$500m loan: No plan to take over Nigeria’s sovereign right — China

The Chinese government says there’s no clause in the $500 million loan it gave to Nigeria that include taking over its sovereignty.

The House of Representatives had in the probe of Chinese loans to Nigeria alleged that the agreements ceded Nigeria’s sovereign right on the assets financed by the loans to China if there was payment default.

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However, the Chinese foreign ministry in a statement debunked the claim saying the country had no such plan

“We follow a “five-no” approach in our relations with Africa: no interference in African countries’ pursuit of development paths that fit their national conditions; no interference in African countries’ internal affairs; no imposition of our will on African countries; no attachment of political strings to assistance to Africa; and no seeking of selfish political gains in investment and financing cooperation with Africa,” the ministry quoted President Xi Jinping, as saying at the FOCAC Beijing Summit in 2018.

The ministry added that “China is committed to enhancing investment and financial cooperation with African countries based on their needs to help them improve infrastructure and extradite socioeconomic development. By funding infrastructure and other areas that lag behind for short of money, we have helped the relevant countries break bottlenecks, enhance their capacity for independent development, realize social and economic sustainable development, and improve people’s livelihood. Such cooperation has delivered tangible benefits to African countries and peoples.

“In the process, China always gives full consideration to debt sustainability and seeks mutually-acceptable proposals through equal and friendly consultations. That is the fundamental reason behind the enormous popularity of China-Africa cooperation in Africa.”