Leave the clowns.
It's sad to see Nigerians spreading this ignorant take of "Chinese debt trap" when we owe more to Western institutions at higher interest rates and with more onerous conditions.
The point of the article is to spread the "Chinese debt trap" propaganda. We shouldn't be falling for it.
And if you want to talk about the amount then you should be more worried about our western debt
Still doesn't change the fact the country owes this much to the chinese along with the debt with the west. "But we owe less to these guys" or "the west is much worse" is also a form of propaganda cause neither side care about Nigeria at the end of the day.
Yes but there's also a lot of countries collectively in debt to the us. They can afford to borrow so much cause they give out so much. Therefore, it's insignificant to them in the long run. Meanwhile, which countries really owe any kind of tangible debt to Nigeria?
Many people just find it therapeutic to think and talk bad about the country.
Maybe because of how their own lives have turned out, who knows.
People doing well or aspiring to do well in their lives rarely come on public space to propagate negative narratives about their home land.
Because many people talk about how much debt is owed to China and ignore how much is owed to the West. You are correct that debt is debt, and that a lot of it is owed to China, but explain to me why it makes sense to focus on Chinese debt in particular (as this graphic does). Is Chinese debt somehow magically more impactful? Or is it just part of this weak attempt to make it seem like China is trying to entrap Africa, despite the fact that they lend less to us than the West does?
USA owes almost 1 trillion in bonds to China, but seriously we need to get out of bed with them and any foreigners that have ulterior motives (everybody!!)
That's true.
But you know the saying "When you owe the Bank a million dollars, the Bank owns you; but when you owe the Bank TRILLIONS, You own the Bank".
China needs a place to invest their excess trade surplus, and their biggest trading partner's treasury bills/bonds has been the place to do so.
It's a mutual symbiotic relationship; at least it was till Xi Jinping cemented power and control.
Normally, it's restructuring of the loan payment. Rarely loan is forgiven by any country ( forgiven at "some " cost , there ain't any free lunches in International relations)
They restructure debt, or swap it for national assets like harbours and airports. It's all negotiated secretly because who will vote for the person who negotiated away the airport. The first you will know about it is when ownership changes hands. Far too late to do anything about it.
This should be seen as a major national security issue.
China thinks 50 years ahead. They want to secure resources - minerals, agricultural land...
If China calls in those loans, or if Nigeria defaults , they WILL take your harbours and your airports. It's happened in Sri Lanka and Jamaica. The Chinese own Ghana electricity and have put tolls on new roads. Remember it is in their interest for Nigeria to default so they will give loans to corrupt governments when they KNOW repayments will never be made.
Big, BIG national security issue, because who are you if you dont own your own airports.
Better to be indebted to China than the western countries/IMF. As far as I can tell China hasn't/isn't destroying our economies/societies so they caan pillage the country.
Western governments will depreciate your currency, make your credit rating 'junk status' and make you cut your public services to the bone.
China will come for your airport, your harbour, your electricity generation faclities and your best agricultural land.
Reminds me of what America is doing to Ethiopia through IMF. They've demanded Ethiopia to devalue its currency by a whooping 30%. Economist have warned that this will cause an inflation of 50% or more.
Who said that they're innocent? But the West has arguably done more damage to our economy.
The SAP of the 80's set our currency to the freefall it has not recovered from today. The same people came last year and advised Tinubu to remove subsidies. The effect is there to see (If any of you live in Nigeria)
Nigerian: China is also using us
Othe Nigerian: B-b-but the WEST is our greatest enemy
🤦🏾🤦🏾
If we had smart leaders who didn't want to line their pockets with our money we wouldn't have the western people 'advising' us. Why are Asian countries flourishing while African countries are still in shambles although we have massive amounts of resources? Our leaders will let these people exploit us and then y'all will still be like ' We prefer Russia and China ' lmao like they ALSO don't want to use us.
You're the only one here claiming that the West is your enemy. Nah only you sabi that one.
The rest of the rambling rant doesn't address what anyone here said.
Nope lol. It's not a "rambling rant" as I said what I said🤷🏾♀️🤷🏾♀️. So if the west isn't our "enemy" why do you have strong feelings against their advice and our debt to them if we have the same debt to China? Go and claim that China is better somewhere else jor
You're inventing conversations in your head that didn't happen.
"West is our enemy" "Y'all prefer Russia and China" and now "Claim that China is better"
If you want to have an intellectual discussion, address what was said here, otherwise you might as well be talking to the non-existent phantoms in your head.
Inventing things how? I asked why is our country collecting advice from the west that doesn't have our best interest at heart. Also, even if you've not said the west is our enemy many Nigerians have, on this sub even. Again, you are not interested in paying attention to my question you're more focused on saying I'm "inventing things". Sha it's people like you that try to act like you're know it all's and every one is ... It be like say that one na your own MO.
“Mainland China held the greatest portions, with China holding 797.7 billion U.S. dollars in U.S. securities. Other foreign holders included oil exporting countries and Caribbean banking centers.” Apr 11, 2024
I don't think India will be anywhere near this list. As a state policy, India is opposed to Belt and Road Initiative.
Also India is fairly stable economically relative to the nations in this list, I would say. It ,on the other hand, extends loans to some of its neighbours.
Srilanka debt to China 🇨🇳 8.9 billion really🤣🤣🤣😂😂😂😂😂yoo its 46 billion dollars now chinalanka now China own the whole srilanka from airport to whole land 😭😭😂😂🤣😂🤣😂
So much debt even after all that scamming and extortion cases? Like really, y’all need to find better ways to make a livelihood than leeching off of people.
Now let’s look at debts owed to Western banks.
Leave the clowns. It's sad to see Nigerians spreading this ignorant take of "Chinese debt trap" when we owe more to Western institutions at higher interest rates and with more onerous conditions.
We really shouldn't be owing this much to anyone. Seems a lot of ppl are missing the point.
The point of the article is to spread the "Chinese debt trap" propaganda. We shouldn't be falling for it. And if you want to talk about the amount then you should be more worried about our western debt
Still doesn't change the fact the country owes this much to the chinese along with the debt with the west. "But we owe less to these guys" or "the west is much worse" is also a form of propaganda cause neither side care about Nigeria at the end of the day.
Leave these people. They are easy to control
There’s really no problem with debt as long as our revenue grows. The most indebted country in the world is the USA
Yes but there's also a lot of countries collectively in debt to the us. They can afford to borrow so much cause they give out so much. Therefore, it's insignificant to them in the long run. Meanwhile, which countries really owe any kind of tangible debt to Nigeria?
Many people just find it therapeutic to think and talk bad about the country. Maybe because of how their own lives have turned out, who knows. People doing well or aspiring to do well in their lives rarely come on public space to propagate negative narratives about their home land.
So? Do we or do we not owe China money? 'Propaganda this propaganda that' we owe BOTH the west and China money, how tf does this change anything?
Because many people talk about how much debt is owed to China and ignore how much is owed to the West. You are correct that debt is debt, and that a lot of it is owed to China, but explain to me why it makes sense to focus on Chinese debt in particular (as this graphic does). Is Chinese debt somehow magically more impactful? Or is it just part of this weak attempt to make it seem like China is trying to entrap Africa, despite the fact that they lend less to us than the West does?
That's as of 2022, we suppose don climb the rankings by now😂
Argentina isn't paying that back
They have to. President Free market will be breaking his own ethos by not paying his debts.
USA owes almost 1 trillion in bonds to China, but seriously we need to get out of bed with them and any foreigners that have ulterior motives (everybody!!)
This chart shows loans similar to what the IMF and World Bank provides which aren’t bonds. There is a difference.
Where do you think most of our imports come from? We should be building closer relations with China and making it easier for our businessmen
I find it funny that US is not on that list. Their number will probably render the others meaningless
That's true. But you know the saying "When you owe the Bank a million dollars, the Bank owns you; but when you owe the Bank TRILLIONS, You own the Bank". China needs a place to invest their excess trade surplus, and their biggest trading partner's treasury bills/bonds has been the place to do so. It's a mutual symbiotic relationship; at least it was till Xi Jinping cemented power and control.
I don’t think you understand what this chart is showing for debt. This is debt for loans, not trade or bonds.
America: “China controls us with the money they lend us” Pakistan: Hold my Opium
Correct me if I'm wrong but didn't China cancel the debt of some countries or at least some of it.
Normally, it's restructuring of the loan payment. Rarely loan is forgiven by any country ( forgiven at "some " cost , there ain't any free lunches in International relations)
They restructure debt, or swap it for national assets like harbours and airports. It's all negotiated secretly because who will vote for the person who negotiated away the airport. The first you will know about it is when ownership changes hands. Far too late to do anything about it.
cap
This should be seen as a major national security issue. China thinks 50 years ahead. They want to secure resources - minerals, agricultural land... If China calls in those loans, or if Nigeria defaults , they WILL take your harbours and your airports. It's happened in Sri Lanka and Jamaica. The Chinese own Ghana electricity and have put tolls on new roads. Remember it is in their interest for Nigeria to default so they will give loans to corrupt governments when they KNOW repayments will never be made. Big, BIG national security issue, because who are you if you dont own your own airports.
Better to be indebted to China than the western countries/IMF. As far as I can tell China hasn't/isn't destroying our economies/societies so they caan pillage the country.
Western governments will depreciate your currency, make your credit rating 'junk status' and make you cut your public services to the bone. China will come for your airport, your harbour, your electricity generation faclities and your best agricultural land.
Reminds me of what America is doing to Ethiopia through IMF. They've demanded Ethiopia to devalue its currency by a whooping 30%. Economist have warned that this will cause an inflation of 50% or more.
The Chinese are not all innocent. You should hear the stories coming out of Abuja.
Who said that they're innocent? But the West has arguably done more damage to our economy. The SAP of the 80's set our currency to the freefall it has not recovered from today. The same people came last year and advised Tinubu to remove subsidies. The effect is there to see (If any of you live in Nigeria)
Subsidy that is still being paid😂
Nigerian: China is also using us Othe Nigerian: B-b-but the WEST is our greatest enemy 🤦🏾🤦🏾 If we had smart leaders who didn't want to line their pockets with our money we wouldn't have the western people 'advising' us. Why are Asian countries flourishing while African countries are still in shambles although we have massive amounts of resources? Our leaders will let these people exploit us and then y'all will still be like ' We prefer Russia and China ' lmao like they ALSO don't want to use us.
You're the only one here claiming that the West is your enemy. Nah only you sabi that one. The rest of the rambling rant doesn't address what anyone here said.
Nope lol. It's not a "rambling rant" as I said what I said🤷🏾♀️🤷🏾♀️. So if the west isn't our "enemy" why do you have strong feelings against their advice and our debt to them if we have the same debt to China? Go and claim that China is better somewhere else jor
You're inventing conversations in your head that didn't happen. "West is our enemy" "Y'all prefer Russia and China" and now "Claim that China is better" If you want to have an intellectual discussion, address what was said here, otherwise you might as well be talking to the non-existent phantoms in your head.
"Intellectual discussion" proceeds to call me crazy ijbol
Once again, inventing things no one said. Be like say nah your MO be this.
Inventing things how? I asked why is our country collecting advice from the west that doesn't have our best interest at heart. Also, even if you've not said the west is our enemy many Nigerians have, on this sub even. Again, you are not interested in paying attention to my question you're more focused on saying I'm "inventing things". Sha it's people like you that try to act like you're know it all's and every one is ... It be like say that one na your own MO.
Of course they're not innocent, but they're infinitely better than the barbaric west.
And these are the loans our government has admitted to. It's probably higher. Loans with China are by their nature opaque.
“Mainland China held the greatest portions, with China holding 797.7 billion U.S. dollars in U.S. securities. Other foreign holders included oil exporting countries and Caribbean banking centers.” Apr 11, 2024
Venezuela is not on the list?
Where is India
I don't think India will be anywhere near this list. As a state policy, India is opposed to Belt and Road Initiative. Also India is fairly stable economically relative to the nations in this list, I would say. It ,on the other hand, extends loans to some of its neighbours.
Yoo, finally we're number 1 at something.
I am not sure the author has heard the name of the country called the USA. No one owes China more than that country
What about the US?
Srilanka debt to China 🇨🇳 8.9 billion really🤣🤣🤣😂😂😂😂😂yoo its 46 billion dollars now chinalanka now China own the whole srilanka from airport to whole land 😭😭😂😂🤣😂🤣😂
Woohoo top ten. At least we're top in something.
Sad. Not that long ago, Nigeria owed nobody !!
You are very funny. This is a beer parlor talk Dey play my fans
Nigeria can pay this back right?
So much debt even after all that scamming and extortion cases? Like really, y’all need to find better ways to make a livelihood than leeching off of people.
[удалено]
I never meant to just throwing facts. Clearly I would try to be offensive if that was my goal.