Nigeria not in Debt Trap, but Loan Repayment is Expected – China

Nigerians have been promised by the People’s Republic of China that the country will not get into debt because its loans are mutually beneficial.

Mr Cui Jianchun, the People’s Republic of China’s Ambassador to Nigeria, offered this guarantee on Thursday at a seminar in Abuja titled “Learning from the Chinese Communist Party’s History and Creating a Brighter Future,” in response to queries about the benefits of Chinese loans to Nigeria.

But, according to him, it is only natural that when one lends money to a friend or business partner, one considers how to recoup the loan’s worth.

He did, however, express sadness that certain superpowers were portraying China’s goals in a negative light.

“Some politicians have tried to use the new colonial system mindset to say that, ok, if I lend you money, if you cannot pay me back, you will lose your sovereignty

“But I want to let you know that the logic is that first, China loves to do something for Nigeria, not only to help, but it is also beneficial to the two countries.

“For example, the Chinese side can work with Nigeria for the railway station because now, money is a big constraint, just like in 1978, we had no money.

“I had a lot of experience at that time. In China, we did not have money, we did not have technology, and we did not know how to manage the economy.

“But I do believe that now, at this critical time, we need the money to develop this country. We cannot wait for five years, ten years later.

“Sometimes, when we were planting trees for the next generation, some people said we were borrowing money to let the future generation bear the burden.

“Now, this is not true. Every country has to do something for the next generation, otherwise, the country cannot move forward,” Juanchun said.

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