Nigeria is not left out of the concentration of corrosive capital, which are inflows in form of loans, FDIs or aid characterised by opacity.
With a debt profile of N77 trillion, Nigeria is the sixth largest recipient of Chinese loans in the continent. A 2022 World Bank International Development Association report shows that China accounts for 66% of debt-service payments by Nigeria, and the total bilateral debt owed China, according the Debt Management Office, as of 30th June, 2022, was about $3.9 billion. This was as the nation reportedly spent 96.3% of its revenue on debt servicing same year.
For instance, the Ghanaian economy ran into its worst crisis in 2022, with the Cedi becoming the worst performing currency in the world, after reportedly losingof its value to the US dollar. Part of the causative factors of the crisis were unsustainable Chinese loans for large scale projects.
The point of this intervention is not to say that all Chinese loans are outright corrosive, but one must be wary of the lack of transparency and due diligence surrounding the inflow of capital into the country.
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