₦airaland Forum

NGpatriot:
What is this one talking about. What do you know about private investments?

This is a $600 million project with other investors involved. If things doesn't work out, they either sell their shares, do a write off or declear bankruptcy and move on.

Why are you ipobs so obsessed with negativity, doom and calamity? How come you don't see the good in anything in life but destruction.

This backward mentality is the reason why you don't progress, why your villages can not commission anything beyond borehole, wheelbarrow and kerosene

Same reason one of them would demolish the airport fence.
Sometimes you need to think about the majority rather than your own narrow interests.

greatdreamer:
hahahaha with Tinubu alive? Hahahaha hahahaha hahahaha

Only Tinubu out of millions of Yoruba. Your obsession with Tinubu is becoming unhealthy for you.

nairavsdollars:
Yorubas have the highest number of drug traffickers in Nigeria

And ibos take the first in Africa.

fergie001:
It isn't fake but its old news.
Was even here on NL.
https://www.nairaland.com/5378767/23-nigerians-executed-saudi-arabia#81573177

The idea of bringing it here is unknown to me.

No reputable source. Fake fake fake.

Fake News.
Your source please.

googi:
Sir,

Is that money in China renminbi or in American dollars printed in China?

U.S dollars 1.1 trillion! Try to count it. That is how much U.S owes china.
If the Chinese are not making the laws in Washington now, why is the scare mongering in Africa?

greatdreamer:
Buhari knew this country will disintegrate in next ten years time and he's busying giving out Southwest important assets to chinko people in the name of loan and you are celebrating and mocking others. Time shall tell

Nonsense, even if that should happen, there's nothing built in the southwest that the west cannot repay back.

[quote author= post=92848833]Nigeria is falling into China’s debt trap, Chinese loans, especially in Africa, is a growing concern. Several observers, including some of the United States Representatives, have warned many nations on what they described as Chinese Debt trap diplomacy, as the Asian nation allegedly used finance as a weapon in many developing countries.
nairametrics
Nairametrics
Nairametrics

ECONOMY & POLITICSNigeria is falling into China’s debt trap
Nigeria lacks accountability, transparency, and responsibility to refund its loans, according to Dr Bongo Adi, the Director of Centre for Infrastructure Policy Regulation and Advancement (CIPRA) at the Lagos Business School.
Published 3 months ago on May 21, 2020 By Abiola Odutola Chinese debt trap, Nigerian Economy: Solution To Fixing Buharinomics
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Nine days ago, the House of Representatives mandated some of its committees to investigate all China-Nigeria loan agreements from 2000 to date. The intention of the green chamber here was to ascertain the viability of the facilities, then regularize and renegotiate them, especially as the country is expected to slide into recession this year.

There and then, Ben Igbakpa, one of the legislators, moved a motion on the need to review and renegotiate existing China-Nigeria loan agreements. The motion was adopted.

READ ALSO: Nigerian assets that may be taken over by China

Why it matters…
Igbakpa argued that the agreement should be investigated as there were global concerns about the alleged fraudulent, irregular, and underhand features of Chinese loan contracts with some African countries, which had resulted in a new form of economic colonialism foisted by China.

Meanwhile, Nigeria has obtained 17 Chinese loans to fund different categories of capital projects, and Nigeria will still be servicing the Chinese loans till around 2038, which is the maturity date for the last loans obtained in 2018.

first bank
The lawmakers’ concern is worthy to be considered. Nairametrics found that the history of Chinese loans, especially in Africa, is a growing concern. Several observers, including some of the United States Representatives, have warned many nations on what they described as Chinese Debt trap diplomacy, as the Asian nation allegedly used finance as a weapon in many developing countries.

READ MORE: COVID-19: Could Africa’s Awakening be the Silver Lining?

Victims of Chinese alleged Debt trap diplomacy
Since all Chinese loans are tied to infrastructural developments, some of the African nations have had to forfeit their stakes in the infrastructure, which they used as collateral, after they defaulted. For instance, $7.4 billion of Zambia’s total $8.7 billion foreign debt is owed to China, representing a large debt burden, given the relatively small size of Zambia’s economy. It was reported in late 2018 that the Zambian Government was in talks with China that might result in the total surrender of the state electricity company ZESCO as a form of debt repayment since the country had defaulted on the plethora of Chinese loans for Zambia’s infrastructure projects.
Also, Kenya may soon lose its largest and most lucrative port, Port of Mombasa to its creditor (China) after it defaulted in the refund. This could force Kenya to relinquish control of the port to China.One of the most cited examples of alleged debt-trap diplomacy by China is a loan given to the Sri Lankan Government by the Exim Bank of China to build the Magampura Mahinda Rajapaksa Port and Mattala Rajapaksa International Airport. The state-owned Chinese firms’ China Harbour Engineering Company and Sinohydro Corporation were hired to build the Magampura Port at a cost of $361 million, which was 85% funded by China’s state-owned Export-Import Bank at an annual interest rate of 6.3%. Due to Sri Lanka’s inability to service the debt on the port, it was leased to the Chinese state-owned China Merchants Port Holdings Company Limited on a 99-year lease in 2017.[/quote]"Several observers including the United States....." Do you know how much the United States is owing China? $1.1 trillion, is the U.S now a colony of China?

The west is just wary of Chinese influence in Africa that is part of the reasons for the fear mongering. Most of the Chinese loans are tied to physical projects that can really lift up your country.
Though I am not saying African countries can take loans they have no capacity to repay.
In the case of Nigeria which is my concern, the Chinese loans are nothing like the IMF/world bank slavery which the west gladly gave to Africans.

Newbreed2018:
Take me back to the good old days.





On a serious note am saddened by this Pic just imagine? Is that boy u tied ur wrapper on the neck ur slave?

The buffoonery in this picture is out of this world. This is probably one of the reasons why the military boys thought it was time for them to go.

[quote author= post=92848210]China taking over while you are chasing shadow[/quote]It is myopic to say China is taking over. China also developed with a lot of foreign investors. The chinese gained a lot of new technology and expertise from this experience, Nigerians should learn from this rather than shouting china is taking over! Are they taking over the presidency or the national assembly?

swiz123:
, you of all people should know that this is bad news for the most business inclined tribe in Nigeria. Lagos ports are an extortion ground for your tribe men

Nonsense, it is a very important asset to all business people in Nigeria if you don't allow tribalism to cloud your judgment.

ufotty2001:
Thanks to GEJ for initiating the project..

http://www.factchecknigeria.com/facts/contentious-abuja-kaduna-railway/

https://allafrica.com/stories/200608090927.html

Obj started it.

delpee:
Thanks to GEJ for the initiative and a lot of work done.
Thanks to PMB for continuity.
A big plus for the nation.

Obasanjo started it.

BrownLondon:
Can you explain your second paragraph sir?

That is what uncle Uche told him.

Bkayyy:
Are sure you know what height means. How can a Chinese man of 2.5 feet be talker than Africans that average 5.8 ft.
Besides Nigerians average 5.7 in general, 5.3 on the Yoruba side, 6ft on the Igbo side and 6.1ft on the hausa fulani side

Ipob bureau of statistics.

[quote author= post=92822476]Come to Onitsha and show me how many Chinese own investment here, can you mention one industries in Onitsha own by Chinese I will mention 10 own by Chinese in Ogun[/quote]What is wrong with the Chinese having factories in Ogun state? Did you think the Chinese just woke up one day and transformed itself into a manufacturing giant? Foreign investments have a lot to do with the growth of
China in terms of expanding the economy and technology transfer.
The onus is on the Nigerian government to provide a level playing field for both the foreign and the local investors.
Chasing away the Chinese or foreigners will only hurt you.

Reference:
Wow. Goverment getting down and dirty. In America this is usually the job of the CIA.... extra-judicial, black jobs. One sachel charge and the building is back to sand and gravel.

The they will probably freeze his credit cards, tap his phones and rendition him from his palatial country home protected by motion sensing cold cameras, fierce looking guards and alligator filled moats...in the dead of night by commando style helidrop.

Nigeria is a B-rated motion picture of extremely poor directing.

You watch too much movies.

backnbeta:
The man is wrong, but destroying his house seem a bit harsh to me

He could have been fined, C of O on his land revoked, property seized or something else. He may not recover from this sad episode, albeit he brought it upon himself...

He turned an opportunity to a disaster for himself. He could have gone to court but he allowed his emotions to control him.

Unfortunately he asked for it. Such audacity.

Where's the tape of the interview? DSS is lying.

Ostrich mode; bury your head in the sand and pretend the problem is not really there.

Who was holding the camera?

Multiplier7:
I meant that no citizen can destroy government properties without a reason.

They should find out from him since the name is there for all to see

There are far better ways to deal with this than tearing it down.
What if the entire airport was built on his land? Take the bulldozer to it and ruin it?

Hedonisco:
How can you "forcibly" resist government in a Republic, without going through the law Court?

Abi o, instead of going to court and getting millions of naira from the government he will probably get a jail time now.

RTSC:
Don't mind him.

Look at the Lagos -Ibadan rail. It was done in record time.

Take that project to the east and it will take thrice as long with various parochial interests looking to undermine it.

Truth is bitter. They will hate me but the truth is bitter.

And to be cured of underdevelopment, they must first eat the truth like bitter leaf.

Amaechi alluded to that fact.

lucasalves:
This is why they can't have nice things.

Imagine, if you want to build a factory there you may come back and see it leveled and you wonder why investors are wary of going there.

Dannieln1:
If this certain Arch. John J. Emejulu can destroy a 2km fence then he must be a force to reckon with in Enugu state



Even government cannot arrest but instead giving silly excuses and condemn the act like they always do with killer herdsmen


Useless government.

So, in your wisdom the government is at fault but not the people who tore down the fence?

Multiplier7:
No citizen can dare destroy government properties. Instead of FG to tell us the full story but as usual it was one - sided.

I believe the FG must have encroached on the man's land without compensating him, prompting him to act the way he did.

Following due process on things can go a long way in making this country a better place for everybody. FG should compensate the man, it is his sweat.

You are contradicting yourself. No citizen would do such then you said the government must have encroached on his property.
What is it with tearing down things?

Na wah o. This bulldozer thing is getting too far o.

Tomiwa69:
I Know religion is pushing u from buying to it
The bye-bull has manipulated ur sense of humanism
Lol

This topic borders on the lunatic fringe. I am not interested. So, good luck with your one world government.

Tomiwa69:
Yes
All divisive ideologies will be killed..all barbaric manners of some nations will be killed as we only take orders from the one Government
All countries will av just one constitution
No more sharia..no more constitution that will go against Another human all in the sake if being from Different Country... No discrimination..

Ok, dream on.

Tomiwa69:
U mean u love the happening in the present day earth??

And your phantom one world government will solve all the problems?