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Every Nigerian Owes China N15,000 – New Study Reveals

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For the N3 trillion Nigeria has received from China in the last four years, every Nigerian owes China N15,000 in debt. That’s just N3,000 short of minimum wage, Daily Trust reports.

The debt comes from two huge tranches of aid from China: $3.1 billion in 2014 and $6 billion for infrastructure in the last three years, according to political analyst Theophilus Abbah.

Simple mathematics. Divide the combined total, just over N3 trillion, by the 198 million population Nigeria always talks about: that’s a nice N15,000 in debt to China for every Nigerian.

And that doesn’t even include the loan agreement signed this week 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

“They are active in Liberia, Ghana, Angola,” minister of state for petroleum, Ibe Kachikwu, told Bloomberg.

“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. Not just provide in terms of money but provide with adequate technology.”

The implication is Africa may be unable to resist Chinese trade and international politics

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