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$500m Loan: No Plan To Take Sovereign Authority in Nigeria-China

The Chinese government reiterates in a statement on Tuesday that there is no provision in Nigeria’s $500 million loan that involves taking over its control.

Nigeria and china

In the investigation of Chinese loans to Nigeria, the House of Representatives had argued that the arrangements ceded Nigeria’s sovereign right to properties funded by loans to China if payment failure happened.

The Chinese foreign ministry refuted the argument in a statement, however, stating that the country had no such proposal

.

“We pursue a ‘five-no’ strategy in our ties with Africa: no intervention in the adoption of development directions in African countries that match their national conditions; no involvement in the internal affairs of African countries; no force of our will on African countries; No diplomatic strings commitment to Africa ‘s assistance; and no hunt for personal political benefits in business and funding cooperation with Africa, “said President Xi Jinping at the 2018 FOCAC Beijing Summit.

“China is committed to improving investment and financial cooperation with African countries based on their needs to help them strengthen infrastructure and extradite socio-economic growth,” the ministry said.

We also helped the countries concerned break bottlenecks, strengthen their potential for autonomous growth, realize social and economic sustainable development and boost people’s welfare by financing infrastructure and other areas that lag behind for little capital.

Such collaboration has provided real gains for the countries and peoples of Africa.

“China still takes careful account of debt sustainability in the process, and finds solutions that are mutually reasonable through fair and friendly consultations.

That is the underlying reason behind the China-Africa cooperation’s tremendous success in Africa.’

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