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“Why Nigeria, China Agreement Is Bad Deal” – Oby Ezekwesili

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The former minister of education, Oby Ezekwesili, has condemned the recent loan agreement between China and Nigeria.

It woukd be recalled President Muhammadu Buhari had on Tuesday signed a loan agreement with China at the Forum on China-Africa (FOCAC) 2018 holding in Beijing where the Chinese government pledged to give $60 billion loan facilities to African countries, a quarter of which would be interest-free.

However, in her reaction, Ezekwesili condemned the loan agreement describing it as a bad deal. According to her, Nigerian leaders are being naive in making deals with China.

In a post on her Twitter page, she wrote:

“The Chinese know exactly what they are doing. If you read their Loan Agreements with African countries, you will see how tight they cover their exposure. Meanwhile, our own leaders go there to naively, gleefully and with a huge dose of inferiority complex, sign on to bad deals.

“Chinese attitude to Indebtedness is the hardest in the world. I know, because one had to deal with it in the course of my work at the World Bank, helping African countries to get the HIPC Debt Cancellation.

“It annoys me to no end to see our countries BINGING on Chinese Loans.”

The post “Why Nigeria, China Agreement Is Bad Deal” – Oby Ezekwesili appeared first on LATEST NIGERIAN NEWS BREAKING HEADLINES NEWSPAPERS.

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