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China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? (24983 Views)

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China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by davide470(m): 3:51pm On Apr 12, 2016
Dangote Group, the company owned by Africa’s richest man Aliko Dangote, signed a deal on Tuesday for a $2 billion loan from the Industrial Commercial Bank of China Ltd for two cement plants, he told Reuters.

“The interest rate is okay, quite favorable with me,” Dangote said, without elaborating. “It’s for my two cement companies that we are establishing in Nigeria.”

The deal included China Export & Credit Insurance Corporation

Meanwhile the Industrial and Commercial Bank of China Ltd (ICBC) , the world’s biggest lender, and Nigeria’s Central bank on Tuesday also signed an agreement on yuan transactions, a Chinese Foreign Ministry official said.

“It means that the renminbi (yuan) is free to flow among different banks in Nigeria and the renminbi has been included in the foreign exchange reserves of Nigeria,” Lin Songtian, director general of the Foreign Ministry’s African Affairs Department, told reporters.

The agreement was reached following a meeting between Nigerian President Muhammadu Buhari and Chinese President Xi Jinping.

Nigeria has already converted up to a tenth of its reserves into yuan five years ago.

Songtian said a framework on currency swaps has been agreed with Nigeria making it easier to settle trade deals in yuan.

China has currency swap deals with countries ranging from Kazakhstan to Argentina and New Zealand.

Source: http://nairametrics.com/china-lends-dangote-2bn-reach-agreement-with-nigeria-on-yuan/

7 Likes

Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by maryjan8(f): 4:08pm On Apr 12, 2016
This is a good one.
A man like Dangote knows what to do with such an amount of money.

22 Likes

Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by KissCODE(m): 4:41pm On Apr 12, 2016
I like this move biko. It is time Nigeria gives dollar a back bench position.

This will help my Igbo brothers in their business transaction with China.

Modified:
I give kudos to PMB for this move. I so much love cos most of our imports are from China.

But for a governement that has blamed the past administration for every of its woes, it wuld be an honorable thing if it also appluad GEJ for making this move possibly fast.

Every good moveever made by this government is offshoot of GEJ‘s policy.

Thank u GEJ.

115 Likes 7 Shares

Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by DeKen: 7:01pm On Apr 12, 2016
Okay.
This man is going places.

1 Like

Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by simongonner: 7:01pm On Apr 12, 2016
China for life..lolz

2 Likes 1 Share

Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by blazetitov: 7:01pm On Apr 12, 2016
Good for Dangote. Nigeria gradually becoming exporter of Cement. Another avenue to earn FX.

18 Likes

Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by Ymodulus: 7:01pm On Apr 12, 2016
Typing...
Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by Adekorya: 7:01pm On Apr 12, 2016
Where are those wailing about PMB tour?

17 Likes 1 Share

Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by trailblaiza(m): 7:01pm On Apr 12, 2016
so what next?
Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by Nobody: 7:02pm On Apr 12, 2016
maryjan8:
This is a good one.
A man like Dangote knows what to do with such an amount of money.
Yeah. Use it to buy up our country while his trailers kill people up.and down. You guys don't even realize who your new slavemasters are because they're black. Smh.

Gayigaskia:


You need Allah or Jesus, your hate na too much. Is Dangote telling his drivers to go kill people ? Besides how many college graduates are driving his trucks? Did he caused Nigerian bad roads?
Hate? Far from that Bro. It's tough to be a businessman in Nigeria. I admire his hustle. I do not approve of his methods. But it's business. It's silly to believe he was thinking about the interests of Nigeria when he signed these deals. That's my point.

15 Likes 1 Share

Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by pendusky(m): 7:02pm On Apr 12, 2016
Abeg which Moderator dey duty this night, the guy just dey send topic to front page like Buhari traveling... grin grin grin grin

9 Likes 1 Share

Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by Codeblues(m): 7:02pm On Apr 12, 2016
Noted
Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by babyfaceafrica: 7:02pm On Apr 12, 2016
Nice one from Africas richest man

1 Like

Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by MrPresident1: 7:02pm On Apr 12, 2016
Dangote Dangote, paddy paddy of olowo aiye Bill Gates.

Olowo ns'ore olowo olosi ns'ore olosi, Dangote l'ore temi grin

6 Likes

Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by Firefire(m): 7:03pm On Apr 12, 2016
Wonderful!

"Nigeria has already converted up to a tenth of its reserves into yuan five years ago.
Songtian said a framework on currency swaps has been agreed with Nigeria making it easier to settle trade deals in yuan".



God bless our hero's past.

God bless the past administration, God bless Goodluck Jonathan for setting the foundation for this achievement.

Where are the APC terrorist children of hate and anger...? Your usual hate comments and useless rant against the best president in the history of United Nigeria welcome. cheesy

29 Likes 5 Shares

Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by malbro(m): 7:03pm On Apr 12, 2016
Definitely okpella n itori things

1 Like

Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by olusola11: 7:03pm On Apr 12, 2016
i hope it is a step in the right direction
Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by Cutesexy1(f): 7:03pm On Apr 12, 2016
Brb
Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by JideTheBlogger(m): 7:03pm On Apr 12, 2016
North

1 Like

Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by lordtech(m): 7:04pm On Apr 12, 2016
OK
Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by Edd1e(m): 7:04pm On Apr 12, 2016
"Only those who risk going too far can possibly find out how far one can go".....
I can't wait to see the effect of all this funds to common Nigerian. I hope it is put to better use
Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by cutelover19(m): 7:04pm On Apr 12, 2016
h
Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by zenith4biz(m): 7:04pm On Apr 12, 2016
We buy from China, we pay in dollars.

1 Like

Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by bunmioguns(m): 7:04pm On Apr 12, 2016
cool
Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by Misterdhee1(m): 7:05pm On Apr 12, 2016
A Neccessary back up, since China Is Probably our Biggest Trade Partners In Recent Years

4 Likes

Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by winkmart: 7:05pm On Apr 12, 2016
maryjan8:
This is a good one. A man like Dangote knows what to do with such an amount of money.

AND ME TOO
Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by Nobody: 7:05pm On Apr 12, 2016
This guy does not even care about his being mentioned in the Panama issue. there are obviously 'better things' that's bother him.

1 Like

Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by ajalawole(m): 7:05pm On Apr 12, 2016
wait ooo. Sha na everyody wen go get money from china ni
Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by erico2k2(m): 7:05pm On Apr 12, 2016
KissCODE:
I like this move biko. It is time Nigeria gives dollar a back bench position.

This will help my Igbo brothers in their business transaction with China.
Ok we can 4get sourcing 4 the green back abi
Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by jamesbanjo(m): 7:05pm On Apr 12, 2016
Nice Development grin grin


No light o

4 Likes

Re: China Lends Dangote $2bn: Is Yuan The New "Dollar" for Nigeria? by Kollyman: 7:06pm On Apr 12, 2016
This is wonderful.

It's about time we give dollar a very big break!

3 Likes

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