[Our new Masters] Nigeria is Owing China $3.8Bn

With the recent $3 billion loans granted the federal government during President Goodluck Jonathan’s visit to China, Nigeria’s total indebtedness to the Asian giant currently stands at $3.8 billion, according to Chief Matthew Uwaekwe, coordinator and chief executive of the Nigeria-China Business Council (NCBC).

Giving a breakdown of the loans, Uwaekwe said $200 million was for the Yankari Independent Power Project; $500 million for improvement in the aviation industry; while the remaining $100 million was for the Lagos State Government.

The $3 billion loans based on interest rates of less than three percent over a 15-20 year period is to build infrastructure in Nigeria.
 
Addressing journalists at an interactive session organised by Council in Lagos, on Thursday, Uwaekwe, said a number of Memorandums of Understanding (MoUs) have been signed between the council and its Chinese counterparts, adding that the Chinese government also donated a hospital in Abuja.

His words: “I am happy to say that a number of Chinese companies in areas of agriculture, textile, household good etc have invested in the Nigerian economy and many are still indicating their interest to come to Nigeria”.

Uwaekwe said the NCBC hopes to encourage Nigeria’s Chinese business community embark on projects in areas like development of deep sea ports, agricultural projects, refining and  petrol chemical plants, quarry development and power generation.

 Theodore Orji, Abia State governor, who was represented by Prof Mkpa Agu Mkpa, secretary to the State Government, used the opportunity to woo Chinese investors to some moribund industries and factories in the state.
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