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Nigeria's Buhari defends China, dismisses talk of 'debt trap'

Nigeria's Buhari defends China, dismisses talk of 'debt trap'

Nigeria

<p>Nigerian president Muhammadu Buhari has stressed that the country’s relations with China falls within relevant economic plans of the government and that Nigeria was not being trapped by Chinese money.</p> <p>Buhari who led Nigeria’s delegation to the 2018 Forum for Africa – China Cooperation, <span class="caps">FOCAC</span>; said that the partnership had led to the successful execution of infrastructure projects over the past three years.</p> <p>“Let me use this opportunity to address and dispel insinuations about a so-called Chinese ‘debt trap’. These vital infrastructure projects being funded are perfectly in line with Nigeria’s Economic Recovery & Growth Plan. Some of the debts, it must be noted, are self-liquidating.</p> <p>“Nigeria is fully able to repay all the loans as and when due, in keeping with our policy of fiscal prudence and sound housekeeping,” he added.</p> <h2 style="font-size:16px;">These are some of the records that Buhari made reference to:</h2> <ul> <li>Nigeria-China partnership led to execution of projects valued at over $5 billion between 2015 – 2018.</li> <li>Some projects include: completion and flagging off West Africa’s first urban rail system, valued at $500 million, in Abuja.</li> <li>A 180km rail line that connects Abuja and Kaduna, completed and commissioned in 2016.</li> <li>Nigeria is currently leveraging Chinese funding to execute $3.4 billion worth of projects at various stages of completion.</li> <li>Amongst others: upgrading of airport terminals, the Lagos – Kano rail line, Zungeru hydroelectric power project, and fibre cables for our internet infrastructure, and others.</li> <li>This year, Nigeria signed an agreement for an additional $1billion loan from China.</li> <li>The money is aimed for additional rolling stock for the newly constructed rail lines, as well as road rehabilitation and water supply projects.</li> </ul> <p><img src="https://static.euronews.com/articles/53/28/532809/1024x576_bonus-BuhariFOCAC.jpg" alt="" /></p>
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