Tinubu Compares Nigeria’s Reform Efforts To China’s, As Nigeria Grapples With Over $5Billion Debt To China
Tinubu said this during his official visit to China where he is holding meetings with the Chinese President and business leaders on the sidelines of the Forum on China-Africa Cooperation.
Nigerian President Bola Tinubu has told his Chinese counterpart, President Xi Jinping, that the economic reform efforts of his government is on a similar course as that of the Chinese government.
Tinubu said this during his official visit to China where he is holding meetings with the Chinese President and business leaders on the sidelines of the Forum on China-Africa Cooperation.
According to information released by the Nigerian Presidency on X on Tuesday night, the President said, “I am here to assure you that Nigeria is ready to do business with you.
“Our reform programme in Nigeria is on a similar course as China’s, and we are committed to sustainable growth.”
President Tinubu’s comparison of his administration’s economic reform efforts to that of China’s comes despite Nigeria’s heavy debt burden, especially its indebtedness to China.
It also followed the recent nationwide #EndBadGovernance protests and agitation against acute hunger, hardship and bad governance in Nigeria.
Meanwhile, as of the first quarter of 2024, Nigeria owed China (Exim Bank of China) $5.045 billion, while data from World Bank’s International Development Association (IDA) shows that Nigeria is its third-largest debtor with $16.5 billion debt in 2024.
According to the data, Nigeria has witnessed a significant surge in its debt obligations, with a remarkable $2.2 billion increase from preceding records.
This substantial escalation, occurring under the stewardship of President Tinubu’s administration, has dramatically elevated Nigeria’s ranking among the International Development Association’s (IDA) borrower nations.
Specifically, Nigeria has catapulted from its erstwhile position as the fourth-largest borrower in 2023 to a prominent spot among the top three IDA debtors.
