ADVERTISEMENT
Africanian
  • News
  • Politics
  • Business
  • Health
  • Sports
  • Travel
  • World
    • US
    • Russia
    • Europe
    • Asia
    • America
No Result
View All Result
Africanian
No Result
View All Result
Home News

Nigeria Also At Risk of Losing Assets To China

Financial experts warn Nigeria’s Federal Government at Risk Of Losing Assets to China over $3.48bn loan

in News
Reading Time: 2 mins read
3 0
0
Nigeria Also At Risk of Losing Assets To China
3
SHARES
Share on FacebookShare on TwitterShare via Whatsapp

By Metohuey Michael Adoglo

Economic experts have revealed that the Federal Government Nigeria is also at risk of losing key national assets to China in the event that it defaults in paying back loans worth $3.48bn obtained from China.

In Light of China’s recent takeover of Uganda’s only international airport and other key assets over the East African country’s inability to repay a $207m loan obtained on November 17, 2015 from the Export-Import Bank of China.

The loan has a maturity period of 20 years including a seven-year grace period. According to the deal signed with the Chinese lenders, Uganda will have to surrender its only international airport.

The Uganda Civil Aviation Authority said some provisions of the financing agreement with China exposed the Entebbe International Airport and other Ugandan assets which might be taken over by Chinese lenders upon arbitration in Beijing.

More

South Africa: Zimbabwean Embassy Responds to Expiry of Exemption Permits

USA: Pentagon detects second Chinese balloon over Latin America

China Says it Regrets “Accidental” Balloon Overflight, Blinken Cancels Trip to Beijing

China has reportedly rejected recent pleas by Uganda to renegotiate the toxic clauses of the 2015 loan.

Nigeria Also At Risk of Losing Assets To China

Speaking on the possible backdrop to default on Chinese loan, attention have quickly swerved to a statement made by the Nigerian Minister of Transportation, Rotimi Amaechi, hinting in August 2020 about the possibility of Nigeria forfeiting its assets to China in the event of loan default.

Amaechi reportedly said Nigeria had waived immunity on a loan, which means China could take the country to arbitration in the event of a default.

The minister, however, added that there would be no need for China to claim any infrastructure once Nigeria repaid its loans.

Economic analysts however, hinted about the possibility of Nigeria forfeiting key national assets to China if the country defaulted on its $3.48bn loans.

They also advised the Federal Government to properly review the loan agreements with China to save the country from facing a situation similar to that of Uganda.

The opinion of the author don’t necessarily reflect those of Africanian News.

africanian

africanian

Africanian, an Africa news media portal.

  • Trending
  • Comments
  • Latest
Breaking News: Equatorial Guinea First Female Prime Minister Emerges

Breaking News: Equatorial Guinea First Female Prime Minister Emerges

January 31, 2023
Equatorial Guinea: Online Visa System In Effect From February 1

Equatorial Guinea: Online Visa System In Effect From February 1

January 31, 2023
Ivory Coast: Revered Ivorian Drum Seized by France Set to be Returned Home

Ivory Coast: Revered Ivorian Drum Seized by France Set to be Returned Home

January 31, 2023
South Africa: Zimbabwean Embassy Responds to Expiry of Exemption Permits

South Africa: Zimbabwean Embassy Responds to Expiry of Exemption Permits

February 4, 2023
USA: Pentagon detects second Chinese balloon over Latin America

USA: Pentagon detects second Chinese balloon over Latin America

February 4, 2023
China Says it Regrets “Accidental” Balloon Overflight, Blinken Cancels Trip to Beijing

China Says it Regrets “Accidental” Balloon Overflight, Blinken Cancels Trip to Beijing

February 4, 2023
Africanian

Copyright © 2022 Africanian.com.

Follow Us

No Result
View All Result
  • News
  • Politics
  • Business
  • Health
  • Sports
  • Entertainment
  • Tech
  • Travel
  • World

Copyright © 2022 Africanian.com.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Log In

Sign In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Back to Login

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Accept

Add to Collection

  • Public collection title

  • Private collection title

No Collections

Here you'll find all collections you've created before.