👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

Business NewsNews

More headache for Nigeria as China reduces lending

China, Nigeria’s largest bilateral creditor, is rumoured to be reducing its loans in Africa in response to the continent’s deteriorating growth problems.Infomation Guide Nigeria

The choice of the Asian juggernaut comes against growing opposition from the west and especially from African nationals.

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

Bloomberg reported on Monday that the rising global interest rates and dwindling liquidity considerations have already caused bonds of the riskiest African borrowers, such as Ghana and Zambia, and currencies, such as South Africa’s rand, to approach pandemic lows.

China is Nigeria’s largest creditor, and Nigeria’s debt is currently $3.9 billion, up 12.7% from $3.5 billion during the same period last year, according to figures from the Debt Management Office (DMO).

According to the Boston University Global Development Policy Center, from 2000 to 2020, Angola, Ethiopia, Zambia, Kenya, Egypt, Nigeria, Cameroon, South Africa, the Republic of Congo, and Ghana were the top 10 African governments to receive Chinese loans.

Bloomberg reports that JPMorgan Chase & Co. has identified Ethiopia as a country with a high repayment risk and a reserve depletion concern by the end of 2023.

Zambia, which is in default on its Eurobonds, and Ghana have asked the IMF for bailouts that could involve debt restructuring, while Egypt seeks a new loan, the IMF said.

China is Zambia’s largest creditor, accounting for about 75% of bilateral borrowings, and is co-chairing a committee negotiating a debt restructure after Zambia became Africa’s first sovereign defaulter in the modern era in 2020.

Other Top Stories:

Prior to assuming office last year, President Hakainde Hichilema had criticised the cost of Chinese projects. He has since built tighter ties with the United States, the United Kingdom, and other nations.

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

The federal government of Nigeria is considering purchasing the recently certified Chinese C919 passenger plane, which is valued at about $99 million or N42 billion.Jamb Result

At the weekend’s triennial conference of the United Nations aviation agency in Montreal, Canada, the Minister of Aviation, Hadi Sirika, hinted at this.
In addition, he pledged that Nigeria Air, the country’s budding airline, will have approximately 30 aircraft by 2025.

Sirika told journalists, according to Reuters, that the new airline would feature a mix of Airbus (AIR.PA) and Boeing (BA.N) aircraft, but that the carrier would also consider the Chinese narrowbody jet, which Chinese regulators certified on Friday.

Sirika said, “China and Nigeria (have a) very cordial and friendly relationship with mutual benefits, we haven’t looked at that the new C919. But if it’s as good as the others, then why not,”

China hailed the construction of its first medium-haul passenger jet as the symbol of the country’s drive towards self-sufficiency on Friday, with safety permission granted to a plane that seeks to compete for orders with Western aviation giants.

According to Xinhua News Agency, the first C919 aircraft, meant to compete with Airbus and Boeing’s popular single-aisle models, will be delivered by the end of the year.

Uncertainty persists as to when the jet will be certified by the United States or Europe, paving the path for sales in the majority of foreign markets, but industry analysts estimate that it will be at least a decade before China can pose a credible challenge to Boeing and Airbus.

Check Jamb Result 
Check and Confirm: How much is Dollar to Naira


Immigrate to Canada Via Job Offer!

Get latest Jobs in Canada for foreigners with visa sponsorship 2023 and how to apply. Don't miss this opportunity that can help you relocate to Canada with your family.


Click here to Subscribe

👍Advertise your business on InfoGuideNigeria.com!

From just N9,999 per month, you can advertise your products and services to over 1,500,000 monthly users on our website. Click here to read more.

🤑 Make Money now!

👉 Make money writing for us. Apply for Freelance writing jobs in Nigeria.
👉 Make Money as InfoGuideNigeria Advertising Agents, read more here

Copyright Warning!

Contents on this website may not be republished, reproduced, or redistributed either in whole or in part without due permission or acknowledgment. . Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,. . All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA). .
The images, except where otherwise indicated, are taken directly from the web, if some images were inserted by mistake violating the copyright, please contact the administrator for immediate removal.
. We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us  for immediate removal.

Emediong Silver

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button

It looks like you're using an ad blocker!

This website InfoGuideNigeria.com is maintained by the advertising revenue and we noticed you have ad-blocking enabled. Please disable Ad-Blocker