gbens2000:
see the bigger picture our future is about to be mortgaged,the US and China are strong secret allies.the Chinese will gives u services which u will pay with all ur strength,US will give u pleasure which u will pay with ur destiny.my guy there is no greater evil .evil is evil.

karimusa:



I don't know why some people like living in darkness. Open ur brains for once. A president is seeking a way to facilitate trade between the 2 countries and ease the pressure on dollar and some wet brains are still vomiting rubbish...

enlightenedmind:


PDP members that cannot define "Foreign Exchange" do they even know what the real economic meaning of "Exchange Rate" is? or they just know what it does?

olaztek:

With the poor state of infrastructure and scare resources in nigeria, true federalism cannot work.

maupe:

That is China's gameplan. They did same with Zimbabwe, and now Zimbabwe peddles various currencies on their streets, while the Zimbabwe dollar is as worthless as toilet paper. When they struck out Zimbabwe's $40 billion dollar debt, Mugabe was rejoicing, and he thought he was the smarter one Fastforward to present day, and see who is the smart one

ElCount:
I ve been asking the question "what will China be getting in return?"
Zombies hv failed to give an answer to this question, China is not running a charity organization and nigeria is not a country anyone can count on to manage that loan properly and China is smart enough to know this so its obvious that they have at least a backup plan which we don't know. China is trying to cement its place as a world power and tilt the balance to their favor if buhari has sold us out well... The consequences are better left imagined hopefully by then the country would hv divided and B14FR4 go dey their own away from this nonsense make una dey shout sai buhari una go follow am go 6 ft under if una no take time

manny4life:
The proposal does look good on paper, but my question is, if this move is to open trade doors (imports) between both countries, what plans does Nigeria have in place to secure against China's influx of cheap commodity?

igwegeorgiano:
unfortunately u re sounding like a half baked economist. you just based ur assertion of a lay man's understanding of a serious economic issue which is far beyond ur understanding. i think u are the one with a blurred malfuntioning brain here. soonest u will understand better the negative implications of what ur dullard president has done.

TheGoodJoe:


Two billion can not even do it. That is why you guys miss it. The Railway Project runs into Billions of dollars. What about the Plants and refineries?

How much do you think it will cost to build a standard refinery?

When the Refineries are completed, it will also take a chunk from our labor market.

Is there any other way out? Remember, the America you want us to continue dealing with owes China.

The U.S. debt to China is $1.238 trillion, as of January 2016.

TheGoodJoe:


The Yuan swap deal is a major win. It is worth every good deal we get out of them. It gives their currency massive strength and circulation. Especially, Nigeria being an economic hub for many African countries.

Their construction companies get to expand and have strong bases with Nigeria and get consistent supply of construction work.

Their exportation increases because most of the materials will come from there. Note, without the deal, most of the products will still come from China.

TheGoodJoe:


Two billion can not even do it. That is why you guys miss it. The Railway Project runs into Billions of dollars. What about the Plants and refineries?

How much do you think it will cost to build a standard refinery?

When the Refineries are completed, it will also take a chunk from our labor market.

Is there any other way out? Remember, the America you want us to continue dealing with owes China.

The U.S. debt to China is $1.238 trillion, as of January 2016.

igwegeorgiano:
unfortunately u re sounding like a half baked economist. you just based ur assertion of a lay man's understanding of a serious economic issue which is far beyond ur understanding. i think u are the one with a blurred malfuntioning brain here. soonest u will understand better the negative implications of what ur dullard president has done.

ticker:



https://mobile.facebook.com/story.php?story_fbid=1052689368126246&substory_index=0&id=378378918890631&refid=7&_ft_=qid.6273342050025209960%3Amf_story_key.9015994599598537311&__tn__=%2As

jpphilips:


$16T if you add bonds

Oma307:
U are on point but we have to look at the positive side also

ElCount:
I ve been asking the question "what will China be getting in return?"
Zombies hv failed to give an answer to this question, China is not running a charity organization and nigeria is not a country anyone can count on to manage that loan properly and China is smart enough to know this so its obvious that they have at least a backup plan which we don't know. China is trying to cement its place as a world power and tilt the balance to their favor if buhari has sold us out well... The consequences are better left imagined hopefully by then the country would hv divided and B14FR4 go dey their own away from this nonsense make una dey shout sai buhari una go follow am go 6 ft under if una no take time

sammyj:
According to one of my colleagues words let them deliver first. Imagine how far we would have developed if the past administrations has taken advantage of this opportunity!!!

jpphilips:



China's cheap commodities are already dominating the Nigerian market long before the dollar crunch, turn the back of your TV set and tell me where it was made with proof.

Kylekent59:
Na customize scam b dis. I also knw what dey are planning. Cus at first Nigerians will be rejoicing but it has an effect also. Pdp members just dey laugh on dis one.

SamuelAnyawu:
We Igbos are okay with Buhari on this positive move

jpphilips:


Even those who are stuck with NTA are analyzing economy, subjects like this convince me better that either Nairaland is a beehive of kids or majority of Nigerians are M0r0ns

SamuelAnyawu:
We Igbos are okay with Buhari on this positive move

worksmart:
Scam us ?
Has the west not been scamming us for decades?
How have we progressed with western partnership and loans?

China even if they scam us could be no worst than what we are already experiencing through our decades of partnership with the West.

TheGoodJoe:



Till now, I can not see the logic in what you are saying. Dealing with the Chinese government means more infrastructure for us,using there professional Construction companies.

Dealing with the US means lack of infrastructural development like we have had for ages.

Please how is lacking infrastructure a better deal.

manny4life:


It gives their currency massive strength, how about the Nigeria currency? Please explain how this deal strengthen Nigerian currency or yet, be beneficial to our currency considering that Nigeria's "import" doors would be wide open.

I don't have a problem with the construction benefits but I believe that any successful nation can get any of this which makes be believe that this is NOT about benefits, rather an internal problem.

Even without this deal, Nigerians have always imported from China, I fail to see what difference this is gonna make. I mean ask yourself, why would I import raw materials whereas it's cheaper to import it "by pennies" from China? Exactly, even without this deal, most of our products will come from China, the only difference is that (1) It's official and (2) products will no longer be bought using $$$$ but rather, in Yuan. Anyone can now import from China because even our banks will now be trading in Yuan. Heck, Yuan is about to be the second currency after $$$. I'm yet to be convinced this is good for Nigeria.

BiafranNigerian:
Chinese are smarter than the jews these days. The Chinese prints their fake Yuan and searches for countries for so called trade deals, and signs agreements to change Yuan to dollars. From fake manipulated money to dollars.

Chinese give loan, but only chinese company must be awarded contract for the construction, and you must buy from only china. But if America gives u loan, you can buy from any country and you can open the bid for any country's company to bid.If Chinese 'fake' their currency and your point of contact with them is payment for goods and services tell how you are adversely affected? Chinese manipulate yuan ,come off it is IMF, WTO not actually western manipulations. The $ all mighty is highest form of manipulation of which we remain helpless Boy wake up western loans,aids are always tied to debilitating conditionalities ,go and
read the book How eurupe underdevelop Africa.

BiafranNigerian:


1. You can not see logic, because there is no logic is applying for a loan, that you can not diversify the expense. The chinese government, will present list of chinese companies to handle the construction jobs in Nigeria and Chinese Citizens will handle the field jobs except labourers. The materials for the construction will be shipped from China, shipping paid to China and money remains in China. Lets say, Chinese company buy steal 5 Yuan and chose to capture 10 Yuan in the quotation, is there an independent auditor ? Must be chinese. So your $2b might actually mean $1b in real cost. So, China takes the away $1b in profit, plus interest, plus added employment to her citizens. What does Nigeria get ? Chinese infrastructure that is worst than Julius Berger can construct.

That is logic, I hope you see it.

2. Do I need to explain further that Chinese government consistently devalue their currency, manipulates it in such a way that it favors them, so your 30 Naira to Yuan today, might become 300 Yuan tomorrow, the sharp increase in value will attributed to high demand in Yuan even though no physical money moves in this trade deal.

I love the fact that USD to Naira rate will fall due to less demand, but then, that is a mirage if the value of Yuan will go up. Except value of Yuan stays low, then the purpose is defeated, cos importers wouldnt be needing dollars.

This is logic, see it.

3. The Chinese are at trade war with America, Yes. And we have become another pawn in the games of Chess, I hope we survive.