Niger’s military junta has signed a US$400 million deal with a Chinese state-owned oil giant as part of its plan to “diversify international partnerships” after cutting ties with France and the United States.

The deal signed on Friday by Prime Minister Ali Mahaman Lamine Zeine and China National Petroleum Corporation (CNPC) chief executive officer Zhou Zuokun will see the Chinese company advance the money to help Niger’s military rulers meet short-term obligations as the economy struggles to recover from the impact of sanctions.

According to the Nigerien Press Agency, the Chinese company will be repaid with crude oil shipments within 12 months at an interest rate of 7 per cent.

“There is no shadow over this as we have safeguarded the interests of our country,” Zeine said after signing the deal in the presence of Chinese ambassador Jiang Feng, who has been leading the negotiations with Niger.

“China is a great friend for Niger, we can never say it enough,” Zeine said. “It must be remembered since the beginning of this great oil adventure, China has always been at the side of our country and today it is proven that at such crucial moments, we could obviously manage to request an advance, these are Niger’s rights, and we will give ourselves all the means to repay them.”

“This signature demonstrates the friendship … and fruitful cooperation between the two states,” said Jiang.

Resource-backed deals of this type are extremely popular with Chinese lenders, but critics say they increase countries’ vulnerability to debt.

Africa Development Bank president Akinwumi Adesina has called for an end to loans given in exchange for oil or natural resources, describing them as “non-transparent, unfair and corruptible” adding that they “complicate debt resolution, and mortgage the future of countries”.

“Africa must end all natural resources-backed loans,” he said last year during the Summit for New Global Financing Pact held in France.

The finance model was pioneered in Angola, which received billions of dollars from China for its reconstruction at the end of the country’s 27-year civil war in 2000 and still uses oil shipments to repay Chinese loans.

Source: https://www.google.com/amp/s/amp.scmp.com/news/china/diplomacy/article/3259074/chinese-state-firm-agrees-us400m-loan-niger-junta-return-oil

Tinubu borrowed money as advance on our oil, the transaction was highly criticized for been riddled corruption and we can't state what the money was used for,it practically vanished.

The Western grubby pigs won't like this at all and would conjure a stupid myriad of reasons why the deal is bad for Niger Republic.
It's far better for Niger to receive Chinese loans in return for crude oil,than to receive Western loans in return for legalization of abominable acts and lifestyle and economic advice that will turn a sovereign nation to modern day slave to them.
China and Russia are the remedy to the pestilential touch of the West.

KInd of what happens when you are a resource dependent country....you rely on the big countries for loans at their own terms.

Like loans given by other big countries, most of it would be spent on Chinese companies doing contracts in NIger. And it would have to be paid back.

Okay...

Asin wait

LOAN

then they collect crude .

Like LOAN for crude ? Black man the black man 😂😂

Chukwuka319:
The Western grubby pigs won't like this at all and would conjure a stupid myriad of reasons why the deal is bad for Niger Republic.
It's far better for Niger to receive Chinese loans in return for crude oil,than to receive Western loans in return for legalization of abominable acts and lifestyle and economic advice that will turn a sovereign nation to modern day slave to them.
China and Russia are the remedy to the pestilential touch of the West.

Can you tell us what is so lovely about the post, or you didn't understand what is written up there?

COMRADES, the military junta should please hasten the project so as to alleviate the suffering of the people of Niger
I have confidence in the military government far more than what we have in Nigeria at present

Where will they get the oil from?. I hope Jubril Elsudani a d his crook gangs won't rely on the Nigerian stolen oil

victorclean:
Where will they get the oil from?. I hope Jubril Elsudani a d his crook gangs won't rely on the Nigerian stolen oil

So with all the info in the public domain..you don't know Niger Republic have crude oil..?

Nah wah oh...!! Well I can see you are woman so i can understand.

While your Tinubu is here running his mouth and issuing fake threat to they Niger junta...they successfully built a crude oil pipeline from Niger Republic to the coast passing through Benin Republic...!!
Niger Republic crude oil would be delivered to the world via Benin Republic port..