Sunday, 2 August 2020

Nigeria's Sovereignty and Chinas Loan Agreement


Victor Adaha | July 31, 2020

LAGOS: The Nigerian House of Representatives recently unraveled lethal clause contained in an agreement between the Nigerian government and the Export-Import Bank of China, it was stated by the House Committee on Treaties and Agreement Chairman, Hon. Ossai Nicholas Ossai as being capable of relinquish the Countrys National Sovereignty.

This clause in the said contract did not come as surprise to many pundits as it has been pointed out in other Countries. In 2018 there was a report of China taking over Sri Lanka's Port over default in loan payments for the construction of the said project, which led to the country signing off in a lease, the Port for a whopping 99 years term to the Chinese.

Shortly after then, another African country was on the news for similar story. This time it was also a palpable fear in the Continent, over Zambia's possible loss of her National Power company to the same Chinese Government.
This has become the trend in most if not all of Chinese loan agreements between them and African countries, where stringent and awkward clauses are made. It has been widely criticized why China must insist on handling projects as a criteria before issuing out loans for such projects, for which the loans are meant to service.

It has been argued that the Chinese by their rules are ensuring the said project monies returns to them, there by building their own economy. It is also been widely alleged that this Chinese State owned firms bring in "import" their staff strength from China even to common positions which could be manned by the host Countries.

 Hence creating job opportunity for their teeming population which is the highest in the world, with over 1.3 billion people.

Making it a winner takes all situation for them (China) which is always at the detriment of the host nations. The Chinese style of doing business has been described as unsustainable and a way of wittingly or unwilling recolonize the African Continent again.

Nigeria which is the most populated black nation on the face of the Earth must watch out or it falls prey to the Chinese antics, which if successful has the capacity to plunge the black Continent into untold hardship and Modern day Slavery.

In recent days the Chinese actions with regards to Hong Kong, if same is melted down on any African Country it can only be imagined. It is so pathetic that the Nigerian government has shown no form of patriotism by voluntarily deciding to aid such, by their reckless abandonment of their oath of office to uphold the nations sovereignty and territory by knowingly willing out the country to the Chinese.