Chinese Loans: Nigeria, Others Can't Plead Sovereignty, Says Akinyemi via thisdaylive
A former External Affairs Minister, Prof. Bolaji Akinyemi, has said that Nigeria and other African countries cannot plead sovereign immunity if they default on loans taken from international organisations or nations.
He said: “Africa should look closely into terms of engagements. African governments should not sign agreements they cannot operate with. It doesn’t make sense to sign an agreement where the Chinese promise to give you money in Yuan whereas you are to pay back in dollars. That is an unequal terms of agreement.
He said for political relations, a country can plead its sovereignty to protect itself, but for economic relations, it is not possible.
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