Follow CGSP on Social Media

Listen to the CGSP Podcast

The China Debt Story in Nigeria Makes Headlines Even When It Shouldn’t

by Eric Olander
Tuesday news headline from the popular Nigerian news site Legit.

Nigeria marked an important milestone this week when its total public debt topped 49 trillion naira or $108 billion. Curiously, the editors at the popular online news site Legit thought that the country’s $4.15 billion debt to China was worth mentioning in the story’s headline.

The reason this is odd is because Chinese loans account for just 3.8% of Nigeria’s total public debt, whereas in the past two months alone, the Federal Government borrowed $4.6 billion from elsewhere to plug its ballooning budget deficit.

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

OR

Already a subscriber? Log in Click Here to Learn More

You Might Like

Ghana Tries to Defend Itself Against Debt Critics

The Ghanaian Finance Ministry is angrily refuting recent reports by Bloomberg News reflecting the increasingly widespread perception in the global financial community that the country is now over-extended and facing debt distress. ‘There ...

Sri Lanka Caught in the Middle of China and India’s Geopolitical Rivalry

Get a daily email packed with the latest China-Africa news and analysis. Read exclusive insights ...

With Prices Low Again, China To Go on Another Oil Buying Binge That Will Help Some African Countries More Than Others

China’s Ministry of Commerce is going to allow private companies and other “non-state entities” to buy 20% more oil next year in a move that will be enthusiastically welcomed ...

What is The China-Global South Project?

Independent

The China-Global South Project is passionately independent, non-partisan and does not advocate for any country, company or culture.

News

A carefully curated selection of the day’s most important China-Global South stories. Updated 24 hours a day by human editors. No bots, no algorithms.

Analysis

Diverse, often unconventional insights from scholars, analysts, journalists and a variety of stakeholders in the China-Global South discourse.

Networking

A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.

Subscribe