Foreign Loans: China Is A Better Ally For Africa Than US, UK, Others Western Countries –Nigeria's Vice President, Osinbajo

Osinbajo, who stated this at King's College London, on Monday, on China's Investment in Africa, revealed that Africa needs the loans and infrastructure that China provides, maintaining that China shows up where and when the West will not show up or are reluctant to do so.

Nigeria's Vice President, Prof Yemi Osinbajo has openly said that African countries see the Peoples Republic of China as a better ally regarding foreign loans than the West.

Osinbajo, who stated this at King's College London, on Monday, on China's Investment in Africa, revealed that Africa needs the loans and infrastructure that China provides, maintaining that China shows up where and when the West will not show up or are reluctant to do so.

Recalling the memory of the destructive conditionalities of the Brenton Woods loans, which he described as still fresh, Osinbajo, a professor of law stated that most African countries are rightly unapologetic about their close ties with China.

According to him, China has remained the largest provider of foreign direct investment that supports hundreds of thousands of African jobs.

Osinbajo reminded the West that China is lending Africa with 5% while the Western countries and institutions lend with 23% which is outrageous when compared together.

He stated, "$254 billion in 2021, about four times the volume of US - Africa trade. China is the largest provider of foreign direct investment, supporting hundreds of thousands of African jobs.

"This is roughly double the level of US foreign direct investment. China remains by far the largest lender to African countries. Chinese companies have also taken the lead in exploiting minerals in Africa, many now in lithium mining in Mali, Ghana, Nigeria, DRC, Zimbabwe and Namibia.

"Most African countries are rightly unapologetic about their close ties with China. China shows up where and when the west will not or are reluctant. And many African countries are of the view that the beware of the Chinese Trojan loans advise form the west is wise but probably self-serving. Africa needs the loans and the infrastructure. And China offers them. In any case the history of loans from Western institutions is not great.

"The memory of the destructive conditionalities of the Breton Woods loans are still fresh and the debris is everywhere. And the preoccupation of western governments and media with the so-called China debt trap might well be an over-reaction. I recommend an eye opening lecture by Professor Deborah Brautigam about two weeks ago at Jesus College Cambridge."

He added, "The truth as she points out, is that all of Chinese lending to Africa is only 5% of all outstanding public and publicly guaranteed debt in low- and middle-income countries, compared to 23% held by the World Bank and other multilaterals. Chinese lenders account for 12 per cent of Africa's private and public external debt. And the Chinese have also been there when the debts cannot be paid.”

"In early 2020 as COVID battered African economies China came together with other G20 members to launch the Debt Service Suspension Initiative (DSSI). 73 low-income economies benefited from the suspension of principal and interest payments. Chinese banks provided 63% of the total debt relief while being only owed 30% of the debt service payments due," he stated.

https://saharareporters.com/2023/03/30/foreign-loans-china-better-ally-africa-us-uk-others-western-countries-nigerias-vice

Totally correct.

China is fucking rich and hardworking both their men and women, they may conquer the world economically if care isnt taken

president tinubu should apply to join BRIC nation immediately.

We know na why una wan finish Nigeria credit score before una leave ..

China is new super power.
The Western Countries are confused and unserious. China is now ahead of them.

When incomes to infrastructural and economy development, China is a far better ally

Instead of trying on their own to build an economy close to those they referred to as better Allies so they can also help other countries in time of need like they enjoy, they are busy looking for a better Ally they would continue to borrow from.

The other one above said President Tinubu should apply for BRIC nation.
Only to keep indebting the country. Anything this current government does is good to the eyes of these people, even as the country is languishing in debt. It's hitherto an enigma to me.

I love Prof. Osinbajo notwithstanding

That's one of the reasons why I'm fanatical about Asiwaju Bola Ahmed Tinubu.
When Julius Berger was reigning like a Colossus in building Infrastructure in Nigeria in the early 2000, Asiwaju foresaw the need to bring in the Chinese.
I'm not to sure of my facts but I daresay Asiwaju was one of the first state Governors in Nigeria to bring in the Chinese contractors (CCECC) to build our Infrastructure way before they started building Infrastructure for the Federal government.
Now the Chinese are everywhere in Nigeria building roads,rails, airport etc all over the country.
Seriously let us Unite behind the wonderful genius, Pathfinder, leader, intellectual giant as he tries to bring Nigeria back on track.
With Asiwaju and Sen. Gov Shettima in charge of Nigeria,I'm very sure better days are ahead.
Gba fun oga eeee.
God bless Nigeria

U can say whatever u like because ur tenure don already finished, therefore creating problems for the incoming admin.


This politicians sef, fear God.

U can say whatever u like because ur tenure don already finished, therefore creating problems for the incoming admin.


This politicians sef, always about their personal interest. fear God.

Jones4190:
president tinubu should apply to join BRIC nation immediately.

Nigeria has applied already

All d phones and electronics we're enjoying at cheaper rates today is largely fron china and Asia while Uk and American specs are extremely pricey.

Our VP.


Meanwhile I need your help.

https://www.nairaland.com/7634423/it-placement-accommodation

A country is lending a whole continent money?
Smh for the unpatriotic leaders we have in Africa that have squandered resources meant to make the continent live like a king to become a slave at the mercy of his master.

China is facilitating numerous infrastructural projects in Nigeria.