Nigerians React To Conditions Attached To China’s $6bn Loan To Nigeria

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Nigeria’s Minister of Foreign Affairs, Geoffrey Onyeama, has on Tuesday said that the Republic of China has offered Nigeria a loan worth $6bn to fund projects.

READ ALSO: I’m Committed To Jonathan’s Contracts With China – Buhari

China has offered Nigeria a loan worth $6bn to fund projects.
China has offered Nigeria a loan worth $6bn to fund projects.

Addressing pressmen after the conclusion of a meeting in connection to that, Onyeama said that the deal does not necessarily mean that China will credit Nigerian banks with the money; rather it will be tied to specific projects and will only be released when it’s time to cash back the projects.

He said, “It is a credit that is on the table as soon as we identify the projects, we access the facility,”

Furthermore, no agreements were signed. Once the Nigerian government identifies a project, the Chinese counterpart will then provide the funding.

“It won’t need an agreement to be signed; it is just to identify the projects and we will access it,” Onyeama said.

In the same vein, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, disclosed that the Chinese President, Xi Jinping has offered a $15m agricultural grant to Nigeria for the establishment of 50 demonstration farms across the country.

“The Chinese government has offered to raise its scholarship awards to Nigerian students from about 100 to 700 annually, while 1,000 other Nigerians would be given vocational and technical training annually.

“China also expressed an interest in setting up major projects in Nigeria such as refineries, power plants, mining companies, and textile manufacturing and food processing industries as soon as the enabling environment is provided by the Federal Government,” Shehu stated.

Nigerians have taken to social media to express their different views on the development, check below.

reaction1.PNG nigerianbulletin

reaction3.PNGnigerianbulletinMeanwhile, President Muhammadu Buhari and the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele have also moved closer to actualizing their promise to strengthen the naira against the United States dollar by signing a landmark currency deal with the Industrial and Commercial Bank of China Ltd on Tuesday in Beijing, China.

READ ALSO: Buhari To Sign $2bn Loan Deal With China

The agreement, which is aimed at crashing the dollar, will allow Nigerian traders and businesses that import mainly from China conclude their transactions in the Chinese currency, the Renminbi (Yuan), instead of the dollar.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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