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China denies plotting to “re-colonise” Nigeria through sovereignty-threatening loans

China denies plotting to “re-colonise” Nigeria through sovereignty-threatening loans

Chinese Government has dismissed news making rounds in the media that is plotting to undermine the sovereignty of Nigeria if the country fails to back loans it was given.

The House of Representatives, last week caused a stir when it claimed to have discovered clause in the loan agreement between Nigeria and China which will undermine the nation’s sovereignty.

In a swift reaction, however, the Chinese Foreign Ministry, CFM, yesterday denied that China had such clause in its loan contracts with Nigeria.

Quoting President Xi Jinping speech at the FOCAC Beijing Summit in 2018, the Ministry said; “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; 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.

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“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 behind for short of money, we have helped the relevant countries break bottlenecks, enhance their capacity for independent development, realize 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,” the statement stated

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