China - No plan to take over Nigerian sovereign right amid $500m loan

Chinese foreign minister Wang Yi addressing audience
ES
Ernest Sunday

The Chinese government has stated that it has no plan to take over the sovereignty of Nigeria, saying its $500m loan to the African country has no clause.

The loan which worth $500 million was given to Nigeria when it was seeking financial assistance to build airport terminals in Lagos, Abuja, Port Harcourt and Kano in 2012.

There was a rumour which alleged that the agreement for the loan included Nigeria’s sovereign right on the assets financed by the loans to China if there was payment default.

The Chinese House of Representative has stepped up to deny the claim saying the country had no plan for that.

“We follow a “five-no” approach in our relations with Africa: no interference in African countries’ pursuit of development paths that fit their national conditions,"  says Chinese foreign minister Wang Yi.

"No interference in African countries’ internal affairs; no imposition of our will on African countries; no attachment of political strings to assistance to Africa; and no seeking of selfish political gains in investment and financing cooperation with Africa,” the ministry quoted President Xi Jinping, as saying at the FOCAC Beijing Summit in 2018.

The ministry added that “China is committed to enhancing investment and financial cooperation with African countries based on their needs to help them improve infrastructure and extradite socioeconomic development.

"By funding infrastructure and other areas that lag for short of money, we have helped the relevant countries break bottlenecks, enhance their capacity for independent development, realise social and economic sustainable development, and improve people’s livelihood. "

"Such cooperation has delivered tangible benefits to African countries and peoples.

“In the process, China always gives full consideration to debt sustainability and seeks mutually-acceptable proposals through equal and friendly consultations."

"That is the fundamental reason behind the enormous popularity of China-Africa cooperation in Africa.”

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