Chinese loans: Nigeria’s economy may crash in 2026 – Bamgbose
Olusegun Bamgbose, Esq., National Coordinator, Concerned Advocates for Good Governance, CAGG, has warned that Nigeria’s economy may crash or be grounded by 2026.
But Bamgbose, a senior lawyer who spoke from the standpoint of the law, said, “The Minister was partly right. It’s not contestable that the flow of capital to sovereign debtors, is exceptionally important to the world economy. Industrialized countries, no doubt, rely on loans to finance their budget deficits, while developing countries need it to develop.”
“The Minister was partly right because, in case of default to pay back the loan, China may not resort to use of military coercion or open intervention in the affairs of Nigeria, but may likely explore diplomatic suasion, backed by the threat of reduced or foreclosed access to further bilateral funding.
“Four, each Nigerian may be owing China about N20, 000, if we divide the money we are owing by the 198 million Nigerians. “Nigeria owes China $3.2 billion. These scenarios are not economically healthy for our nation. Our economy is certainly heading for the rock, except something is done urgently.
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