US accuses China of influencing Nigeria with loans

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    The United States has accused China of influencing Nigerian government with Chinese loans.

    China offered sub-prime financing for various infrastructure projects in the country. This was cited in the Integrated Country Strategies document by the US Department of State.

    The document was initially accepted on April 6, 2022, but was reviewed and amended on June 23, 2023.

    The document read: “Meanwhile, China offers sub-prime financing for a range of infrastructure projects, with the potential to add unnecessarily to Nigeria’s debt burden and increase Chinese influence over the Nigerian government.”

    Wakadaily earlier reported that Nigeria owed the Exim Bank of China $4.34bn as of March 2023.

    The Nigerian Government had sought loan facilities from Chinese lenders to implement several infrastructural projects, including standard gauge rail lines.

    The document titled, ‘Status of Chinese loans as at September 30, 2021’, the DMO disclosed that 15 projects were funded with Chinese loans. Four of the 15 projects were rail-related.

    The US, in its Integrated Country Strategies document, also faulted the political and economic system in the country.

    It said: “Nigeria’s fundamental problem is patronage-based political and economic decision making, with little to no coordination between relevant ministries, and a disempowered civil service that does not sufficiently advise the Federal Government or sustain policy objectives over multiple administrations.

    “Political and economic elites lobby for policy decisions that favour their short-term personal interests rather than the longer-term stability and unity of the state.”

    Queen Ferry
    Queen Ferry
    Chinyere Treasure Ikechukwu known professionally as Queen Ferry, is a Nigerian business Executive, Journalist and Content Editor. She serves as the Vice-Chairman of Naijatraffic Limited. If Treasure is not blogging, she will be making delicious delicacy.

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