Published in Chart of the Day
Loans from the Chinese government to Nigeria increased from $1.465 billion in the first quarter (Q1) of 2016 to $3.593 billion in the third quarter (Q3) of 2021. This is a 145.27% increase in China loans over the period.
Ode Uduu ,
January 13th, 2022
Loans from the Chinese government to Nigeria increased from $1.465 billion in the first quarter (Q1) of 2016 to $3.593 billion in the third quarter (Q3) of 2021. This is a 145.27% increase in China loans over the period.
Nigeria’s total bilateral debt stock as of Q3 2021 stands at $4.399 billion and 81.68% of that is owed to China.
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China loans to Nigeria (in $Bn)
President Buhari in his interview stated that the loans from China are meant for road and rail constructions in the country. He further said that anyone or country willing to help Nigeria in infrastructure is always welcomed.
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However, looking at rail construction in the country, only three standard gauge rail lines are functioning. These are the Abuja-Kaduna standard gauge, Itakpe-Warri standard gauge, and Lagos-Ibadan standard gauge.
Of these three rail routes, only the Lagos-Ibadan standard gauge was started and completed by Buhari’s administration. The other two were started by the previous government and were only put to use during his administration.
Also, the Buhari-led administration has awarded many road construction contracts funded by Chinese loans to Chinese construction companies thus benefiting China and not local businesses. Most of these roads are still under construction, a good example is the Abuja-Keffi dualization and the Keffi-Akwanga-Lafia-Makurdi road.
Nigerians are yet to fully reap the rewards of their indebtedness to China.
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