Nigeria currently has a population of 197,012,226 people as of Friday, September 28, 2018, based on the latest United Nations estimates.
The country is rich in almost everything, just name it - fertile land, manpower and mineral resources, etc. Even its position on the African continent gives it a huge advantage. It is the 6th largest producer of Crude Oil globally and has an even larger Natural Gas reserve placing it 9th in the world; yet the country remains a puppet continually on its knees for foreign aids which her corrupt political leaders use to enrich themselves and generation yet unborn.
The amount of loans Nigeria has gotten from China within the last 4 years alone amounts to about N3 trillion; going by this and regardless of her seemingly large population, every Nigerian owes China an estimated N15,227.50 (approximately $42) in debt. This is ridiculous, especially considering the fact that the minimum wage in the country is only N18, 000 (approximately $49).
Nigeria's debt to China within the last 4 years comes from two huge tranches of aid: $3.1 billion in 2014 and $6 billion within the last three years; and this doesn’t even include the loan agreement signed recently in Beijing where China pledged $60 billion in credit facilities, a quarter of it interest free.
Analysts say getting governments indebted to China is the republic’s way of outsmarting the US and the UK in Africa trade. Giving an excuse for accepting such loans that further enslave the country, Minister of state for petroleum in Nigeria, Ibe Kachikwu while speaking to Bloomberg said:
“They are active in Liberia, Ghana, Angola.
“They are throwing money where their mouth is and in very many respect is one area where they have beaten both the US, European and British in things like this.
“Africa requires a lot of development funds; China is able to provide it.”
This is a reflection of the kind of leaders Africa has in excess, and sadly so; leaders that lack foresight and are only after their self interests.
A United States lawmaker, Chris Smith who doubles as chairman of the Foreign Affairs Subcommittee on Africa, while speaking on China's role in Africa said China uses foreign aid as a “bargaining chip” in corrupt African countries with plenty of natural resources for them to exploit.
If others can see this clearly, why can't we?
The law maker also said:
“AidData, a research laboratory at the College of William and Mary, argued in written testimony submitted to my committee that China effectively buys the votes of African governments at the United Nations; they concluded that if African countries voted with China at the UN an extra 10 per cent of the time, they would receive an 86 per cent bump in assistance.”
Most disheartening is the fact that there are no tangible corresponding development and/or achievements which can be tied to these loans and aids gotten from China. The Nigerian political leaders continue to enslave the citizens and sell the future of generations unborn.
Recently, the Nigerian government announced its acceptance of the Chinese Yuan as a reserve currency, which will begin to compete with the US dollar.
In reaction to this, the US lawmaker lamented that the Chinese in-road into Africa could be dangerous.
“All of these trends—rising levels of debt, shoddy infrastructure projects, and investment that permits human rights abusers to consolidate their influence and power—point to serious risks for the future of the African continent.”
Just two weeks ago, Nigeria confirmed the handover of its cotton and textile industry to China when it announced through the Minister of Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah that the country has signed a Memorandum of Understanding with Shandong Ruyi International Fashion Industry, a Chinese firm in the tune of $2billion to 'awaken' the Textile manufacturing Industry in Nigeria.
Nigerians have become commodities sold to China, and these citizens go about their daily lives unaware that there are price tags on their heads. This is modern day slavery and it is completely unacceptable. Nigeria plays an important role in Africa and will drag Africa to the drains if she falls.
Are Nigerians slaves in their own country?
Why would Zambia deport an African who is legally eligible to enter into the country, just because he has spoken against China's pernicious dealin…
Source(s): This Day News, Daily rust, Bloomberg
Image Credit: Africa Leadership Magazine