₦airaland Forum

greenpasture:
Nigeria gets huge advantages from this deal which by the way is a done deal.
1. China gets to reflate her economy without increasing inflation ( loan in exchange for purchase of goods and services)
2. Nigeria get dollar ( forget those people trying to confuse themselves. China is giving Nigeria dollar, repayable in dollar. China dominates the U.S Treasuries market so dollar isn't an issue for china - they have loads of it
2. Nigeria pushes project risk unto China. Each project must meet specified performance milestones ( nothing like abandoned project)
3. This is the part confusing the writer - Nigeria has held even during GEJ time 7% o it's fx in Chinese Yuan. This has gone up to 10% and nigeria's CBN becomes the Yuan exchange/ access point for Africa. This is huge because 70% of our important are from China so instead of suffering exchange rate loss going from weak dollar to strong Yuan, traders can buy Yuan direct from CBN. In view of the extensive use of this currency in Africa today t provides excellent arbitrage/ commission income to nigeria's CBN
4 yes federalism and diversification are good concepts but Nigeria also needs to bridge it's massive infrastructural deficit and in China it has a good Partner.

All in all, this is a great deal for Nigeria and China and the beginning of an alternative world financial market not solely based on dollars.

Fear not. It's a done deal. Wait for the impact. Tops next 12-18 months.

Respects

Atleast no Dasuki 2 steal d loan in CBN.

omobaba101:
Chinese cannot be trusted, I have had deals with them in Nigeria and they are very dubious. Almost, all of them that I have met. Whatsoever they present to you will be totally to their advantage and they break promises very easily. They only value money and not life. They have made me lose good money (I won't like to mention the amount). The last time, I had to call my lawyer into the matter and that is when they behaved, because I started raising the point that I will make the immigration to cross check their papers. I had to restrain myself from bringing the name of the company to this forum. If it is China, Nigeria shine your eyes o!

Chinese canot b Trusted,USA cannot b trusted,is it 9jerians that are d most trusted in d world.

TheGoodJoe:

Two billion can not even do it. That is why you guys miss it. The Railway Project runs into Billions of dollars. What about the Plants and refineries?

How much do you think it will cost to build a standard refinery?

When the Refineries are completed, it will also take a chunk from our labor market.

Is there any other way out? Remember, the America you want us to continue dealing with owes China.

The U.S. debt to China is $1.238 trillion, as of January 2016.

$2bn shld b enough d loan is in yuan,not d costly $.Do u know how many infrasructures,jobs Gej/Dasuki $2.1bn arm loot can provide?

Goke7:
Reducing our reserve for more corruption to take place, I beg o

dont mind him,no b only 2 reduce our reserve na to empty it,which kind dullard talk b that.

manny4life:
The proposal does look good on paper, but my question is, if this move is to open trade doors (imports) between both countries, what plans does Nigeria have in place to secure against China's influx of cheap commodity?

D Q/S: shld b what do I & my tribe has to export to china,discuss it it with yur village chief.

ElCount:
I ve been asking the question "what will China be getting in return?"
Zombies hv failed to give an answer to this question, China is not running a charity organization and nigeria is not a country anyone can count on to manage that loan properly and China is smart enough to know this so its obvious that they have at least a backup plan which we don't know. China is trying to cement its place as a world power and tilt the balance to their favor if buhari has sold us out well... The consequences are better left imagined hopefully by then the country would hv divided and B14FR4 go dey their own away from this nonsense make una dey shout sai buhari una go follow am go 6 ft under if una no take time

Wailer i see u!LOL.

jumas:
1.As President Buhari and CBN Governor, Emefiele moved closer to actualizing their promise to strengthen the naira against the US dollars
2.By signing a landmark currency deal with the Industrial and Commercial Bank of China Ltd on Tuesday in Beijing, China.
3. The agreement will allow Nigerian who imports mainly from China conclude their transactions in the Chinese currency instead of the dollar
4. The new agreement would see Nigeria-China trades, which accounts for over 70 percent of imports into Nigeria, concluded in the Yuan.
5. Until now over 90% of int'l trades between Nigeria & the world is done in dollars, & in the process putting so much pressure on the naira
6. Nigeria imports almost all it needs from the West, Middle East and Asia.
7. The CBN is expected to diversify a huge chunk of Nigeria’s foreign reserve from the dollars to the Yuan to perfect the agreement.
8. “It means that the renminbi (Yuan) is free to flow among diff banks in Nigeria, & the renminbi has been included in the FXR of Nigeria,”
9. FXR means foreign exchange reserves
10. Lin Songtian, director general of the African affairs department of China’s foreign ministry, told reporters in Beijing ...
11. .. a few minutes after the agreement was signed between the Governors of the nations’ reserve banks..
12. in the presence of President Buhari & President Xi Jingping of China, who is hosting Buhari and top Nigerian officials to a state visit.
13. Lin said a framework on currency swaps has been agreed with Nigeria, making it easier to settle trade deals in Yuan.
14. China has signed currency swap deals with countries ranging from Kazakhstan to Argentina as it promotes wider use of its Yuan.
15. Nigeria would become the clearinghouse for Yuan denominated transactions for the whole of Africa following the agreement.
16. Beijing also signed agreements to develop infrastructure in Nigeria, part of a drive to deepen its ties with Africa.
17. It has offered Nigeria a loan worth $6 billion to fund infrastructure projects.
18. Also, ICBC signed a $2 billion loan deal with Dangote group, to fund two cement plants it plans to build, Lin told Reuters.
19. China’s official Xinhua news agency cited President Xi as telling Buhari that there was huge potential for economic cooperation, naming
20. Naming oil, refining and mining..
21. Nigeria is also considering issuing Panda bonds (mainly Yuan denominated) as against euro bonds because they are cheaper.

Ndigbo shld congratulate Buhari 4 this,they will b d major biz benefitiry of this currency swap,Ndigbo kwenu!Buhari kwenu!!

ticker:
https://mobile.facebook.com/story.php?story_fbid=1052689368126246&substory_index=0&id=378378918890631&refid=7&_ft_=qid.6273342050025209960%3Amf_story_key.9015994599598537311&__tn__=%2As

Abeg pack well & stop spreading falsehood,Y didnt u tell Ndigbo,china are bad pple donot flood 9jeria with chinese goods,wher is d common sense in buying goods in china & paying in $,d $ is economic slavery,hav u seen d clause of d loan we collect loan in yuan & pay in yuan,na today 9jeria do biz with china.even if they giv us loan in yuan we can easily convert it $ d diff is not much,# is much worthless.

swagaholic:
y not ask d dullard 2 write a book Patience is a graduate, who's bubu??

PEG a graduate?d school she graduate frm shld b hav their licence withdrawn.

winterfell007:
guy you are highly repulsive. how does visiting China and occupying their space bring honour to Nigerians. i guess they call you zombies for a good reason. you really leave up to that designation

u iPobs never ceased 2 amaze me hav u 4gotten it is d igbo that trade most with china or hav u 4gotten that many of yur pple are languishing in china jails begging pmb 2 intervene.

frankoben:
The way he travels around Nations of the world so indiscriminately, I'm beginning to wonder if he is searching for the highest bidder among these Nations who will acquire Nigeria and re-colonize it's citizens, permanently.

exactly,that iz wat we need,savages like I & I need to b recolonise & reculturered until we are mature 2 behave like humans.

flokii:
Ok sir..

nice knowing him... I feel he is one of the few ones from d east with love for Buhari, ready to give him chance

God bless d man real good and everyone of us likewise.

Even if pmb choose Ogbonaya Onu s his successor,igbo will not vote 4 him.Ndigbo na like i talk.

wacoj:
As much as I like Saraki, my prayer is for APC to make the silly mistake of removing him so that PDP can take over
and eventually impeach Bubu or at least hold the govt to ransom till 2019 when we shall return to take over fully.

Pdp take over nass,d crises tht will arise pmb will declare state of emergency on nass,snt then parking & lockup d nass.some shld b jailed.

Goke7:
Agreed, but can they go back to the PDP and let's truly see if they can really move things, no be by mouth nah.

point of correction pdp rigged pmb out,without obj can yar'dua 'gej stand election & win?

TippyTop:
http://dailypost.ng/2016/04/13/the-worst-will-happen-if-saraki-is-removed-baraje-warns-apc/

Yeye talk!Is buhari going 2 reorganise d house with Saraki refusing 2 bar to party supremacy.APC want 2 reorganise him yu fool re shouting witchhunt,persecution!ko ni dafunwe laye.

TippyTop:
http://dailypost.ng/2016/04/13/the-worst-will-happen-if-saraki-is-removed-baraje-warns-apc/

Yeye talk!Is buhari going 2 reorganise d house with Saraki refusing 2 bar to party supremacy.

dis woman dey use her husband do woman wrapper,she no fit go mkt?but she fit go broad mkt go buy fashion.

No Body is talking of d NASS Budget how much did those thieves allocates 2 themselves,Saraki & 416 thieves.

LadyExcellency:
All funds appropriated for capital projects are exclusively managed and administered by the Executive including awarding the constituency projects to deserving contractors hence I don't see where and how they intend usurping the powers of the Executive.

what of money for town halls,keke,grinding machines is it in d original budget,Y did they remove money for polio for ambulance who giv them thaat power?was constituency projects in d original exec. budget?

maupe:
The senators, be they Northerners or Southerners have every right to navigate the budget in the allocation of resources towards needs that will help their reelection campaign. That is politics

Was there constituency development project of NASS captured in d executive original budget?Thieves they want 2 share d so called "Floating money"#68B fa! in constuency project.Thunder fire them & their supporters.

BeeBeeOoh:
http://www.lailasblog.com/2016/04/see-how-much-president-and-vp-of.html?m=1#sthash.hPTe6rLG.dpuf

Vp,deputy govs they enjoy ooo!for doing nothing na small d prsdnt salary take pass there own.

Since Saraki & Dogara fraudalently mount that seat things just fall apart d centre of can nolonger hold.

Barselonia:
http://www.vanguardngr.com/2016/04/calabar-lagos-rail-dont-resign-pdp-tells-amaechi/

Cnt u pple leave Hatred aside d once & fight for d common good of SS & SE pple,look how d north remove a juicy meat frm yur mouth,& add to their own soup,cooked with yur so called "oyel money"...no people or Kun3 move 4ward if they never 4give & work together.....japan,germany who suffer d brunt of WW2 wuld hav been underdevelop like N.korea & palestine is they are still sulking & breeding hatred.

TheGoodJoe:
Lagos-Calabar Rail Project: New Controversy Between Arms Of Nigerian Government Over 2016 Budget

SaharaReporters spoke to several players in the controversy and discovered that the federal government did not initially include the project in the budget proposals.

The Minister for Budget and Planning, Senator Udoma Udo Udoma, told our reporter at the weekend that the government included the project in the 'amended budget' and passed it to the Standing Committees of the Senate and the House of Representatives.

Also, a presidency source who did not want to be named said after the federal government had included Lagos-Calabar in its proposal, the Minister of Transport Rotimi Amaechi was sent to meet with the Senate Committees on Land Transport and Appropriations.

The Senate Committee on Land Transportation is headed by Gbenga Ashafa from Ogun State while Senator Danjuma Goje heads the Committee on Appropriations.

Mr. Goje was said to have been lukewarm towards the rail project, asking instead to meet Amaechi privately at home. It was not clear if he eventually met with Amaechi.

The House chairman on Appropriations, Jibrin Abdulmunin told SaharaReporters emphatically that the federal government did not include Lagos-Calabar rail in 2016 budget, and that he found himself saddled with handling the final outcome of the budget appropriations after the standing committees handed their recommendations to him.

He asserted that neither the Goje-led Senate Appropriations Committee nor Senator Ashafa’s Committee on Land Transportation sent any recommendations to his committee to include the Lagos-Calabar rail in the budget. In tweets in response to claims by members of the federal executive that National Assembly deliberately removed the project from the budget, Jibrin stated that they “found N54b floating” in the Ministry of Transportation budget and decided to allocate it to Lagos-Kano rail, an airport security project, and the rest given to the Baro Inland Port project in Niger state.

Also at the weekend, the Speaker of the House, Yakubu Dogara, released a series of text messages apparently targeted at Saharareporters affirming that the executive did not include the Lagos-Calabar rail in the budget.

Further investigations by SaharaReporters however showed that the Standing Committees did receive an amended budget that included the project.

Senator Gbenga Ashafa who initially sent his legislative aide to brief SaharaReporters later spoke to us by phone confirming that the Senate Committees received an amended budget asking to have the Lagos-Calabar Railway rail included in the budget. He said he even jokingly asked where the Lagos end would terminate.

The Senator later issued a press statement in which he affirmed what he had earlier told SaharaReporters.

In the course of our investigations, we subsequently obtained a text message sent by Abdulmunin Jubril, the House of Representatives Chairman on Appropriations, in which he provided an update to leaders of all the Standing Committee leaders, and asking them to stand by him in case the executive fought back because he had included and removed some items from the budget.

https://www.nairaland.com/3045415/lagos-calabar-railway-project-controversy-threatens

Those northern senators no try @ all,they allocate money they termed "floating money" & allocate it 2 northern projects even after Ameachi defended it.It baffle me that SS senator Akpabio,BMB,Sekibo,Abaribe was there.

The moment theif bukola saraki mount d SP seat everything is no longer working.

drake49:
Relax and read

Who d pfuck told u he went 2 china 2 borrow $2b?

PassingShot:
[s][/s]

so he shld scrap it b/c it is gej,is it not 9jeria probably dangote that gav gej that idea?

Doing Bizness in yuan will depreciate $ badly,making $1〓#1.He!He!!

davide470:
Source: http://nairametrics.com/china-lends-dangote-2bn-reach-agreement-with-nigeria-on-yuan/

Thank u Buhari!Thanku Dangote!if only we hav 2 Buharis & 10 Dangotes in 9jeria.

tuale4u:
@ Tonye Barcanista thank you your partly objective write up. Even though your partisanship prevented you from being 100% objective

I dont know why you ignore Niger delta senators and house of rep members in your knock list. I blame our Niger Delta Senators the most in this saga. They are even more guilty than the appropriation committee. The role of senators is to represent thier region and constituency in national discuss. For something as important as Budget, our senators were suppose to take it very seriously. They were suppose to be up and doing in looking at the Budget b4 them and how it affects the people they represent. It is even thier job to lobby the NASS to add things that were not in the budget
that will benefit thier region. NASS has constitutional power to add and to remove items in the Budget. But it is the role of our Senators and house of rep members from Niger Delta to ensure this power of NASS is used to our favour and not against us.

Actually, what the Northern senators did could be seen as people doing their true Job as senators. which is to represent the interest of thier region. they saw a loophole knowing fully well the senators representing us are docile, they took full advantage of it.

However, I dont think the floating 54billion naira is an accident in Ministry of Transportation budget. The money is too close to what is needed for lagos-calabar rail to be by accident. I think the Calabar - lagos rail was already planned to be in the budget submitted to the NASS. But was mistakenly absent as item but was present in the total sum.

There is no way Rotimi Amaechi will be defending that project before the Senate without full Buhari approval. Also if the project was not very important to the president, I dont see how the president will delay his assent to a budget because of an Item he doesnt care about. However for the initial omission, the presidency deserve some blame. But atleast they tried to remedy it.

I advice Tonyebacarnista 2 withdrawn this bias writeup honorably,apologised & rewrite it r reflect d true position of d events.

Goddex:
[size=18pt]

The Lagos - Calabar coastal rail was a Jonathan project. Buhari is only expected to build on it.[/size]

Na who build am get d project.to build refineries,Roads,2nd niger bridge na gej talk,Obj get many projects which 1 he start?not 2 talk of completed.

Nairadays:
Otuoke; GEJ backyard, Amaechi wan settle score.

But really nice project, they'll have a lot of jungle to clear. Bayelsa is am Amazon like green swathe of landmass; an interesting place and since there is no existing Railtrack makes this project more exploratory, innovative and ground breaking.

GEJ himsef will b very pleased!More job 4 d ND youths.