GEJ went to china This week and came back with bag full of Chinese Loans to help improve infrastructures for Nigeria.
The Loans is to fund such projects as the 4 new airport terminals in KANO,LAGOS,PORT HARCOURT and ABUJA, extension of keffi Lafia dual carriage way to Enugu via Markurdi, extension of East West road from Oron to Calabar,Extension Of Standard railway lines across the country. Infusion of capital into Ajaokuta steel mill to revamp it. and many more projects.

The common denominator in all these projects is that the loans sums both from the Chinese govt and their EXIM bank is going directly to Chinese companies who have been mandated to execute these projects, there by eliminating the process where money goes to the F.G. and they decide which company to award the contract (usually the time that contract sum disappears).

What do you guys think of these model of project financing? I know its good for the Chinese govt.as they are indirectly stimulating their economy by creating jobs for their companies abroad and giving their companies comparative advantage, But is it good for Nigeria?

It wil go d same way of d loans we ve taken in d past.
Y do we need loans for God's sake?
Wat kinda leaders do we ve in dis country?
In short..............am out

@obadiah777 ... please cast and bind loans ooo ... the sign of the demon

I think this is a welcomed development.
1. the loans are long term with only about 3 percent interest compared with what sanusi/okonjo iwela does. (cbn/min.fin. lends out at 5-7% and they go out and re-borrow at 13-15%) mad people.
2. the loans go directly to the chinese companies. so we can be assured of a completed project. not so many completed projects in nigeria because politicians are always involved.
3. it will open doors for more chinese companies to invest in nigeria. believe me, we will benefit more on the long run.
4. it will bypass the ogas at the top, so no cutting of shares in this one. corrruption checked.

NOPE BUT IT WILL SALVAGE THE DWINDLING SWISS ACCOUNT OF OUR KLEPTOCRATS

Money is not Nigerian prob, corruption and bad management are. So the load will not do jack.

They went to collect the loan to have more to steal.

Siga: @obadiah777 ... please cast and bind loans ooo ... the sign of the demon

I WILL RATHER CAST AND BIND THIS YA YEYE POST

Na today yansh dey back??

obadiah777: I WILL RATHER CAST AND BIND THIS YA YEYE POST

... ..I'm tellin u... baba weyrey ni wo boy mehn.... u no go kill me... lol

Yeah is good for nigerians. Infect now i respect GEJ for this.

I don't think so. Since all that money have been DOA. Haiti economy was totally destroyed, not by the earthquake, but by the corrutption of politicians who embezzled the 2billion Dolls fund given to them by the international community.

Nigeria's politicians are too testy

In the long run no but short term yes.

@OP,u know wat I'm thinking? I think the economy is doomed. I hope the Chinese won't take over our economy! The problem with us isn't lack of money,but wide-scale corruption. Otherwise,what can you say about the billions,nay trillions of money that have accrued from the crude oil our economy so much depend on,that have been laundered,wasted,hidden in foreign account

obadiah777: NOPE BUT IT WILL SALVAGE THE DWINDLING SWISS ACCOUNT OF OUR KLEPTOCRATS

The money is not going to the govt but to the Chinese companies don't you think that will help check corruption in this case?
This idea of loan utilization is novel, me think we might actually get the infrastructure built. If the loan were to go to the FG for them to do their business as usual i would not be optimistic.

Same thing Shagari /ekweme did in the last 1979 and 1983.they borrowed money like a drunken sailor instead of carrying out, the necessary reduction in the size of government.
I remember the UPN telling whomever wanted to listen about the impending economic calamity.
They were called all sorts of names like the clowns currently occupying the place.
Nigeria has not recovered from that crisis.
The same script is playing out today ,different actors.
This time around, we are being sold to the Chinese .
We are borrowing from the Chinese to pay china.
Now we have a real drunken sailor.

Danhumprey: @OP,u know wat I'm thinking? I think the economy is doomed. I hope the Chinese won't take over our economy! The problem with us isn't lack of money,but wide-scale corruption. Otherwise,what can you say about the billions,nay trillions of money that have accrued from the crude oil our economy so much depend on,that have been laundered,wasted,hidden in foreign account

I agree with you totally. but i just want you to weigh in on the novel idea of having the Chinese loans going to Chinese construction firms directly instead of the FG. This is a novel means of loan utilization! do you think it will work/check corruption?

lf we like let us debate 4rm now till nxt yr d money has been borrowed n agreement reached xo lets watch n see

Hw many projects has been awarded to indigenous contrators and it ends up with stores? Let them do everything for us. Up GEJ.

What do you do after spending 100% budget money on yourself including capital project funds but in dire need to have something to deceive nigerians with come 2015?

You borrow and sink your country inside debt for decades to come..


This man is s curse on Nigeria...

This is an apperant neo colonialism.The financing will come from China and the contractors and materials are from China , only for Nigerians to used and dumped as slaves in their land....What's our gain ?

C. whyte:
I think this is a welcomed development.
1. the loans are long term with only about 3 percent interest compared with what sanusi/okonjo iwela does. (cbn/min.fin. lends out at 5-7% and they go out and re-borrow at 13-15%) mad people.
2. the loans go directly to the chinese companies. so we can be assured of a completed project. not so many completed projects in nigeria because politicians are always involved.
3. it will open doors for more chinese companies to invest in nigeria. believe me, we will benefit more on the long run.
4. it will bypass the ogas at the top, so no cutting of shares in this one. corrruption checked.

Good points! I agree with your good insight. usually am very skeptical about any loans going to the FG of Nigeria because of their sad history of loan utilization, but based on the points you have highlighted, I cant believe am saying this, but i am optimistic that these time around the projects are actually going to get done.

ujoinme: GEJ went to china This week and came back with bag full of Chinese Loans to help improve infrastructures for Nigeria.
The Loans is to fund such projects as the 4 new airport terminals in KANO,LAGOS,PORT HARCOURT and ABUJA, extension of keffi Lafia dual carriage way to Enugu via Markurdi, extension of East West road from Oron to Calabar,Extension Of Standard railway lines across the country. Infusion of capital into Ajaokuta steel mill to revamp it. and many more projects.

The common denominator in all these projects is that the loans sums both from the Chinese govt and their EXIM bank is going directly to Chinese companies who have been mandated to execute these projects, there by eliminating the process where money goes to the F.G. and they decide which company to award the contract (usually the time that contract sum disappears).

What do you guys think of these model of project financing? I know its good for the Chinese govt.as they are indirectly stimulating their economy by creating jobs for their companies abroad and giving their companies comparative advantage, But is it good for Nigeria?

Why is it that you guys find it very hard to get proper information abt a particular thing as it concerns your country before making presumptuous assumptions.

GEJ didn't go to China and came back with bag full of loaned cash from China ,he went to China to seal a deal that would ensure that China builds agreed number of infrastructures across the country that is worth 3 billion dollars and this infrastructural loan would be delivered in phases with the first value of infrastructure to be built estimated at 1 billion dollar and an interest rate 3%.

I would commend GEJ for this great leap ,this is what leaders of countries ridden corruption does because at the end of the day everything would be accounted for else Nigeria can decide to default on their contractual obligations.This policy ensures that the money does end up in the hands of bureaucrats, politicians and other unscrupulous elements in the corridors of power.

Finally ,always get to know what is going on and stop using catchy headlines to fool gullible lazy Nigerians that solely relies on 'them say' without asking the obvious questions.

Siga: ... ..I'm tellin u... baba weyrey ni wo boy mehn.... u no go kill me... lol

Quick answer,NO!!!!

danikik7: This is an apperant neo colonialism.The financing will come from China and the contractors and materials are from China , only for Nigerians to used and dumped as slaves in their land....What's our gain ?

our gain will be the infrastructure. dont you think that the infrastructure will benefit Nigeria?
We dont have indigenous construction companies capable of such projects, we dont have materials for such projects, the one we have they will use like sand, dangote cement,labour etc trust me they are not importing those.

ujoinme:

The money is not going to the govt but to the Chinese companies don't you think that will help check corruption in this case?
This idea of loan utilization is novel, me think we might actually get the infrastructure built. If the loan were to go to the FG for them to do their business as usual i would not be optimistic.

WELL I SUPPOSE IF THE MONEY IS GOING TO THE CHINESE CONTRACTORS HOWEVER ISNT THERE SOMETHING WRONG IN THAT ? THE CHINESE ARE BASICALLY JUST RECYCLING THEIR MONEY. THEY END UP WITH WHAT THEY STARTED WITH AND SOME AFRICAN RESOURCES OJORO

Truckpusher: Why is it that you guys find it very hard to get proper information abt a particular thing as it concerns your country before making presumptuous assumptions.

GEJ didn't go to China and came back with bag full of loaned cash from China ,he went to China to seal a deal that would ensure that China builds agreed number of infrastructures across the country that is worth 3 billion dollars and this infrastructural loan would be delivered in phases with the first value of infrastructure to be built estimated at 1 billion dollar and an interest rate 3%.

I would commend GEJ for this great leap ,this is what leaders of countries ridden corruption does because at the end of the day everything would be accounted for else Nigeria can decide to default on their contractual obligations.This policy ensures that the money does end up in the hands of bureaucrats, politicians and other unscrupulous elements in the corridors of power.

Finally ,always get to know what is going on and stop using catchy headlines to fool gullible lazy Nigerians that solely relies on 'them say' without asking the obvious questions.

So whats your point? Mr Informed. "Every thing will be accounted for.." according to you, yet the "money will end up in the hands of unscrupulous element....". can you explain it further so that uninformed person like me can learn whats going on pls? or are you just confirming one of the stereotypes of Nigerians?

The problem with our country is not lack of money but mismanagement and corruption.

Give our leaders all the money in the world and Nigeria will not improve. If we can mismanage our God-given wealth, what is the small change from china that we cant squander.

The bottomline is, let's change our ways first and we wont even need loans in the first place.

bloggernaija: Same thing Shagari /ekweme did in the last 1979 and 1983.they borrowed money like a drunken sailor instead of carrying out, the necessary reduction in the size of government.
I remember the UPN telling whomever wanted to hear about the impending economic calamity.
They were called all sorts of names like the clowns currently occupying the place.
Nigeria has not recovered from that criss.
The same script is playing out today ,different actors.
This time around, we are being sold to the Chinese .
We are borrowing from the Chinese to pay china.
Now we have a real drunken sailor.

You're right abt Shagari/Ekweme, but you're getting it all wrong.While Shagari and Ekweme borrowed and injected the cash directly into the economy and was mismanaged and stolen by ever waiting and available political jobbers/robbers which lead to a lot of abandoned projects in the early 80s till date, GEJ and Sambo are simply saying come and build with your own money ,manage some of them and we'll pay you and of course the Chinese are investing everywhere.So,investing in one of the energy ,infrastructure and development hungry most populous black nation isn't a bad idea at all.

Talking abt a drunken sailor, if you don't understand simple Economics wouldn't you rather sharrap than rain abuses on somebody that is far better than you and your parents combine?

herquleez: The problem with our country is not lack of money but mismanagement and corruption.

Give our leaders all the money in the world and Nigeria will not improve. If we can mismanage our God-given wealth, what is the small change from china that we cant squander.

The bottomline is, let's change our ways first and we wont even need loans in the first place.

I think an attempt to take away the FGs obligation in awarding the contract usually to their cronies is a welcome change in this case.
The Money is going to Chinese firms that are charged to execute the projects.

Na borrow borrow money from abroad go develop this country? The one wey dey ground men go dey steal am dey send abroad .Nawa! I dey salute naija and their Polithiefians.