Lol! See my people, see jubilation over China-Nigeria deal. Nigerians are jubilating over $2b loan from China and the so called Yuan trading deal. It is not unusual for people to jubilate over food that will hurt their stomach, but it is unfortunate to see medical doctors celebrating agbo jedi.

China want to borrow us 2 billion dollars, but they want to give us in Yuan and not the dollar itself. They are not handling us cash, but service exchange; meaning if we want to buy iron rod, we buy it from Chinese company and they pay the company on our behalf. If we want to construct railway, they will construct it for us and take the money out of the loan. In the end, we are bound to award contracts to them, cutting out competition from others and fairplay to others(non Chinese company can't bid or compete to reduce the cost.) They get to value the contract and determine the price, meaning they can sell something worth 200 Naira for N2000 and we don't have a choice 'cos it is on credit.

The worst of it is that China want us to pay back in dollars, that is not all, we are moving our foreign reserve to fake currency(Yuan) a currency that is manipulated openly by the Chinese government. Did anyone ask Lamido Sanusi what happened to some of our reserve he moved to Yuan few years ago? They sold us Yuan at 4 to a dollar, only to devalue their currency few weeks latter to 9 Yuan per $.
Many Nigerians don't know that even Chinese company don't want yuan, nobody want it, Chinese foreign reserve is in dollars, China is the largest holder of US bond, they want dollars by all means.

Also, China have more lobbyists in Washington DC than any other nations on earth, begging Washington politicians to always make policy in their favour, how can such country save us from USD?

Has anyone asked why China hasn't built any refinery in Nigeria?? They have the money, they want the profit, but never did it.
If China does anything against Washington interest in Nigeria, USA have too much political power over China, they will just tell them not to do it. China will continue to inflate the contract price, refuse to complete the project and deceive us further.
I don't blame Chinese leaders for trying to scam us, I blame our leaders for not being smart enough. What do you expect when you have political hacks negotiating on behalf of Nigeria against smart professionals from China.

I was thinking Nigeria political leaders will do research about Chinese lobbyists in Washington and understand the interest they are protecting before believing in Chinese version of Trojan horse.

We are the only one that can help ourselves, let's implement true federalism system and free market. Development is a culture and not a product, we can't buy it no matter how much money we have or borrow.

1. It is not unusual for people to jubilate over food that will hurt their stomach, but it is unfortunate to see medical doctors celebrating agbo jedi.

2. China want to borrow us 2 billion dollars, but they want to give us in Yuan and not the dollar itself. They are not handling us cash, but service exchange; meaning if we want to buy iron rod, we buy it from Chinese company and they pay the company on our behalf. If we want to construct railway, they will construct it for us and take the money out of the loan. In the end, we are bound to award contracts to them, cutting out competition from others and fairplay to others(non Chinese company can't bid or compete to reduce the cost.) They get to value the contract and determine the price, meaning they can sell something worth 200 Naira for N2000 and we don't have a choice 'cos it is on credit.

3. The worst of it is that China want us to pay back in dollars, that is not all, we are moving our foreign reserve to fake currency(Yuan) a currency that is manipulated openly by the Chinese government. Did anyone ask Lamido Sanusi what happened to some of our reserve he moved to Yuan few years ago? They sold us Yuan at 4 to a dollar, only to devalue their currency few weeks latter to 9 Yuan per $.

4. Many Nigerians don't know that even Chinese company don't want yuan, nobody want it, Chinese foreign reserve is in dollars, China is the largest holder of US bond, they want dollars by all means.


5. Also, China have more lobbyists in Washington DC than any other nations on earth, begging Washington politicians to always make policy in their favour, how can such country save us from USD

We are the only one that can help ourselves, let's implement true federalism system and free market. Development is a culture and not a product, we can't buy it no matter how much money we have or borrow

cc ajepako, lalasticlala, mynd44

I pity the #SaiBuhariBrigade.

Knowledge truly is power. If only Buhari understood the harm inherent in the so called agreement he would have fled China as Moses did Egypt.

Now our future had been enslaved because of the ignorance of one man.

The economy is not like classroom mathematics that has well defined formulae. As far as I know, there is no financial decision that doesn't come with risks, its just a matter of weighing up the benefits against the risk.
Right now the dollar is threatening to strangle the life out of our young, inexperienced economy, the US has for reasons best known to them decided to boycott our oil, inflation is going up at astronomical rates.
Isn't it natural and expected that a smart President would seek options elsewhere? Are we supposed to go on our knees begging the US government for more loans, or policies that would favour us?

They say he who pays the piper will dictate the tunes. If we run to China to give us a loan and they say these are our terms & conditions, it is left to us to either accept or look elsewhere. What happens when you have no choice?

The fact is, there is no single life decision without pros and cons.

searchng4love:

1. It is not unusual for people to jubilate over food that will hurt their stomach, but it is unfortunate to see medical doctors celebrating agbo jedi.

2. China want to borrow us 2 billion dollars, but they want to give us in Yuan and not the dollar itself. They are not handling us cash, but service exchange; meaning if we want to buy iron rod, we buy it from Chinese company and they pay the company on our behalf. If we want to construct railway, they will construct it for us and take the money out of the loan. In the end, we are bound to award contracts to them, cutting out competition from others and fairplay to others(non Chinese company can't bid or compete to reduce the cost.) They get to value the contract and determine the price, meaning they can sell something worth 200 Naira for N2000 and we don't have a choice 'cos it is on credit.

3. The worst of it is that China want us to pay back in dollars, that is not all, we are moving our foreign reserve to fake currency(Yuan) a currency that is manipulated openly by the Chinese government. Did anyone ask Lamido Sanusi what happened to some of our reserve he moved to Yuan few years ago? They sold us Yuan at 4 to a dollar, only to devalue their currency few weeks latter to 9 Yuan per $.

4. Many Nigerians don't know that even Chinese company don't want yuan, nobody want it, Chinese foreign reserve is in dollars, China is the largest holder of US bond, they want dollars by all means.


5. Also, China have more lobbyists in Washington DC than any other nations on earth, begging Washington politicians to always make policy in their favour, how can such country save us from USD

We are the only one that can help ourselves, let's implement true federalism system and free market. Development is a culture and not a product, we can't buy it no matter how much money we have or borrow

cc ajepako, lalasticlala, mynd44

Well we can only brace up for the storm ahead..

Any country dealing with dubious china need their full economic and intellectual wit intact..

l will keep my fingers cross and hope we wether this..

samogconsu:
Lol! See my people, see jubilation over China-Nigeria deal. Nigerians are jubilating over $2b loan from China and the so called Yuan trading deal. It is not unusual for people to jubilate over food that will hurt their stomach, but it is unfortunate to see medical doctors celebrating agbo jedi.

China want to borrow us 2 billion dollars, but they want to give us in Yuan and not the dollar itself. They are not handling us cash, but service exchange; meaning if we want to buy iron rod, we buy it from Chinese company and they pay the company on our behalf. If we want to construct railway, they will construct it for us and take the money out of the loan. In the end, we are bound to award contracts to them, cutting out competition from others and fairplay to others(non Chinese company can't bid or compete to reduce the cost.) They get to value the contract and determine the price, meaning they can sell something worth 200 Naira for N2000 and we don't have a choice 'cos it is on credit.

The worst of it is that China want us to pay back in dollars, that is not all, we are moving our foreign reserve to fake currency(Yuan) a currency that is manipulated openly by the Chinese government. Did anyone ask Lamido Sanusi what happened to some of our reserve he moved to Yuan few years ago? They sold us Yuan at 4 to a dollar, only to devalue their currency few weeks latter to 9 Yuan per $.
Many Nigerians don't know that even Chinese company don't want yuan, nobody want it, Chinese foreign reserve is in dollars, China is the largest holder of US bond, they want dollars by all means.

Also, China have more lobbyists in Washington DC than any other nations on earth, begging Washington politicians to always make policy in their favour, how can such country save us from USD?

Has anyone asked why China hasn't built any refinery in Nigeria?? They have the money, they want the profit, but never did it.
If China does anything against Washington interest in Nigeria, USA have too much political power over China, they will just tell them not to do it. China will continue to inflate the contract price, refuse to complete the project and deceive us further.
I don't blame Chinese leaders for trying to scam us, I blame our leaders for not being smart enough. What do you expect when you have political hacks negotiating on behalf of Nigeria against smart professionals from China.

I was thinking Nigeria political leaders will do research about Chinese lobbyists in Washington and understand the interest they are protecting before believing in Chinese version of Trojan horse.

We are the only one that can help ourselves, let's implement true federalism system and free market. Development is a culture and not a product, we can't buy it no matter how much money we have or borrow.

Another illiterate on the prowl

Rubbish analysis ...

Who be dis one again 4 Christ sake!

samogconsu:
Lol! See my people, see jubilation over China-Nigeria deal. Nigerians are jubilating over $2b loan from China and the so called Yuan trading deal. It is not unusual for people to jubilate over food that will hurt their stomach, but it is unfortunate to see medical doctors celebrating agbo jedi.

China want to borrow us 2 billion dollars, but they want to give us in Yuan and not the dollar itself. They are not handling us cash, but service exchange; meaning if we want to buy iron rod, we buy it from Chinese company and they pay the company on our behalf. If we want to construct railway, they will construct it for us and take the money out of the loan. In the end, we are bound to award contracts to them, cutting out competition from others and fairplay to others(non Chinese company can't bid or compete to reduce the cost.) They get to value the contract and determine the price, meaning they can sell something worth 200 Naira for N2000 and we don't have a choice 'cos it is on credit.

The worst of it is that China want us to pay back in dollars, that is not all, we are moving our foreign reserve to fake currency(Yuan) a currency that is manipulated openly by the Chinese government. Did anyone ask Lamido Sanusi what happened to some of our reserve he moved to Yuan few years ago? They sold us Yuan at 4 to a dollar, only to devalue their currency few weeks latter to 9 Yuan per $.
Many Nigerians don't know that even Chinese company don't want yuan, nobody want it, Chinese foreign reserve is in dollars, China is the largest holder of US bond, they want dollars by all means.

Also, China have more lobbyists in Washington DC than any other nations on earth, begging Washington politicians to always make policy in their favour, how can such country save us from USD?

Has anyone asked why China hasn't built any refinery in Nigeria?? They have the money, they want the profit, but never did it.
If China does anything against Washington interest in Nigeria, USA have too much political power over China, they will just tell them not to do it. China will continue to inflate the contract price, refuse to complete the project and deceive us further.
I don't blame Chinese leaders for trying to scam us, I blame our leaders for not being smart enough. What do you expect when you have political hacks negotiating on behalf of Nigeria against smart professionals from China.

I was thinking Nigeria political leaders will do research about Chinese lobbyists in Washington and understand the interest they are protecting before believing in Chinese version of Trojan horse.

We are the only one that can help ourselves, let's implement true federalism system and free market. Development is a culture and not a product, we can't buy it no matter how much money we have or borrow.

Who dollar don epp?
This policy direction of this government is a welcomed development to deal direct with the south eastern Asian countries especially China because the west are always in it for themselves too.

China's relationship is distinguished by the fact that their loan come in as FDIs plugged to capital projects supervised by the owner of the money (China). Unlike the western world, they only give us loans in form of poverty intervention fund or structural adjustment programme without having oversight Birdseye view of projects. Thus politicians and theiving civil servants end up stealing the money.

The question for you is: would you prefer IMF loans with hidden porks or a Chinese loan managed by the Chinese themselves for the execution of capital projects while creating jobs in the real-sector?

First of all u don't know what Buhari went to do in China
No loan agreement was signed ( don't u people even read??)

And what was signed is the currency swap deal. .. Which means u don't need to by goods from China in dollars u can use yarn.. ...

Oya what's bad in that??