China Pledges Not to Take Nigeria’s Assets in Case of Default
Chinese President Xi Jinping

China Pledges Not to Take Nigeria’s Assets in Case of Loan Default

Mr Cui Jianchun, Ambassador of the People’s Republic of China to Nigeria says his country has no intention of taking over Nigeria’s critical assets as repayment for loans in the event of default.

Jianchun made this known during the visit of the Chinese Special Representative on African Affairs, Liu Yuxi to Nigeria’s Minister of State for Foreign Affairs, Zubairu Dada on Thursday in Abuja.

The visit of the Chinese Special Representative to Africa is geared at strengthening the already strong bilateral relations between Nigeria and China.

He expressed the willingness of China to work with Nigeria for the benefit of both countries. Jianchun said that China and Nigeria are working on the bases of mutual trust and that his country has no intention whatsoever to take over Nigeria’s assets in a situation where Nigeria failed in the repayment of the loan it took from China.

He added that it is not part of the agreement reached between the two countries as insinuated in some quarters.

Yuxi while expressing the Chinese government’s full commitment to improved bilateral relationships with Nigeria, appreciated Nigeria for upholding the One China Policy.

some_text

He said China just like Nigeria will continue to support the policy of Non-interference at the International level.

The Special Envoy stressed the need for China and Nigeria to strengthen their collaboration, especially in the area of Climate Change as he pledged his country’s zeal to continue to support Nigeria in the fight against terrorism through military cooperation.

Yuxi said with the successes recorded in the fight against Covid 19, China will now strengthen its exchange programmes with Nigeria for more knowledge sharing.

Dada, in his remarks, said Nigeria cherishes the relationship that exists between the two countries which he pointed out has improved tremendously over time.

He said the commitments so far shown by the Chinese government in assisting Nigeria to address the challenges of decaying infrastructure and building new ones have clearly demonstrated the level of friendship between the two countries.

The Minister said that the Chinese Government’s support in the areas of Railway and Energy infrastructure such as the Zungeru Hydro Electric Power Project and the AKK Gas Pipeline are a few examples of the commitments of China to Nigeria’s development.

Dada said that China indeed remained the friend in need of Nigeria and the entire African continent. READ: China Joins Thailand, UAE in Digital Currency Research, CBN Asks to Lift

He also recalled his participation at the FOCAC Meeting in Senegal where China earmarked 15 projects for Nigeria, calling on China to expedite action on these earmarked projects for the benefit of all Nigerians.

The minister, therefore, pledged Nigeria’s resolve to the One China Policy and also thanked the Chinese government for all the support Nigeria received from China at the International level, promising Nigeria’s reciprocal support to China as and when due.

Dada used the occasion to call for more investments into Nigeria by the Chinese investors as Nigeria according to him is thirsty for more investments.

# China Pledges Not to Take Nigeria’s Assets in Case of Default#

Previous articleNGX Sinks as Investors Dump BUA Cement Shares
Next articleAfDB, Islamic Bank Invest $618m in Digital, Creative Enterprises in Nigeria
MarketForces Africa, a Financial News Media Platform for Strategic Opinions about Economic Policies, Strategy & Corporate Analysis from today's Leading Professionals, Equity Analysts, Research Experts, Industrialists and, Entrepreneurs on the Risk and Opportunities Surrounding Industry Shaping Businesses and Ideas.