pleasure; it fosters emotional closeness, boosts confidence, and relieves stress. Research also links frequent sexual activity to lower blood pressure, improved mood, and even a reduced divorce rate.
While sex isn’t a requirement for a healthy relationship, it often serves as a bonding tool. Hormones like oxytocin released during intimacy strengthen emotional connections, making couples feel closer and more committed.
Benefits of Sex in a Relationship
Sex offers more than just a good time. Here are some of the emotional, psychological, and physical benefits:
- Emotional Benefits:
- Increases happiness and reduces stress.
- Boosts self-esteem and body confidence.
- Deepens feelings of love and connection through oxytocin release.
- Physical Benefits:
- Improves fitness (sex can be compared to moderate exercise).
- Enhances brain function and supports immune health.
- Helps with pain relief, such as reducing migraines or cramps.
- Improves sleep due to the release of prolactin after orgasm.
How Often Should Couples Have Sex?
There’s no magic number, but research suggests that having sex about once a week is linked to higher relationship satisfaction. That said, it’s about quality over quantity—what works best for one couple might differ for another.
Challenges and How to Overcome Them
Factors like age, stress, health issues, or children can affect sexual frequency. Addressing these challenges often requires open communication. For couples facing more significant difficulties, working with a therapist can help reignite intimacy.
Building Intimacy Outside the Bedroom
Even if sex isn’t frequent or possible, intimacy can flourish in other ways:
- Cuddle during a movie night.
- Share hobbies or go dancing.
- Hold hands during walks or share meaningful conversations.
Reviving Your Sex Life
If you’re looking to have more sex, focus on enhancing emotional intimacy. Communicating openly about your needs and managing stress can reignite passion. Sometimes, taking a “just do it” approach—where you prioritize connection over waiting for desire—can help bring you closer.
Final Thoughts
Sex can be an enriching part of a healthy relationship, offering physical, emotional, and psychological benefits. However, it’s not the sole foundation of intimacy. Couples who prioritize communication, emotional connection, and mutual respect can thrive, regardless of their level of sexual activity.
For couples seeking more frequent intimacy, focusing on non-sexual bonding and working together to address challenges can pave the way for a deeper connection.
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