• About
  • Privacy Policy
  • Contact
Tuesday, September 26, 2023
No Result
View All Result
NEWSLETTER
Diplomatic Info
  • Home
  • Diplomacy
  • Embassy News and Info
  • Events
  • Nigeria
  • Business
  • Politics
  • Security
  • Cover Story
  • ECOWAS
    • Togo
    • Sierra Leone
    • Senegal
    • Nigeria
    • Niger
    • Mali
    • Liberia
    • Guinea Bissau
    • Guinea
    • Ghana
    • The Gambia
    • Cote D’Ivoire
    • Cabo Verde
    • Burkina Faso
    • Benin
  • Advertise
  • Home
  • Diplomacy
  • Embassy News and Info
  • Events
  • Nigeria
  • Business
  • Politics
  • Security
  • Cover Story
  • ECOWAS
    • Togo
    • Sierra Leone
    • Senegal
    • Nigeria
    • Niger
    • Mali
    • Liberia
    • Guinea Bissau
    • Guinea
    • Ghana
    • The Gambia
    • Cote D’Ivoire
    • Cabo Verde
    • Burkina Faso
    • Benin
  • Advertise
No Result
View All Result
Diplomatic Info
No Result
View All Result
Home Africa

China’s BRI leads to debt sustainability problems in Nigeria

by Diplomatic Info
November 19, 2022
in Africa
0
China’s BRI leads to debt sustainability problems in Nigeria
0
SHARES
12
VIEWS
Facebook ShareShare on WhatsAppTweet it!

Nigeria [Africa], November 19 (ANI): Though some Nigerian politicians have hailed China for the Belt and Road Initiative, the BRI has led to the problem of debt sustainability and local Nigerians have been excluded from decision-making and project implementation, Hong Kong Post reported.

“The managing director of the Nigerian engineering and construction company Dutum Company Limited, Temitope Runsewe, observed that “These Chinese companies show up with cheap funds from China… They will tell their government, “Just show us the projects, and we’ll organise and begin building.” Most of our government officials simply give in to this extreme allure instead of strengthening local capacity, Hong Kong Post reported.

Even Nigeria’s national senate bemoans the opaqueness of loan arrangements negotiated by the administration and state banks in China. This continues a pattern identified by AidData: Loan agreements in China sometimes have “far-reaching secrecy restrictions.” BRI projects in Nigeria are steeped in secrecy, corruption, and flagrant contempt for domestic laws as a result of the country’s inadequate institutional capabilities.

As a result, there aren’t many thorough connections between China’s massive initiatives in Nigeria and the home economy. Chinese companies, technology, and capital are typically tied to development assistance, which poses a threat to local economic actors. Nigerian construction firms are already complaining that they are excluded from BRI projects.

Aside from the problem of debt sustainability, local actors in Nigeria have been excluded from decision-making and project implementation because of the operationalization of the BRI in that country. For instance, only 28 per cent of Nigerians, far below the 33-country average of 47%, are aware of Chinese “loans/development assistance” in their nation, according to an Afrobarometer survey.

Nigeria’s transport minister, Rotimi Amaechi, replied by urging these businesses to increase their capacity to carry out such huge projects. These domestic businesses are actually operating under a system that disadvantages them.(ANI)

Diplomatic Info

Diplomatic Info

Next Post
Equatorial Guinea President Set to Win Sixth Term

Equatorial Guinea President Set to Win Sixth Term

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Zimbabwe’s Mnangagwa says ‘fight still on’ to fix broken economy

Zimbabwe summons US representative for alleged election interference

4 months ago
Suspected terrorists kill 25 military personnel in attack in north-central Nigeria

Suspected terrorists kill 25 military personnel in attack in north-central Nigeria

1 month ago

Popular News

    Connect with us on Facebook

    Subscribe to Our Newsletter

    Enter your email now to join our community of readers, and get new contents straight to your inbox

    We promise to not spam you

    Thanks for joining in.

    Category

    • Africa
    • Benin
    • Burkina Faso
    • Business
    • Cote D'Ivoire
    • Cover Story
    • Diplomacy
    • ECOWAS
    • Education
    • Embassy News and Info
    • Events
    • Ghana
    • Guinea
    • Guinea Bissau
    • International
    • Liberia
    • Mali
    • News
    • Niger
    • Nigeria
    • Politics
    • Programs
    • Security
    • Senegal
    • Sierra Leone
    • The Gambia
    • Togo
    • Uncategorized

    Quick Links

    • About
    • Contact
    • Privacy Policy
    • Advertise

    About Us

    Providing strategic insights into important social, cultural, political, and economic factors that significantly influence business and nations, Diplomatic Info will examine these critical issues and provide strategies that create competitive advantages.

    © 2023 Diplomatic Info - Built with Love by Creovantage.

    No Result
    View All Result
    • Home
    • Diplomacy
    • Embassy News and Info
    • Events
    • Business
    • Politics
    • Security
    • News
    • Cover Story
    • Africa
    • ECOWAS
      • Togo
      • Sierra Leone
      • Senegal
      • Nigeria
      • Niger
      • Mali
      • Liberia
      • Guinea Bissau
      • Guinea
      • The Gambia
      • Cote D’Ivoire
      • Ghana
      • Cabo Verde
      • Benin
      • Burkina Faso
    • International
    • Contact

    © 2023 Diplomatic Info - Built with Love by Creovantage.