Oby Ezekwesili, the former minister of education has condemned the recent loan agreement between China and Nigeria.
President Muhammadu Buhari on Tuesday signed a loan agreement with China at the Forum on China-Africa (FOCAC) 2018 holding in Beijing where the Chinese government pledged to give $60 billion loan facilities to African countries, a quarter of which would be interest-free.
However, Ezekwesili in reaction condemned the loan agreement describing it as a bad deal. According to her, Nigerian leaders are being naive in making deals with China. In a post on her Twitter page, she wrote: “The Chinese know exactly what they are doing. If you read their Loan Agreements with African countries, you will see how tight they cover their exposure. Meanwhile, our own leaders go there to naively, gleefully and with a huge dose of inferiority complex, sign on to bad deals.
“Chinese attitude to Indebtedness is the hardest in the world. I know, because one had to deal with it in the course of my work at the World Bank, helping African countries to get the HIPC Debt Cancellation.
“It annoys me to no end to see our countries BINGING on Chinese Loans.”

http://dailypost.ng/2018/09/05/nigeria-china-agreement-bad-deal-oby-ezekwesili/

I dont think IMF / World Bank loans are better either. And Chinese offer much lower interest than IMF/World Bank.

Loans generally should be taken when you are are sure you have the means of paying it back.

I see no reason blaming Chinese for tightening the cover of their exposure. All lenders do that now.

China is universally known to be Shylock when it comes to loan agreements. Unfortunately most African Leaders in their desperation for loan failed to read between the lines of the loan agreements with China. Sri Lanka is presently regretting taking loan from China as they got trapped in debt and unfavorable loan repayment condition.

Will Nigeria Economic team be diligent enough to avoid the booby traps in China Loan agreements?

Nne biko shut it. They will not listen to you anyways because you have outlived your usefulness to them. Besides when are you going on a 'Bring Back Your Girls' parade? Are you tired? You don see intimidation wey pass you so e end for twitter abi? You try!

OAM4J:
I dont think IMF / World Bank loans are better either. And Chinese offer much lower interest than IMF/World Bank.

Loans generally should be taken when you are are sure you have the means of paying it back.

I see no reason blaming Chinese for tightening the cover of their exposure. All lenders do that now.

What else do you expect to hear from Oby Ezekwisili

Oby tends to the West and will always be occidental in orientation.

OAM4J:
I dont think IMF / World Bank loans are better either. And Chinese offer much lower interest than IMF/World Bank.

Loans generally should be taken when you are are sure you have the means of paying it back.

I see no reason blaming Chinese for tightening the cover of their exposure. All lenders do that now.

Abeg, be posting more often. I won't be off mark if I say Ezekwesili is probably undergoing post menopausal syndrome. A period when hormone deficiencies results in emotional imbalance and poor judgement.
The President has outlined what such loans are meant for. The least the society expects from her is to help in
monitoring the utilization of such loans and not to be indulging in meaningless prefabricated opinions.
Maybe she is afraid her legacies, wherever they might be, are being threatened.
It was on this Nairaland years back I read accounts of how loans were procured during OBJ regime that Ezekwesili served. Nigerian officials saw such loans as favours rather than liabilities, thereby paying scant attention to contract details with the consequence that 50% of such loans were expended on the same World bank/IMF officials in the guise of bank/professional fees, logistic, and welfare.

Mrs Oby always seem to be against loan collection. Can a government do without taking loans? It's impossible; some countries' debts are only smaller than the others - none is not in debt.

I'm not economics savvy, but I know what's important to be wary of when increasing your debts is to avoid taking loans whose repayments period is low, loans with exorbitant interest rates, and of course, make sure that you've done your homework that your current credit ratings is strong enough to wade off defaulting. The US is the most indebted nation today, but also has the most powerful economy and military strength - the two go hand-in-hand. Even China we're getting loans from, also has national debts and so has Russia.

https://www.youtube.com/watch?v=0YT0RVR-yYs

5 African Countries That Have Fallen into China's Debt Trap

I said it here that when this China deal lands Nigeria in huge debt in few years time, buhari will say he's not aware. No free lunch.

Oby herself is a bad deal.

The loans are tie to china companies, manpower and goods even now some china economist are worried how Nigeria will pay these debts back.

saaron:
I said it here that when this China deal lands Nigeria in huge debt in few years time, buhari will say he's not aware. No free lunch.

by the time austerity measures start Nigerians will see hell on earth. Nigerian loans are huge now

eejo:
by the time austerity measures start Nigerians will see hell on earth. Nigerian loans are huge now

Exactly. China are not fools to give out $60 billion to Africa without hoping to get anything in return. All they did is to leverage on Nigeria's poverty mentality to stiffle technological growth in Nigeria and Africa for Chinese technology goods. With the ongoing trade wars with America and Europe, China is looking to create new market for her goods. But as usual some Nigerians are not seeing this clever plot from China. All they see is Chinese money. China may have given Africa $60 billion, will they will recover ×50 of that amount within the next 20 to 30 years.
The negative effect of this will be more visible after 20 years.