Musings From Abroad

China won’t put Nigeria in debt crisis— Consul-General, Yuqing

Published

12 months ago

November 17, 2023

The Chinese Consul-General, Lagos, Nigeria, Yan Yuqing, on Thursday promised that her country would not create a debt crisis in Nigeria and other African countries.

Yuqing made the position known at the 18th China-African lecture held at the Faculty of Arts of the University of Lagos. She reiterated that the partnership between China and African countries was aimed at reducing the poverty level on the African continent.

She said, “China has never been a creator of the debt crisis of African countries. China partners to help African countries to deal with their poverty problems. Under the framework of G20, there is a plan to delay debt repayment and China has contributed more than 60 per cent and done more than other G-20 members. China will never threaten to sanction any African country with recourse to contracts between the two countries.

“The people of Nigeria and China are wonderful, hard-working and friendly. We have very good results in several fields such as infrastructure, trade and investment, education and culture. These are very important parts of our bilateral relationship.”

Applauding the Chinese socialist model, the Dean of the Faculty of Social Sciences, Prof. Adelaja Odukoya noted, “I call that Chinese essentialism. This means they don’t forget their roots and they are very passionate about what they are. Whether you like socialism or not, it is a different thing. If there is any social organisation that takes people from wealth into a superpower, it is the society that practises socialism. We have an example of China. Go back to 1949, where was China then and where is it today? Go back to 1917, where was Russia and where is it today? Capitalist society has done nothing for us in Nigeria.”

China is Africa’s biggest creditor. In April, the Chinese Foreign Ministry Spokesperson, Wang Wenbin urged the United States and other creditors to take seriously their obligations and make more effort to resolve the debt problems in African countries.

Although China is the main creditor to some countries like Zambia, South Africa, and Zimbabwe, Wang argued that “data from the World Bank showed that multilateral financial institutions and commercial creditors hold nearly three-quarters of Africa’s total external debt, creating the biggest debt burden for African countries. which constitutes the biggest source of debt pressure on developing countries”.

The IMF in a 2022 report said 2022 described the near-term outlook for Sub-Saharan Africa as “extremely uncertain”. The Fund warned public debt and inflation were at “levels not seen in decades” and says several countries face “difficult sociopolitical and security situations.”

Several African countries like Zambia, Nigeria, Ghana, Tunisia, and Egypt are grappling with high foreign debt.

Related Topics:China debt burden Featured Nigeria

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Musings From Abroad

Morocco, France seal reconciliation with commercial deals

Published

14 hours ago

October 30, 2024

Ifeoluwa Dada

As the two nations end years of diplomatic hostilities, Morocco signed a number of economic agreements during French President Emmanuel Macron’s state visit to the country, including an agreement to purchase high-speed trains from the French company Alstom on Monday.

In the last three years, Paris and Rabat have had a tense relationship, particularly because of immigration concerns and the disputed Western Sahara region, which Morocco wants to be recognised as Moroccan by the international world.

Macron paved the way for the reunion in July by supporting Morocco’s stance on Western Sahara after treading carefully to avoid upsetting Morocco’s adversary Algeria. Macron is travelling with about 40 business executives and 12 ministers.

Before the contract signing event at the Moroccan royal palace on Monday, Macron and his wife Brigitte were greeted at the airport by King Mohammed VI, who was walking with a cane in an unusual honour for a foreign visitor.

As Morocco looks to extend an existing line farther south to Marrakech by 2030, Alstom of France and Morocco’s rail operator ONCF struck a deal to purchase 12 high-speed carriages and the option for an additional six.

French energy companies Engie and EDF also inked agreements to grow in the renewable energy space, and TotalEnergies inked a hydrogen agreement, though the exact sum was not immediately made public. Additionally, the shipping corporation CMA CGM revealed plans to invest in a port terminal in Morocco.

Although they did not provide a detailed breakdown, French officials stated that contracts for both parties totalled more than 10 billion euros ($10.8 billion).

Additionally, France hoped the visit would ease tensions surrounding immigration, a contentious subject in France where right-wing groups are pressuring the government to return more undesired migrants to nations like Morocco.

To put pressure on these nations to make it easier for those people to return, Paris decided in 2021 to substantially reduce the number of visas it gives to travellers from North Africa.

Musings From Abroad

Ghana: Ahead of elections, US imposes visa restrictions on those ‘undermining democracy’

Published

1 day ago

October 29, 2024

Ifeoluwa Dada

Ahead of Ghana’s December presidential and legislative elections, the United States, on Monday, unveiled a policy restricting visas for those Washington believes are contributing to the country’s democratic decline.

“This visa restriction policy would apply only to specific individuals who undermine democracy and is not directed at the Ghanaian people nor the government of Ghana,” U.S. Secretary of State, Antony Blinken, said in a statement.

Ghana’s track record of stability and peaceful elections since switching to multiparty governance in the early 1990s sets it apart from other countries in West Africa.

The nation’s standing as a secure democracy in a turbulent subregion has been emphasised by rising insecurity and democratic backsliding elsewhere in West Africa.

Up until now, the United States and Ghana have maintained cordial ties based on common views on a wide range of foreign policy matters and expanding counterterrorism collaboration.