Opinion: Nigeria and Chinese Loans, By Reuben Abati
The relationship between Nigeria and China with regard to loans obtained from the latter to fund Nigeria’s infrastructural projects suddenly became a matter of legislative intervention and public scrutiny last week when the House of Representatives summoned the Minister of Transportation, the Minister of Finance, Budget and National Planning and the Minister of Communications and Digital Economy to appear before it on August 17.
Now, again, in the case of China, the aforementioned Article 8 refers to such words as “arbitration”, “property”, “enforcement of arbitral award”. These are the same key words in the P&ID case.
In the 70s, China was far behind many African countries. I grew up in a country where any product that was made in China or Taiwan was derisively dismissed. China and Taiwan were the standard euphemisms for fakery, inferiority and cheapness. In those days, Nigerians talked about the British Standard . Nigeria’s economy was doing well. The Naira was at par with the pounds sterling.
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