₦airaland Forum

BY Maxwell Adeyemi Adeleye
In the words of Adetomiwa (2016), development is a culture and not a product. We can’t buy development no matter how much money we have or borrow. Today, some section of the country are jubilating that freedom has come. They are happy that God, through the republic of China, is about to deliver them from the formidable hegemony of US. They are happy and they want everybody to be happy.
However, let me as a citizen of Nigeria say that I have an objection. I don’t just jubilate because people are jubilating. I censor why people jubilate before I choose to jubilate or walk away. Therefore, on the China-Nigeria forex deal, I am of the opinion that the media handlers of President Buhari are just taking the ignorance of the large population of Nigerians for granted and some who are well lettered to know the truth are not talking; apparently, they don’t want to offend some certain interests.
Let me say equivocally that nothing goes to the developing nations from developed nations free of charge. Any President taking foreign loan is not helping his people. That is the rule in international political economy. The more we borrow, the more pauperized we become; the more we subject our citizens to slavery and economic bondage; the more we subject the independent and sovereignty of our country to foreign encroachment.
Simply put, according to the empirically analyzed and well-critiqued Marxist Perspective to the study of international political economy, a foreign loan or foreign aide is defined as an instrument which the Developed Nations have consistently been using institutionally, to colonize or neo-colonize the Developing Nations. That is Foreign loan is a tool being used by developed nations to colonize developing sovereign nations.
Consequently I am saying without any fear or favour that I refuse to be carried away by the current media conspiracy from the Nigerian presidency. China, like other western hegemonies, is not a Father Christmas. China wants to lend Nigerian government two billion dollars, but they want to give us in Yuan and not the dollar itself. How sensible is that?
More also, let it be on record that China is not handling cash to Nigeria. What they want to do is what is called “service exchange” in international market; meaning that if we want to buy stove, we buy it from Chinese company to be recommended by Chinese government and they pay the company on our behalf.
If we want to construct railway, they will construct it for us. All the equipment to be used are to be made in China. The contract must be executed by a Chinese firm. Chinese government is to pay the contractors. We are bound to award contracts to them. Non-Chinese firms can’t bid or compete to reduce the cost.
Also, as equally posited by a social commentator, Tomi Adetomiwa, Chinese government values the contract and determine the price. The implication of this is that they can sell something worth N300 for N300 and we don’t have a choice than to accept. The fact is that the $2billion loan is still in China. A dime will not leave their economy. The money remains with China. N1 will not enter Nigeria market from it.
Furthermore, the worst of it is that China want us to pay back the loan in dollars and not yuan. And we are to move part of our foreign reserve to Yuan, a currency that is manipulated openly by the Chinese government. Sometime ago, during the reign of Lamido Sanusi as CBN Governor, China sold us Yuan at 4 to a dollar, only to devalue their currency few weeks latter to 9 Yuan per 1 $.
Many Nigerians are presently jubilating not knowing that they are celebrating their oppressors. Many do not know that even Chinese companies don’t want yuan. They transact their businesses in dollar. The funniest part of this scenario is that Chinese foreign reserve is in dollars, not yuan, yet China want us to move part of our foreign reserve to Yuan. What a contradiction! For the records, China, as at today, remain the largest holder of US bond in the international financial market. I stand corrected.
I also found out that China has more lobbyists in Washington DC, the capital of United States, than any other nation on the surface of earth, begging and pleading with Washington political gladiators to always make policy in their favour. Now, country people, how can such a country save us from the hegemony of American dollar? Why do we like to be pushed without questioning the oppressors that are masquerading as saviors?
The reality is that China can not do anything against the interest of America in Nigeria. America weigh too much political power over China. China will continue to inflate the contract price, refuse to complete the project and deceive us further. Isn’t funny that the country (China) whose foreign reserve is domicile in dollar want us to change part of our reserve to yuan?
Lastly, I don’t blame Chinese leaders for trying to encroach Nigeria, I blame our leaders for not being smart enough. I blame those interested in media propaganda than facing the reality. On this note, I posit that only Nigeria can help Nigerians. The solution to the economic militating against Nigeria is not foreign loan. The more foreign loan we take the more poorer we become. Nigerian government should implement true federalism system and make our market economy open and free in all ramifications. You cannot regulate and deregulate. I so submit.
Maxwell_adeleye@yahoo.com
+2358184397228
https://www.nairaland.com/3049809/nigeria-china-forex-deal-aid

Uncle you made some points which in my opinion that's how Nigeria supposed to be receiving loans, had been previously recent loans were treated thus way atleast we would have move somewhere but still stagnant. Let it be a law no loan will be secured cash again but the service. Previous government's loan ends in individual pockets.

Ftc!

So wetin mak we do nw, PMB don do am him don do am. We can wail abt dt later.

@abumaryam1
Na wa for u o, na me first comment o. Mak i just modify na in u jump enter my front. Chei! Tiger finger na in u get o!

@OP, u're just stating facts dat are already known. What do u want PMB 2 do under d situatn we find ourselves? We know nothing good comes free, dere is no free lunch in Freetown, yes, but if we keep thinking like dis we will loose more. Don't u also know China is taking a risk accepting this deal, cos as it is now, it pays Nigeria on d Short run dan China. We need 2 seek help 4rm countries who are willing 2 help us, we can't rescue ourselves, especially with this era of fall in oil prices.

dahmie2013:
@OP, u're just stating facts dat are already known. What do u want PMB 2 do under d situatn we find ourselves? We know nothing good comes free, dere is no free lunch in Freetown, yes, but if we keep thinking like dis we will loose more. Don't u also know China is taking a risk accepting this deal, cos as it is now, it pays Nigeria on d Short run dan China. We need 2 seek help 4rm countries who are willing 2 help us, we can't rescue ourselves, especially with this era of fall in oil prices.

You towed my line of thought and will further add to your submission.

The OP failed to profer solution as to what PMB should have done. That's why I hate a one-line post like this that focuses on negativity and condemnation without offering way-out.

Further, OP wrote authoritatively as someone with knowledge of the details of the trade, currency swap and loan deal agreement. Even reputable international and local financial bodies and media houses do not. So, why is he trying to misinform the people.

His write up is what I call "beer parlour" article which is highly superficial and packaged to satisfy the solipsis and narcissistic interest of the writer. I am not a partisan person but I believe in fairness, equity and objectivity. Try and be more deep, fair, and true nationalistic in your write up as nation building is a collective effort.

Dear OP, I will like to ask you...

Will Nigeria be bound to buy everything and anything from China even when we what you use our own money?

Like if we ask them to supply us stoves and they tell us it 3 naira...will we not be able to use our own carry go buy from where it is 2 naira or 1 naira?

The mistake some of us made in the last administration is panning out again...we erroneously think that once the government in power fails we are good since we don't share the same ideas with then.

We need to begin to see the failure of governments at all levels as the failure of all Nigerians both living and the yet unborn.
We must therefore support when they do what is right and criticise constructively when they err.

What's wrong with China selling everything to us?

Last i checked apart from imitated shoes Nigeria does not produce shyte


What's wrong with China doing our construction works (while employing local labor)

Last i checked our contractors run away with our money after their pàdípàdí connection deals a good and recent example is 2nd Niger Bridge



Anything China does with Nigeria, any deals Buhari made with China is fine with me, You people can write all the negatives you want

But I believe Buhari has taken advice from foreign economic organizations and even at home the budgetary and economic teams would have examined the pros and cons


Anything else from any blogger is Bullshyt

Coolcash1:
You towed my line of thought and will further add to your submission.

The OP failed to profer solution as to what PMB should have done. That's why I hate a one-line post like this that focuses on negativity and condemnation without offering way-out.

Further, OP wrote authoritatively as someone with knowledge of the details of the trade, currency swap and loan deal agreement. Even reputable international and local financial bodies and media houses do not. So, why is he trying to misinform the people.

His write up is what I call "beer parlour" article which is highly superficial and packaged to satisfy the solipsis and narcissistic interest of the writer. I am not a partisan person but I believe in fairness, equity and objectivity. Try and be more deep, fair, and true nationalistic in your write up as nation building is a collective effort.

U just hit d nail on d head! We have 2 be objective here.

DonBobes:
@abumaryam1
Na wa for u o, na me first comment o. Mak i just modify na in u jump enter my front. Chei! Tiger finger na in u get o!

Eyya try harder next time