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China and African Debt - A short thread
Continuing a 30-year tradition, the Chinese Foreign Minister began his year with a trip to Africa. There is no better indication of the importance China attaches to its relationship with the continent. 1/
Continuing a 30-year tradition, the Chinese Foreign Minister began his year with a trip to Africa. There is no better indication of the importance China attaches to its relationship with the continent. 1/
Which is why it is so disappointing that very little of note was achieved. Up to now, Africa has suffered more from the economic fallout of the pandemic. Debt servicing and a liquidity crunch has backed us against the wall and one would have expected this to be addressed. /2
China’s role in Africa’s current debt crisis is limited to a few countries – but those few countries have such an outsized role in their sub-regions that any default event there could end up having a domino effect elsewhere in Africa. 3/
As of 2015 when Goodluck Ebele Jonathan handed over power to @MBuhari, our Debt was at $65Bn without any feasible infrastructure or anything that you can hold unto, that @OfficialPDPNig did. From 2015 to 2019, @MBuhari government incurred a debt of $16Bn.
@MBuhari @OfficialPDPNig With $16Bn debt, railways are being builts, roads the same, 2nd Niger Bridge, Mambila power etc. What exactly did PDP and GEJ use the $65Bn they borrowed to do? Olusegun Obasanjo is an hypocrites
@MBuhari @OfficialPDPNig @atiku will then come on media and say he cannot stand and watch Buhari borrow $29Bn. If not for the #ParisClub that saved Nigeria, OBJ and Atiku has already sold us completely.
