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The Power of Chinese Money!

China | Money | 12th October 2021 | Virtual Wire

Picture -The Eastern Link


On 4 August 2020, the Nigerian Minister of Transportation publicly declared while on Channel TV that "there's nothing wrong with ceding Nigeria's sovereignty to China". He continued.

"What is wrong with Nigeria ceding its sovereignty to China? I said this because the sovereignty you are ceding is not the sovereignty that makes you a nation" what an assertion! Let's begin by asking ourselves what is National sovereignty? Is the sovereignty of a nation in part? Obviously not. The political theory states that national sovereignty is visible in a nation or state as a whole. So, what does the minister mean when he said, "the sovereignty we are ceding is not the sovereignty that makes you a nation" to think of ceding a part of their sovereignty if there's anything like "part of sovereignty" is purely implausible.


To aver in the first place that "there's nothing wrong with ceding Nigeria's sovereignty to China" is highly amazing! So, what exactly does the minister mean when he said "the sovereignty you are ceding is not that which makes you a nation?" Invariably, does it mean they are ceding their commercial sovereignty- oil, given that, that is Nigeria's mainstay (?). What then would happen if they cede this sovereignty to China? What would become of Nigeria's sovereignty in general so to speak?


It is often said that there is no free lunch even in Free Town. Was the handwriting not written on the wall of other African Countries involved in this economic sabotage? To what extent should Nigerians think that China would forfeit these huge loans? Clearly, people venture into business for profit-making. However, these loans may be 'cheap' but the implications should also be considered; because he who must eat with the devil should do so with a long spoon. Perhaps, Nigeria is eating hers with a teaspoon. The power of Chinese money is no longer news amongst African countries. Let's take Zambia as a case study.

Picture -www.allafrica.com


In 1964, 5 months after her independence, she established international relations with China. Why? For trade and commerce. Has China been loaning Zambia? Yes of course! There is the news that Zambia defaulted on a couple of loans and guess what happened? they lost their Power Company 'ZESCO' to China, they lost their Broadcasting Cooperation 'ZNBC' to China. They own a higher percentage of Zambia's land, competing in minor businesses with Zambians in Zambia. So ask yourself what would happen if Nigeria defaults. China's loan to gullible, greedy and corrupt leaders is quite pathetic to the teeming youths of such countries because their future keeps looking bleak. In all, arguably, Zambia, owes China up to 60 Billion Dollars, so in other words, we could safely say until they refund that money, Zambia remains China's colony (?).


The question is: is this also applicable to Nigeria?. The truth is this: Africa has been a target to developed countries because they are so blessed with mineral resources. Howbeit that their leaders are very wise to recognize this! Africa has never needed the world. The world has always needed Africa. Africa is blessed with Diamonds, Gold, Coffee, Tea, Copper, Petroleum, Crude Oil, Uranium, Natural Gas, Iron Ore, Cotton, Livestock, Cocoa amongst others yet; the world's poorest of countries come from there. How much longer do they have to keep reaffirming that Europe is underdeveloped in Africa?


Does this not keep limiting them and showing how myopic/psychologically impaired they have become? And accepting both defeat and redundancy of the above assertion?. This is no longer to recite the poem of David Diop 'The Vultures' as " in those days When civilisation kicked us in the face When holy water slapped our cringing brows it has become "in the now when neo-colonialism kicks African countries on the face when China uses loans to slap their cringing brows"...

Picture -www.allafrica.com


Truthfully, the problem has never been in the country given out the loans but on countries who are ever willing to keep borrowing, and yet, their life expectancies remain low, they keep importing almost everything and export if you would say, mostly, oil. Consuming against manufacturing. Nigeria is one of the countries neck-deep in debt. Regardless of the existing thoughts and or rumours that these monies are being shared amongst the high and mighty within their socio-economic and socio-politic circle, the country needs a (positive) change- economic diversification and not just oil.