For those who don't understand why I am against Buhari's Chinese loan, here are five undisputed reasons to prove that the loan is not in the best interest of Nigeria's economy:
1) China wants to lend us 2 billion dollars,
but they want to give us in Yuan and not
the dollar itself.
2) They are not handling us cash, but
service exchange; meaning if we want to
buy iron rod, we buy it from Chinese
company and they pay the company on our
behalf. If we want to construct railway, they
will construct it for us and take the money
out of the loan. In the end, we are bound to
award contracts to them, cutting out
competition from others and fairplay to
others (non Chinese company can’t bid or
compete to reduce the cost.) They get to
value the contract and determine the price,
meaning they can sell something worth 200
Naira for N2000 and we don’t have a choice
‘cause it is on credit.
3) China wants us to pay back in dollars,
that is not all, we are moving our foreign
reserve to fake currency(Yuan) a currency
that is manipulated openly by the Chinese
government. Did anyone ask Lamido Sanusi
what happened to some of our reserve he
moved to Yuan few years ago? They sold us
Yuan at 4 to a dollar, only to devalue their
currency few weeks latter to 9 Yuan per $.
Many Nigerians don’t know that even
Chinese company don’t want yuan, nobody
want it, Chinese foreign reserve is in dollars,
China is the largest holder of US bond, they
want dollars by all means.
4) China have more lobbyists in Washington
DC than any other nations on earth, begging
Washington politicians to always make
policy in their favour, how can such country
save us from USD?
Has anyone asked why China hasn’t built
any refinery in Nigeria?? They have the
money, they want the profit, but never did
it.
You must be living in a PARALLEL world if
you think that Nigeria’s intention of being a
clearing house for the Yuan in Africa means
the naira will now hold steady.
If you like tie your currency with Thailand
Baht or Ghanaian Cedi, the value of your
currency will always have the value it
deserves.
5. The Yuan will swing with the wind
depending on what happens to the world’s
controlling currency -the dollar.The naira
will continue its natural slide as you
produce and export very little and even your
trade with China becomes very expensive as
the world’s comparative exchange rate will
not wait for the Naira/Yuan pretend and unholy
marriage. The value of the naira will
continue to be subject to the international
exchange rate, which is controlled by the
DOLLAR!
Nigeria has taken the path of double parallel
which will be unsustainable in the medium
term as a consumer nation.
The naira will continue to fall unless you can
sell more oil or start exporting something
the rest of the world would pay you for.
My projection for the naira is 500 to $1 by
year end if the oil price does not improve
drastically and we sell oil, the only thing we
‘produce’.
#Itsede Okhai

XaintJoel20:
For those who don't understand why we
are against the loan from China, these are
the reasons:
1) China wants to lend us 2 billion dollars,
but they want to give us in Yuan and not
the dollar itself.
2) They are not handling us cash, but
service exchange; meaning if we want to
buy iron rod, we buy it from Chinese
company and they pay the company on our
behalf. If we want to construct railway, they
will construct it for us and take the money
out of the loan. In the end, we are bound to
award contracts to them, cutting out
competition from others and fairplay to
others (non Chinese company can’t bid or
compete to reduce the cost.) They get to
value the contract and determine the price,
meaning they can sell something worth 200
Naira for N2000 and we don’t have a choice
‘cause it is on credit.
3) China wants us to pay back in dollars,
that is not all, we are moving our foreign
reserve to fake currency(Yuan) a currency
that is manipulated openly by the Chinese
government. Did anyone ask Lamido Sanusi
what happened to some of our reserve he
moved to Yuan few years ago? They sold us
Yuan at 4 to a dollar, only to devalue their
currency few weeks latter to 9 Yuan per $.
Many Nigerians don’t know that even
Chinese company don’t want yuan, nobody
want it, Chinese foreign reserve is in dollars,
China is the largest holder of US bond, they
want dollars by all means.
4) China have more lobbyists in Washington
DC than any other nations on earth, begging
Washington politicians to always make
policy in their favour, how can such country
save us from USD?
Has anyone asked why China hasn’t built
any refinery in Nigeria?? They have the
money, they want the profit, but never did
it.
You must be living in a PARALLEL world if
you think that Nigeria’s intention of being a
clearing house for the Yuan in Africa means
the naira will now hold steady.
If you like tie your currency with Thailand
Baht or Ghanaian Cedi, the value of your
currency will always have the value it
deserves.
The Yuan will swing with the wind
depending on what happens to the world’s
controlling currency , the dollar.The naira
will continue its natural slide as you
produce and export very little and even your
trade with China becomes very expensive as
the world’s comparative exchange rate will
not wait for the Naira/Yuan pretend
marriage. The value of the naira will
continue to be subject to the international
exchange rate, which is controlled by the
DOLLAR!
Nigeria has taken the path of double parallel
which will be unsustainable in the medium
term as a consumer nation.
The naira will continue to fall unless you can
sell more oil or start exporting something
the rest of the world would pay you for.
My projection for the naira is 500 to $1 by
year end if the oil price does not improve
drastically and we sell oil, the only thing we
‘produce’.
#Itsede Okhai

Are you saying the deal will completely ruin our economy without anything in it for us?

I need quick answer

Must you losers and enemies of your own country litter the internet with the same unintelligent trash?

checkolatunji:


Are you saying the deal will completely ruin our economy without anything in it for us?

I need quick answer

I didn't say so and couldn't have said so, knowing fully well that whatever has an advantage would certainly have a disadvantage. The point is that in this case, the disadvantage far out-weight the advantage...
#Thanks...

aresa:
Must you losers and enemies of your own country litter the internet with the same unintelligent trash?

Come up with a counter thread to prove me wrong if you are sure from the depth of your heart Buhari is on point.
#Thanks.

Guy, Park far away! Do you want them to give your politicians the money to embezzle?


Una no dey learn? Are you Fayose?


Do you know how much one of the people working with Baba used to design ordinary website? You think you are smarter than Baba?


Go and join Fayose behind the podium and address nobody.

Why is this china deal giving folks sleepless night. If PMB had done nothing, they will say he has no direction, now there is a direction, still they no wan gree.

Na wa o.

PDP leave us alone o

Mr OP, no offence but you are an idiot.

If you are going to copy and paste, at least copy and paste things that are sensible.

XaintJoel20:

Come up with a counter thread to prove me wrong if you are sure from the depth of your heart Buhari is on point.
#Thanks.

Why bring up anything to prove you wrong when in fact the flawed, inaccurate and disjointed rubbish proved you wrong and countered you rubbish by itself already.?


Your rubbish said China is giving us Yuan, but wants to be repaid in dollars, who cares how they get their money back as long as we use whatever we borrow judiciously and get good returns via infrastructures, job creation and manpower development?

If China doesn't want Yuan and prefer dollars and is stashing away dollars, what's that got to do with us? Are we in the same boat with China? Do we have abundant export market to generate dollars like China?

China can afford to accumulate and stash dollars because they have vast export market as the second largest economy in the world, but we can not because we are not generating any meaningful export to do accumulate dollars and the price of oil which is our only source of dollars is down.

It's the apex of idiocy and thoughtlessness to compare our economic situations and need for what we at the moment are not able to attain untill we fix our chronic problems which is growing our export market and local production.

Where is the sense and wisdom in using our dollar reserve on imports when at the moment we can not get more bang for our dollars simply because dollars is too strong?


The agreement centers around imports of raw materials for our factories and industries which makes a lot of economic sense since nearly all our raw material imports comes from China?


It's even absurd and ridiculous to ask how many refineries China have built in Nigeria as if it's China's fault or responsibility to build anything in Nigeria. Is China in charge of Nigeria? Is China responsible for formulating our economic policies or dictate and impose on us what we must build? This is the job of our past useless leaders who refused to build refineries or even maintain the 4 we have.

It's silly and irresponsible to blame China for your incompetence and worthless leaders.

You tell them what you want first, tell them you need help and funding and not the other way around.

China did not build refineries, but they are building and funding metro rails, rail lines, power infrastructures, roads and bridges because we asked them to including funding. You don't open your mouth and expect people to formulate for you what you need, you open your mouth and talk, you put forward our proposals and funding request.

China did not build refineries, but they are funding 2 huge cement factories in Nigeria on behalf of dangote which means more jobs and foreign currency potentials for Nigeria and even more cement for export and local consumption?

Is this a scam too?

Is China training over a thousand Nigerians every year free of charge a scam too?

Is China funding a 300 MW solar power plant in Shiroro a scam too?

Is China funding our rail system a scam too?

In the power sector, North South Power Company Ltd and Sinohydro Corporation Ltd signed an agreement valued at $478,657,941.28 for the construction of 300MW solar power in Shiriro, Niger State.


http://www.instablog9ja.com/uncategorized/buharis-visit-to-china-yields-over-6bn-investments-presidency/

And talking about China exploiting the loan agreement to cheat us or inflate project cost, the above is what China is asking for to build the 300MW solar plan in Nigeria and below is what it cost to build the same 300MW in the USA.

300 MW Solar Project Planned For Utah


Over 1,700 acres of land have already been identified for the construction site and a lease was obtained in May. If construction begins, an estimated 200 jobs would be created. It was reported that the plant could power about 80,000 homes. Some power might also be sent to California via at direct-current line connected from the Intermountain Power Plant at Delta. The proposed plant could be up and running in two to three years.

Such a large project would be quite a leap forward for Utah, where current solar power production is low. The $600 million project will aid residents of Utah and California
http://cleantechnica.com/2013/09/26/300-mw-solar-project-planned-utah/

^^^^^Means China is building the same 300MW for over $100 million less...


The only scam I see here is the unpatriotic olodo and writer of the unintelligent rubbish you and your kind are peddling all over the place.

Goke7:
Why is this china deal giving folks sleepless night. If PMB had done nothing, they will say he has no direction, now there is a direction, still they no wan gree.

Na wa o.

PDP leave us alone o

Must all criticism be linked to pdp? Some is critizing the government instead of counter criticism you are wailing about pdp.

i don buy this land o. Nobody should near am.