The Hopes and dreams of a brighter tomorrow for future younger generations of Nigerians recieved a major boost as President Xi Jinping of China made available instant credit of $6 Billion to President Buhari of Nigeria, it is no secret that President Xi Jinping who also is a strong anti corruption reformer is a big admirer of President Muhammadu Buhari who was warmly recieved in Beijing.
China has offered Nigeria loans worth $6bn (£4.2bn) to fund infrastructure projects in Africa's biggest economy, the Nigerian foreign minister said on Tuesday, Reuters news agency reports.
"It is a credit that is on the table as soon as we identify the projects," Geoffrey Onyeama told reporters travelling with President Muhammadu Buhari to China, Reuters adds.
"It won't need an agreement to be signed; it is just to identify the projects and we access it," he said.

www.bbc.co.uk/news/live/world-africa

I d come

mugun
he did not read the agreement he is signing in china.
after naw he will try to steal the agreement like he steal the 2016 budget

...and the covert slave trade and neo-colonization begins with chin chun people at the top.

A good planner will very much hesitate to accept more than what he had planned for when it comes to borrowing but I'm sure our Tourism Minister wouldn't mind.

tit:
mugun
he did not read the agreement he is signing in china.
after naw he will try to steal the agreement like he steal the 2016 budget

For once, be patrotic, things are hard no doubt but you are not the only one experiencing it so don't carry it on your head.

Mind you if you dare insult me, the report button is still very active.

GudluckIBB:



For once, be patrotic, things are hard no doubt but you are not the only one experiencing it so don't carry it on your head.

Mind you if you dare insult me, the report button is still very active.

how can i support a thief?
did buhari not steal the 2016 budget?
report me naw!
that is what you do best.
run behind a woman's skirts!
mynd!!!!

mynd!!!!
is there are rule against threaten a nairalander?
somebody just threaten she will report me

tit:


how can i support a thief?
did buhari not steal the 2016 budget?
report me naw!
that is what you do best.
run behind a woman's skirts!
mynd!!!!

So what has budget now got to do with China loan

You people see things the other way round

Its sad

[b]These people think we r still campaigning. Wen has access to loan become an achievement wen u will still pay back with interest.

They said we av saved 3trillion wiv TSA.
They said we av recovered about 2 trillion from looters.
U.S.A promise to help us get our loot.
Saudi Arabia will recover our money 4 us.
We av discovered 23,000 ghost workers(so where are their salaries going to now).
We av saved billions from subsidy scam.

Ironically, we are still borrowing almost 2trillion. SGF just say we borrow to pay salaries.
Someone begins to wonder, all these monies, with no SINGLE project started. Where are they?

We are tired of all the gimmicks; start projects and start fulfilling ur promises.
Even turning our banks to post offices, planning on increasing VAT, increasing duty fees in all ports and borders, buying fuel for 250 above even at a filling station, Paying more 4 dollars etc.

Am actually confused what the government spends money on. That is complaining that there is no money.

Someone pls help me here. Or is it the more u look, the less u see government. Or is this truly a SCAM; where some people are siphoning d money and lie to us that there is no money. [/b]

Bubu be careful with this Chinese, they are worse than the westerners. Go to angola and see where they turned their citizen to slave in their country or go to zimbabwe and see where they were forced to spend yuan in the country.
If the task of presidency is more than a certificate holder, give the prof behind you and resign.

Pavarotti has said it all

moneybag100:
Bubu be careful with this Chinese, they are worse than the westerners. Go to angola and see where they turned their citizen to slave in their country or go to zimbabwe and see where they were forced to spend yuan in the country.
If the task of presidency is more than a certificate holder, give the prof behind you and resign.

Even the prof behind him seems more clueless and weak....no wonder someone mistook him for a mere commissioner.

Nigeria shall be great again and will definitely take her rightful place in the committee of nations.
PMB is on course and he needs our support in this trying time of our national history.

Those complaining of borrowing to fund infrastructural projects do not understand basic economic growth index, and those who feel that the loan is neo-colonialism in disguise are bereft of international relations and jurisprudence. Somethings are for matured minds not for kids.

I reiterate that the pervading mentality of 'i can't wait for Buhari to fail' will only lead to golgotha.

tit:
mugun
he did not read the agreement he is signing in china.
after naw he will try to steal the agreement like he steal the 2016 budget

typical pathetic wailer,nothing can please them

GOD BLESS NIGERIA
GOD BLESS P M B
THANK YOU C H I N A

Pavarottii:
[b]These people think we r still campaigning. Wen has access to loan become an achievement wen u will still pay back with interest.

They said we av saved 3trillion wiv TSA.
They said we av recovered about 2 trillion from looters.
U.S.A promise to help us get our loot.
Saudi Arabia will recover our money 4 us.
We av discovered 23,000 ghost workers(so where are their salaries going to now).
We av saved billions from subsidy scam.

Ironically, we are still borrowing almost 2trillion. SGF just say we borrow to pay salaries.
Someone begins to wonder, all these monies, with no SINGLE project started. Where are they?

We are tired of all the gimmicks; start projects and start fulfilling ur promises.
Even turning our banks to post offices, planning on increasing VAT, increasing duty fees in all ports and borders, buying fuel for 250 above even at a filling station, Paying more 4 dollars etc.

Am actually confused what the government spends money on. That is complaining that there is no money.

Someone pls help me here. Or is it the more u look, the less u see government. Or is this truly a SCAM; where some people are siphoning d money and lie to us that there is no money. [/b]

You're really suffering from insomnia, get help ASAP.

sublimes:
Even the prof behind him seems more clueless and weak....no wonder someone mistook him for a mere commissioner.

All you wailers do is insult the presidency, but you have absolutely no contribution to developing this country. Its always about hate and insults with u guys. What a pity!

Aufbauh:
Nigeria shall be great again and will definitely take her rightful place in the committee of nations.
PMB is on course and he needs our support in this trying time of our national history.

Those complaining of borrowing to fund infrastructural projects do not understand basic economics growth index, and those who feel that the loan is neo-colonialism in disguise are bereft of international relations and jurisprudence. Somethings are for matured minds not for kids.

I reiterate that the pervading mentality of 'i can't wait for Buhari to fail' will only lead to golgotha.

Some people criticize just for the sake of doing so.

The government on her part, isn't helping either; the communications policy for government offices so far have been poor at best.

As though to say, 'let your assumptions guide you', the masses are left at the mercies of 'pressmen' and speculators. It's why almost anyone can churn out whatever nonsense that they can think of.

A competent communication framework would have helped avoid a whole lot!

Wailers over to you food is ready.

Good development. The foreign trip is paying off. Chinese loan is d cheapest loan in d world.

United State is corrently owing China more than $500 billion dollars.

UK applied for over $50 billion dollar loan from China.

France did something similar. The whole world rely on china today.

For those shouting neo colonialisation, u dont inderstand chinese foreign policy. if u do, u wont say what you are saying.

Chinese foreign policy is base on "Non Interference". China is d only world dat dont support interference on other countries domestic matter. In most cases they veto or abstain from votes in UN security council that will interfare with another country domestic issues.

Chinese loan is d best loan in d world. Apart from its low interest and flexibility, it is a loan without political and economic policy pre conditions.

Unlike IMF and World Bank who will want to tell you how to run ur country, China dont do dat. They allow you to do ur tin ur way.

blackpanda:


All you wailers do is insult the presidency, but you have absolutely no contribution to developing this country. Its always about hate and insults with u guys. What a pity!

babdap:
Wailers over to you food is ready.

that is why i am call opposition.
i go show bubu pepper.
let him just RIP

tit:




that is why i am call opposition.
i go show bubu pepper.
let him just RIP

You are not opposition rather just wasting your time crying like a spoilt child. Bubu doesnt even know u neither does he give shit about wailers

Hope this is no scam like the so called TSA and recovered loot we are yet to see

http://www.punchng.com/china-offers-6bn-infrastructure-loan-to-nigeria/



China offers $6bn infrastructure loan to Nigeria
April 13, 2016
President Muhammadu Buhari

Akinpelu Dada, Olalekan Adetayo and Oyetunji Abioye

China has offered Nigeria a loan worth $6bn to fund infrastructure projects in Africa’s biggest economy.

“It is a credit that is on the table as soon as we identify the projects,” the Minister of Foreign Affairs, Geoffrey Onyeama, told reporters who travelled with President Muhammadu Buhari to China.

“It won’t need an agreement to be signed; it is just to identify the projects and we will access it,” he said.

Also, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said in a statement that the Chinese President, Xi Jinping, offered $15m agricultural assistance to Nigeria for the establishment of 50 demonstration farms across the country.

The offer was in response to Buhari’s vow to make Nigeria self-sufficient in food production.

The offer, according to Shehu, was made during talks between Buhari’s delegation and high-ranking Chinese government officials led by Jinping.

During the talks, China and Nigeria also agreed to strengthen military and civil service exchanges as part of a larger capacity building engagement.

In line with this, China offered to raise its scholarship awards to Nigerian students from about 100 to 700 annually, while 1,000 other Nigerians would be given vocational and technical training by China annually.

Shehu quoted Jinping as applauding the war against corruption being waged by Buhari and assured him that Nigeria would always have a special place in the affairs of China.

Buhari shortly after the talks directed that technical committees be immediately established to finalise discussions on new joint Nigeria/China rail, power, manufacturing, agricultural and solid mineral projects.

The technical committees, he said, would conclude their assignments before the end of next month.

“China also expressed an interest in setting up major projects in Nigeria such as refineries, power plants, mining companies, and textile manufacturing and food processing industries as soon as the enabling environment is provided by the Federal Government,” the statement added.

Nigeria also agreed a currency swap deal with China as it looks for ways to shore up the ailing naira and fund a record budget deficit, possibly by issuing yuan-denominated bonds in China.

The nation is facing its worst economic crisis in decades as sinking oil prices eat into its foreign reserves and the naira weakens against other currencies.

Reuters reports that Nigeria has been for months looking for sources to help plug a projected 2016 deficit of N2.2tn as Buhari plans to triple capital spending.

During Buhari’s visit to Beijing, the Industrial and Commercial Bank of China Limited, the world’s biggest lender, and the Central Bank of Nigeria signed a deal on yuan transactions.

“It means that the renminbi (yuan) is free to flow among different banks in Nigeria, and the renminbi has been included in the foreign exchange reserves of Nigeria,” the Director-General, African Affairs Department, China’s Foreign Ministry, Lin Songtian, told reporters.

The move comes after the Minister of Finance, Mrs. Kemi Adeosun, said on Saturday that Nigeria was looking at panda bonds or yuan-denominated bonds sold by overseas entities on the mainland, which she noted would be cheaper than Eurobonds.

The CBN had said it planned to diversify its foreign exchange reserves away from the dollar by switching a stockpile into yuan. It converted up to a tenth of its reserves into yuan five years ago.

Lin said a framework on currency swaps had been agreed with Nigeria, making it easier to settle trade deals in yuan.

Similarly, the ICBC signed a $2bn loan deal with the Dangote Group, owned by Africa’s richest man, Aliko Dangote, to fund two cement plants.

“The interest rate is okay, quite favourable with me,” Dangote said, without elaborating. “It’s for my two cement companies that we are establishing in Nigeria.”

China’s official Xinhua news agency cited President Xi as telling Buhari that there was huge potential for economic cooperation, naming oil refining and mining.

In a speech to business leaders, Buhari said both countries wanted to work together in the areas of agriculture, fishing and the manufacturing of cars, construction materials and textiles.

Aly Khan Satchu, a portfolio manager at Rich Management, said the deal would pave the way for panda bonds but this would not be enough to ease pressure on the naira.

Buhari has rejected calls to devalue the currency.

“Nigerian FX policy remains the elephant in the room and China or a panda bond is not going to be enough to stop what will eventually become a tsunami of a devaluation,” he said.

An economic expert and Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukuwu, said the deal would help boost trading between both countries.

According to him, the currency swap agreement will allow Nigerian banks to issue Letters of Credit in renminbi (yuan) in place of the dollar or euro.

Chukwu said, “It will facilitate trade deals between Nigeria and China. The ongoing foreign exchange scarcity has been affecting the amount of Nigeria’s import from China. The new deal may ease pressure on the dollar since demand for yuan/renminbi will start rising.”

A Professor of Economics at the Olabisi Onabanjo University, Sherriffdeen Tella, said the currency swap deal was good to the extent of the amount of commodities Nigeria had to export to China.

Unless Nigeria has substantial export to China, ease of payment of trade deals between both nations may not be enough reason to ink such a deal, he said.

Tella stated, “China must be encouraged to buy our crude oil, gas and other products that we may have for exports. Otherwise, we will soon run out of renminbi if it is being demanded only for the purpose of importing commodities from China.

“We have to encourage China to buy our products so that we can have enough renminbi in our reserves.”

The International Monetary Fund had in November agreed to add the Chinese yuan to its reserve currency basket.

The decision, which marked another step in China’s global economic emergence, came after the IMF evaluated the Asian nation’s standing as an exporter and the yuan’s role as a “freely usable” currency.

Too much cash

tit:
mugun
he did not read the agreement he is signing in china.
after naw he will try to steal the agreement like he steal the 2016 budget

Don't let hatred for one man and tribalism becloud your sense of judgement. What you people are doing can only lead to anarchy.

Criticism is good but it has to be constructive. The agreement is a good one and it is for the development of infrastructure which Nigeria serious needs right now. So if you don't have anything good to say just raise your hands and shout praise the Lord. Rather than being an agent of darkness

The Source the OP added is FAKE!

MODS won't close this down cus it's pro dullard

Na make the money no miss before it gets to Nigeria. I don't know if this government is entwine with "missing".
Na good development sha.

tit:
mugun
he did not read the agreement he is signing in china.
after naw he will try to steal the agreement like he steal the 2016 budget

Ekpa, are you not worse since you failed to read only a few lines of the write up? Did you not read that the loan would only be accessed and wouldn't need an agreement? Of course not, because you're still reeling from the bloody nose you and your ineffectual buffoon received last year so you are always in a hurry to attack the source of the pain.

TopHand:

"It is a credit that is on the table as soon as we identify the projects," Geoffrey Onyeama told reporters travelling with President Muhammadu Buhari to China, Reuters adds.
"It won't need an agreement to be signed; it is just to identify the projects and we access it," he said.
www.bbc.co.uk/news/live/world-africa

Read the headline again and go hang yourself if you can't stomach it; President Buhari strikes BIG in China.

tit:
mugun
he did not read the agreement he is signing in china.
after naw he will try to steal the agreement like he steal the 2016 budget

very unintelligent post.