Wednesday, 5 September 2018

President Buhari Denies Chinese Debt Trap Claims


President Muhammadu Buhari has dismissed claims that Nigeria’s business partnership with China could be a Chinese ”debt trap” for the country.

The Nigerian leader is attending the 2018 Beijing Summit of the Forum on Africa-China Cooperation, where he signed a new loan of $328m.

But critics say that the loan is a debt trap that could land Nigeria’s economy in trouble.

However, speaking on Tuesday at an FOCAC roundtable meeting, attended by African leaders and Chinese President Xi Jinping, Buhari said Nigerians had no reason to be worried.

"Let me use this opportunity to address and dispel insinuations about a so-called Chinese debt trap, he said.

"I am happy to note that Nigeria’s partnership with China through #FOCAC has resulted in the execution of critical infrastructure projects valued at more than $5 billion, over the last three years,” he added.

"We have completed and flagged off West Africa’s first urban rail system, valued at $500 million, in Abuja. Before then was the 180km rail line that connects Abuja and Kaduna, completed and commissioned in 2016, and running efficiently since then.”

He assured Nigerians that the projects will in no time generate profits.

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