Country: Nigeria
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Nigeria’s Future Railway Engineers Are Being Trained in China
While China's new railways in Africa are generating a lot of excitement there's also an equal amount of concern over who will maintain this new infrastructure once Chinese contractors handover the project to local stakeholders. In Nigeria, it's going to be ...
Buhari: China Reversing Nigeria’s Infrastructure Deficit
President Muhammadu Buhari lauded China's contributions to help Nigeria finance and build badly-needed infrastructure. "China's playing a great role in reversing Nigeria’s infrastructural deficit," he said in a statement following a farewell meeting on Tuesday with outgoing Chinese Ambassador Zhou Pingjian (photo). ...
OPay’s Failure Prompts Reflection in Nigeria’s Tech Community
Last week's announcement by the Chinese-owned Nigerian-based e-commerce and payments company OPay to suspend four of its services (ORide, OTrade, OCar, OFood) caught a lot of people by surprise. After raising an impressive $170 million in a Series B funding round last fall from some ...
Another High Profile Chinese Ambassador in Africa to Leave Soon
China's Ambassador to Nigeria, Zhou Pingjian, is making the rounds this week to say good-bye to officials in Abuja ahead of his planned departure. Ambassador Zhou is the third high profile Chinese envoy to rotate out of their post in Africa following this spring's departure ...
COVID-19 Crisis Sparks New Drive in Africa to Reduce Dependency on Chinese Imports and Boost Local Manufacturing
The disruption to global trade due to the COVID-19 outbreak and high levels of dependency on imported Chinese goods are prompting policymakers in a growing number of African countries to develop new initiatives that aim to boost local manufacturing. Uganda Wants ...
See What Happens When You Start to Talk Openly and Honestly About Chinese Debt?
Last week the Nigerian Debt Management Office (DMO) published a refreshingly simple and transparent summary of the country's borrowing from China that included detailed information on how much the country owes, the terms and what the money's being used for. This is not something we've ...
South Africa FM: Debt is the Hippo Eating the Next Generation’s Inheritance
South African Finance Minister Tito Mboweni issued a dire warning to the parliament on Wednesday about the country's debt crisis. With South Africa's debt-to-GDP levels breaking new records this year and forecast to grow to 82% in the next few months, Minister Mboweni compared the debt ...
Amid Rising Fears Over Debt, Government Tries to Reassure Public That China Will Not Seize Assets
This year's dramatic fall in oil prices combined with the federal government's move to take on billions of dollars in new loans in the midst of an ongoing economic crisis is prompting widespread anxiety in Nigeria. Those concerns were further amplified this week when the country's Debt ...
A Chinese Debt Trap in Nigeria? Hardly!
Back in May, the online Nigerian financial news site Nairametrics ran an article with the frightening headline: "Nigeria is falling into China’s debt trap." This, of course, is nothing new. Many Nigerians, along with countless others across Africa, now firmly believe that China ...
One of the First Classes of Nigerian Railway Engineers Graduates From University in China
One of the first classes of Nigerian railway engineers graduated this weekend from China's Central South University (中南大学）in Hunan and will soon return to help manage the new Chinese-built railways back home. ...
Lots of Confusion Over Nigeria’s Debt Profile
Washington, D.C.-based Eurasia Group Africa Practice Director Amaka Anku sought to clarify a key point of confusion that emerged last week, when the Nigerian Ministry of Finance released a report stating that the country's debt servicing costs was equivalent to all of the revenue generated by the ...
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 ...