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Debt Trap? What Debt Trap? Nigeria Doesn’t Borrow Anywhere Near Enough From China to be Caught in a Trap Says Government

Amid all of the talk of Chinese debt traps and moves by Nigerian legislators to review the past 20 years of loan contracts with China, the country’s Debt Management Office (DMO) in Abuja wants to clarify a few things. The DMO on Friday published a short statement titled “‘Facts about Chinese Loans to Nigeria,” aimed at setting the record straight:

  1. Nigeria currently owes $79.303 billion to foreign creditors.
  2. Of that total, only $3.121 billion, or 3.94%, is owed to China.

The DMO also went on to explain the terms of these loans:

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