The immortal words of Peter Tosh, “everyone wants to go to heaven but nobody wants to die.” This better illustrates the present scenario between China and Nigeria.
Whether it’s 400, 500million or three billion dollars with a seven-year moratorium is immaterial; it started with the currency swap personally guaranteed by President Xi jinping, thus the loans may have been intricately woven into the arrangement because of the economies of scale and strategic partnership which China hardly resorts to, except it’s a special (beneficial) relationship.
China is prepared to pay a huge price to play big in our hemisphere. There will always be clauses in business transactions, from Foreign Direct Investment (FDI) to Foreign Portfolio Investment (FPI) because it’s necessary for investors to hedge their bets.
Nigeria emphatically has the capacity and capability to pay any debts, or in the worst case scenario, debtors like China can convert the leverage into other legal interests in the future inevitably, in form of other lucrative cherries, apart from physical assets but not limited to other specialized sectors (oil, gas, telecommunications and mining), open to privatisation, exploration and exploitation due to population, market spread and size.
We just need to eliminate the culture of waste and encourage due process, pro-activeness and promote international best practices.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
More Shocks As Unemployment Data Exposes Misery Status Of Nigerians
BEFORE now, economic and finance experts found it difficult to assess the healthy nature of the labour market and how to measure the impact of government policies targeted at creating jobs because of lack of real time labour data. But on Friday, August 14, 2020, the concerns were only slightly eased as the National Bureau of Statistics (NBS) published second quarter (Q2):2020 labour statistics, the first report since Q3:2018… Chinese debt
MONDAY LINES: Obasanjo’s (D)Art Of Condolence
Ben Guriano of The Washington Post described them in 2018 as ‘taboo enforcers.’ These are trolls seeking to upend truth and subvert facts about the life and times of the dead. ‘Do not speak ill of the dead’ came originally from a Spartan philosopher, then it was latinated by the Romans to read De mortuis nihil nisi bonum – and got spread around the world like Chinese viruses. The black man, as in all cases, contracted the no-no and turned it into a religion, got drunk with it and won’t mind killing for it… Chinese debt
2.4 Million Households To Benefit From FG’s Stimulus Package — Presidential Aide
TO ensure food security for citizens, at least 2.4 million households will benefit from the Federal Government’s post-COVID-19 stimulus package, a presidential aide says. Dr Andrew Kwasari, Senior Special Assistant (SSA), to the President on Agriculture, disclosed this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja. Kwasari spoke against the backdrop of projects anchored by the Nigerian Economic Sustainability Committee (NESC) to secure the economy against the effects of COVID-19… Chinese debt
SERAP Demands Withdrawal Of Broadcasting Code Seeking To Sanction Contents ‘Insulting’ Leader
THE Socio-Economic Rights and Accountability Project (SERAP) has sent an open letter to President Muhammadu Buhari, urging him to “urgently instruct the Minister of Information and Culture, Mr Lai Mohammed, and the National Broadcasting Commission (NBC) to withdraw the apparently illegal broadcasting code and memo threatening to sanction any broadcast that denigrates, disrespects or insults the president, governors… Chinese debt
You may be interested
Carabao Cup quarter-final draws confirmed [Full fixtures]admin - October 1, 2020
The draw for the quarter-finals of the Carabao Cup was conducted on Thursday night. Arsenal became the last team to…
Champions League Group H draw: Owen reacts, advises Manchester Unitedadmin - October 1, 2020
Former Manchester United midfielder, Owen Hargreaves, has urged the club to sign a “few players” before the transfer window closes…
Nigeria at 60: NLC makes demands from Nigerian govtadmin - October 1, 2020
The Nigeria Labour Congress, NLC, has called on the Federal Government to provide a resilient base for sustainable development for…