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Nairaland Forum / Nairaland / General / Politics / China Plans To Scam Nigeria - Max Amuchie (34187 Views)
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Re: China Plans To Scam Nigeria - Max Amuchie by Goke7: 4:35pm On Apr 14, 2016 |
megama: Reducing our reserve for more corruption to take place, I beg o |
Re: China Plans To Scam Nigeria - Max Amuchie by Mikehell(m): 4:38pm On Apr 14, 2016 |
[quote author=TheGoodJoe post=44697422]They are not handling us cash, but service exchange; meaning if we want to buy iron rod, we buy it from Chinese company and they pay the company on our behalf. If we want to construct railway, they will construct it for us and take the money out of the loan. [color=#000099] Please can someone explain to me how this is a scam. The So called Competition, are they ready to give us loans, do the work and deduct the money for the work as payment. If they are, let them bring their proposals. China will source for the fund, do the work and deduct the contract as payment. Yet you call it scam. Bros, i cant call it a scam either but follow this logic: if u are oweing me 10k, and u need my expertise in ur business which normally will cost u 5k, do u knw i can inflate the price to 15k and u will still be be oweing me? the Chinnesse are very cunny when it comes to the issue of foreign bond,issues and all that........ The problem on my own part is that he PMB shud have consult the economic experts how dis will be of help in the long run cuz seriously those chinko have something up their sleeves..... Google jefferson bridge and see how they almost finish the U.S with it........ |
Re: China Plans To Scam Nigeria - Max Amuchie by jpphilips(m): 4:38pm On Apr 14, 2016 |
Barcholder: debate? naa definitely not with you or any other who think that the guy has a point |
Re: China Plans To Scam Nigeria - Max Amuchie by jpphilips(m): 4:40pm On Apr 14, 2016 |
DedeNkem: ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by gbens2000(m): 4:41pm On Apr 14, 2016 |
Tesley:my bro Angola oil is run by only one family they AV a serious yellow fever outbreak right nw and the second oil producing African country don't ave enough medical facilities to manage the disease.the daughter of the president is the richest black woman in the world and guess who are their advisers and allies.pls do proper research.dont forget who owns Google Angola is not doing well as well as Zimbabwe cuz they sold their souls.thats wat we are about doing bro if I continue we will not finish.i don tire 1 Like 1 Share |
Re: China Plans To Scam Nigeria - Max Amuchie by Krismart(m): 4:43pm On Apr 14, 2016 |
balash:So anybody who is old enough to be your father is smart, huh? Smartness is not by age otherwise ur father for dey there with them instead of being in the village 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by EDUECO(m): 4:44pm On Apr 14, 2016 |
Stelvin101:Nice one! 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by Mikehell(m): 4:44pm On Apr 14, 2016 |
BiafranNigerian: THat is exactly what most of them(Nigerians) dont know..... the chinnesse are very crafty and smart THey just want use us as a weapon and at the same time a shield in their with the U.S 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by King44(m): 4:45pm On Apr 14, 2016 |
I knew there was something fishy tagged with dis loan na when our leaders go begin make smart decision God dash dem small sense |
Re: China Plans To Scam Nigeria - Max Amuchie by omobaba101(m): 4:53pm On Apr 14, 2016 |
Chinese cannot be trusted, I have had deals with them in Nigeria and they are very dubious. Almost, all of them that I have met. Whatsoever they present to you will be totally to their advantage and they break promises very easily. They only value money and not life. They have made me lose good money (I won't like to mention the amount). The last time, I had to call my lawyer into the matter and that is when they behaved, because I started raising the point that I will make the immigration to cross check their papers. I had to restrain myself from bringing the name of the company to this forum. If it is China, Nigeria shine your eyes o! 2 Likes |
Re: China Plans To Scam Nigeria - Max Amuchie by TheGoodJoe(m): 4:54pm On Apr 14, 2016 |
Mikehell: We have taken loans, with higher interest rates with nothing to show. We have serviced debt for generations but our debt is still astronomical. Yet, we have no infrastructure. This is more of a service exchange deal to boost our infrastructure and reduce the massive pressure on the dollars in our reserves. So this is a better deal than the ones we did before because this time we have something to show (Massive Infrastructural development that will alleviate the suffering of the masses). We are already sinking and this is a lifeline out. We utilize it, boost ourselves and sail higher. We say the Chinese are cunning, are the Americans and Westerners not cunning? They do not even have good intentions for others and landed us in this mess. We can not continue doing the same thing over and over again. 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by billyG(m): 5:03pm On Apr 14, 2016 |
manny4life:D Q/S: shld b what do I & my tribe has to export to china,discuss it it with yur village chief. |
Re: China Plans To Scam Nigeria - Max Amuchie by jpphilips(m): 5:05pm On Apr 14, 2016 |
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 steel 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. A loan is a loan if China decides to give us a loan, they will definitely pay us cash in the real sense dollars. You must not confuse the loan with infrastructural development, now look at the budget for the construction of the second Niger bridge, did you see where it was written PPP? Private public partnership, Nigeria will bring say 30% of the funds while a Chinese consortium will provide 70%, once done, the bridge will be tolled till the consortium recover its 70%. whether the Chinese choose to source for materials from their country, ship with their Shipping line, it shouldn't really be our headache, what should bother us is if Nigerians like you and I can be able to do a good job in the monitoring agencies, You will be surprised that Nigerians like you and I will be collecting bribes from these chinese at the immigration, that way, our jobs will be lost, Nigerians through the monitoring agencies will still be collecting bribes from the chinese companies to evade quality standards put in place by the ministry of works. The problem of Nigeria majorly lies with Nigerians, this new government has exposed that. You must know that China has investments like that world over including the USA, are they scamming them too? Nigeria is definitely not the first destination. 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. This is exactly my fear. You are mixing it up, if we exchange 1yuan to 30naira and the chinese manipulate their currency most times its downwards not upwards, we may have 1yuan to 5naira which will strengthen our Yuan Forex reserve, should CBN decide to convert oil inflow from dollars to yuan (based on balance of trade exigencies), then our reserve may experience about 50% increase so the currency manipulation is not really a problem, where we may have a problem in that regards will be going from a weak yuan to dollars, damn!! we are fvcked!! The Chinese keep their currency low so they can exploit stronger economies in America and Europe. 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. So long as China remains the manufacturing hub for cheap commodities, the Yuan will remain low. else they will lose the trade advantage they have been enjoying over the years. 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. Washington's hammer on Buhari will be deadly I agree with you on that part! 2 Likes |
Re: China Plans To Scam Nigeria - Max Amuchie by billyG(m): 5:08pm On Apr 14, 2016 |
Goke7:dont mind him,no b only 2 reduce our reserve na to empty it,which kind dullard talk b that. |
Re: China Plans To Scam Nigeria - Max Amuchie by pjecly: 5:08pm On Apr 14, 2016 |
Wailers will not see anything good in what my president is doing 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by Csami(m): 5:09pm On Apr 14, 2016 |
Goke7: Nigerian governors are a joke. They can't think, motivate or innovate, they are lazy and greedy. They will rather wait for money from Abuja than to sign trade ties with Finland. 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by Nobody: 5:13pm On Apr 14, 2016 |
jpphilips: Well said. Good points. Respect |
Re: China Plans To Scam Nigeria - Max Amuchie by Nobody: 5:18pm On Apr 14, 2016 |
Scream: lol |
Re: China Plans To Scam Nigeria - Max Amuchie by billyG(m): 5:19pm On Apr 14, 2016 |
TheGoodJoe:$2bn shld b enough d loan is in yuan,not d costly $.Do u know how many infrasructures,jobs Gej/Dasuki $2.1bn arm loot can provide? |
Re: China Plans To Scam Nigeria - Max Amuchie by gbens2000(m): 5:21pm On Apr 14, 2016 |
2sexyus:too bad for ehn pele. |
Re: China Plans To Scam Nigeria - Max Amuchie by TheGoodJoe(m): 5:22pm On Apr 14, 2016 |
billyG: That money will only build maybe, one refinery. Is that the infrastructural development we are looking for? We need rails, refineries, power plants, Increased mining (China will be a major market). |
Re: China Plans To Scam Nigeria - Max Amuchie by megama: 5:22pm On Apr 14, 2016 |
Goke7:Why corruption, EFCC is there already. |
Re: China Plans To Scam Nigeria - Max Amuchie by billyG(m): 5:24pm On Apr 14, 2016 |
omobaba101:Chinese canot b Trusted,USA cannot b trusted,is it 9jerians that are d most trusted in d world. 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by megama: 5:25pm On Apr 14, 2016 |
Goke7:China give, China take,have you ever heard that before ![]() 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by InvertedHammer: 5:25pm On Apr 14, 2016 |
/ A beggar has no choice. If a creditor gives some unfavourable conditions, a prospective borrower has an option of walking away. Regrettably, Nigeria is in no such position financially. The good news: If we buy materials from Chinese companies, China pays for them. At least we get the materials. Compare it with giving $2b to Nigeria and the fund develops wings overnight. That is, no money no materials. \ 4 Likes |
Re: China Plans To Scam Nigeria - Max Amuchie by lukency(m): 5:26pm On Apr 14, 2016 |
Kylekent59:Wc PDP member dey laugh? Instead they are regreting 4 not utilising d oportunity dey had to foster trade relationship wt china nd other coutries.UP PMB 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by megama: 5:29pm On Apr 14, 2016 |
billyG:Sir/maa, you can't have 100 naira in your pocket, and be borrowing 10 kobo |
Re: China Plans To Scam Nigeria - Max Amuchie by Btruth: 5:32pm On Apr 14, 2016 |
People should realise that this deal is between Nigeria & China, and it's only for a short term, just to ease the hardship the dollar is giving us in importing products from China nii, since about 70% of things we use in Nigeria is from China. |
Re: China Plans To Scam Nigeria - Max Amuchie by Barcholder: 5:33pm On Apr 14, 2016 |
greenpasture: First human being after 3 pages of goats, let me add to yours, if we divest Dollars to yuan, our Foreign reserve will Quadruple because of exchange rate differential, since China is Nigeria's biggest trading partner, it is a good move. 2) America is a debt laden country, it won't be long before another bubble occurs like we saw in 2008, Donald Trump has said it severally, despite the criticism he gets from the establishment who want to downplay the real state of the US economy, never mind that Ted Cruz was one of the GOP senators who held Obama by the Jugular when they nearly defaulted on their loans. we lost a lot of foreign reserve in the process during Soludo's economic magic era not any fault of ours but the fact that the economic melt down weakened the dollar. Most Nigerians don't seem to realize how badly our economy bleed with those Master cards and Visa they use. We lose money while America smile to the bank, never mind that the US shale revolution put us in this mess in the first place, it is unwise to run to them for help. Even American corporations are all manufacturing in China so getting American goods with Yuan (A currency weaker than Naira) is the best deal ever. The Issues we need to be discussing are how Washington will take it? definitely not lying down, Gaddafi's African dinar proposal landed him in 6ft, Buhari should understand that he just dealt a severe blow to the western economy, May God protect him for us when the hammer of washington falls. 3) The Chinese Yuan is very unstable, if the Chinese economy shrinks, we will lose a substantial sum in our overall Foreign reserve, I think that is why Buhari tied the exchange of goods and services as an addendum to the deal (smart move). Sorry, but I'm forced to drop what I'm doing and respond to this. Your assertions are completely wrong on so many levels. Let me explain. 1. Exactly how does Nigeria's FX reserves quadruple overnight by moving to Yuan from USD? That's a nonsensical statement. How exactly will we earn money in Yuan? Does this trade agreement involve any form of reciprocity, that is, Nigerian companies can also sell into the large Chinese economy? Of course it doesn't. It's a one way street, they sell and we buy. All we will simply do is convert our Dollar earnings into Yuan at the prevailing FX Rate. More to the point, what is the value of having the bulk of our FX reserves in Yuan, a currency that's only accepted by China, versus Dollars, which is accepted in practically every country in the world? 2. Even Chinese companies themselves only accept Dollars in payment. Why? Because most countries neither trade in, or want to trade directly in Yuan, due to excessive Government manipulation of their currency 3. The only beneficiary of this move is the Chinese, because it means that our Foreign reserves are useless to us UNLESS we spend it with Chinese companies. This is a form of financial colonisation, as once it starts, it will be almost impossible to reverse it. 4. These so called loans we are getting come with stringent conditions, including the fact that the infrastructure projects must be carried out by Chinese Firms, using Chinese workers. So its a clever way for China to boost their local businesses directly, whilst at the same time getting someone else to pay for it. This is a terrible deal, and is selling our sovereignty as a Nation. I'm so saddened by this. Anybody who replies to my comment by using the word wailer or any other associated word, symbolising opposition to the deal on the grounds of Political affiliation, is nothing but a fool. We seriously are foolish people in this part of the world. I predict that very soon, we will adopt the Yuan as our national currency, and people will celebrate it. So tragically sad. 1 Like 2 Shares |
Re: China Plans To Scam Nigeria - Max Amuchie by jpphilips(m): 5:34pm On Apr 14, 2016 |
TheGoodJoe: You are undermining how this move will hurt Washington/west at large now listen; In your 6.08T budget for 2106, 1.3t is going to service debts, have you figured who the money is paid to? the agencies that loan you money, who provide it for them? America stays on top with just one trick that Russia and China have discovered, the world trade with dollars, where do you get dollars from? do you print it? so you must trade with America to be able to earn dollars either by buying their debt to earn interest or having physical investments that will create jobs for them and strengthen their economy. By making dollars the world currency, they have attracted all the world's trade to themselves, that way, they can never be broke. It is so bad that your oil in the Gulf of Guinea is traded in dollars (your own oil oooo) why not Naira? Russia is about to sell his oil in rubles for this same reason I just explained, read here; http://journal-neo.org/2016/01/09/russia-breaking-wall-st-oil-price-monopoly/ That is how they fix prices of world's commodities, most of which they don't have yet they determine the price for you. Ask yourself, who sets the benchmark on crude price? demand and supply account for just 40%, wall street traders account for 60% or more. So what China has done with Buhari is to remove the dependence of Africa's biggest economy from depending on the dollars at least for international trade. Americans are not stvpid, it surely must have consequences. |
Re: China Plans To Scam Nigeria - Max Amuchie by megama: 5:34pm On Apr 14, 2016 |
InvertedHammer:if it still can fly, then what's the prospect of fighting corruption, now china can manage our resources better? Then we can invite them to, recolonisze us |
Re: China Plans To Scam Nigeria - Max Amuchie by InvertedHammer: 5:38pm On Apr 14, 2016 |
megama:/ What planet do you live in? You are already recolonized. Remember: He who pays the piper determines the tunes. By the time Nigeria finishes dancing to the discordant tunes from the West and Asia, you will hate being a Nigerian. \ |
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