$3.121b loans: China won’t take over Nigeria – Embassy

The Chinese Embassy in Nigeria has downplayed fears that China intends to take over Nigeria through its loans to the country.

The Embassy’s Press Officer, Mr. Sun Saixiong spoke against the backdrop of the row over the sovereignty clause in some loan agreements between Nigeria and China.

The Debt Management Office (DMO) put the total value of loans taken by Nigeria from China as at March 31, 2020, at $3.121 billion.

The loans represent only about 3.94 per cent of Nigeria’s total public debt of $79.303.

Saixiong said on telephone: “There is nothing like that (China taking over property). The inclusion of Sovereignty clause is a common practice in many international commercial agreements.

“We see the issue as more of Nigeria’s internal affairs. China follows the approach of no interference in African countries’ pursuit of development paths that fit their national conditions; no interference in African countries’ internal affairs.

“Our position has always been consistent that China is committed to enhancing investment and financial cooperation with African countries based on their needs to help them improve infrastructure and extradite socioeconomic development.

 106 total views,  1 views today

LEAVE A REPLY

Please enter your comment!
Please enter your name here