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Nairaland Forum / Nairaland / General / Politics / China Plans To Scam Nigeria - Max Amuchie (34255 Views)
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Re: China Plans To Scam Nigeria - Max Amuchie by megama: 5:40pm On Apr 14, 2016 |
Btruth:we Nigerians are not complaining of the hardship any longer. It has became part of us. Let's develop our local industries. 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by megama: 5:47pm On Apr 14, 2016 |
billyG:Sir/maa, you can't have 100 naira in your pocket, and be borrowing 10 kobo 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by billyG(m): 5:48pm On Apr 14, 2016 |
greenpasture:Atleast no Dasuki 2 steal d loan in CBN. 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by Eeroh95(m): 5:49pm On Apr 14, 2016 |
Scream:after the colonization We go come dey speak chinese abi Some mumu don dey pratice the word(chinese) |
Re: China Plans To Scam Nigeria - Max Amuchie by megama: 5:50pm On Apr 14, 2016 |
InvertedHammer:get me well, who is supporting, |
Re: China Plans To Scam Nigeria - Max Amuchie by billyG(m): 5:59pm On Apr 14, 2016 |
Chukzyfcb:Think son,do u know how many SW travel 2 london everyweek 4 mundane things as naming ceremony,wedding,tourism,medical Treatment,shoppings,owambe party,school fees,same with france,germany,italy wher we hav large numbers of SE,making dd 4 pound,euro high. |
Re: China Plans To Scam Nigeria - Max Amuchie by Nobody: 5:59pm On Apr 14, 2016 |
NwaNimo1:especially when dumb ass like u went back and sleep like ever before, contributing nothing to sustainable development and put everything on govt |
Re: China Plans To Scam Nigeria - Max Amuchie by amaechi1: 6:00pm On Apr 14, 2016 |
You started off by saying you not an expert, so your analysis might not be useful. Secondly, if China is providing technical input like skill and other materials, that in it own propagate transpiracy and accountability. Don't forget it will be counterpart funding, so it will a win win situation. It all depends how the leaders want to play their role. If we had developed Ajakouta steel company all these of plenty, the cost of 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by TheGoodJoe(m): 6:07pm On Apr 14, 2016 |
Barcholder: It seems a one way street with Chinese exporting their products into her but it isn't. The economic crisis we are in is strong enough to sink us. The lack of FX to even import Petrol. With the Chinese Support, we get to diversify our economy especially with a boost in the mining sector, which in turn, increases our exportation. This helps China's trade deficit if they source raw materials from us at a cheaper rate. So based in that, it is not a one way street. Having refineries and working mines will create jobs in thousands for us and reduce our dependence on Crude export and Petrol importation. |
Re: China Plans To Scam Nigeria - Max Amuchie by jpphilips(m): 6:11pm On Apr 14, 2016 |
[quote author=Barcholder post=44702232] 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. I usually don't reply people like you but since you made some valid points the other time, I will spare you a second. dollar to Yuan is 1:6, naira to Yuan is 33:1, your foreign reserve is in dollars so do the maths. if you have say $100 in your foreign reserve and you decide to convert 70% to Yuan, what you will have is 420 yuan + $30 right? has your foreign reserve not quadrupled? Since 70% of your imports come from China, why pay china in dollars utilizing only 100usd, Buhari wants to pay China in Yuan utilizing 420 Yuan, hope it is lucid now 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 So Unionpay is?? 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. The West that left you free was the one that manipulated commodity prices that landed us in this economic quagmire, what have you done about it? Have you been able to push up crude prices? 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. Let the Chinese stay at home, let the bridge not be built, let us keep our toll fees who is losing? if it was a power plant, who is in darkness, America? 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. Sovereignty you said? lol, when you can not afford to finance an ordinary budget you still call yourself a sovereign nation? Your citizens are grumbling because of shortages and you still call yourself a sovereign nation? Ordinary forex you can't provide for your country and you think you still qualify to be called a sovereign nation? Even petrol you can no longer afford you call yourself a sovereign nation? The moment you lost your oil wealth to corruption was when you cease to be a sovereign nation, actions have consequences get used to the idea. If you saved $480b when your commodity price sold at $115, will you need the chinese help to build ordinary bridge? Did we not build the third mainland bridge (the longest in Africa then) with just little input? did we not pay the Paris club debt of $12b on our own without any assistance? Did we not launch the NIPP to the tune of $16b that gave birth to over 22 power plants in Nigeria without no help? Your economy has been r@ped and the culprits have supporters, so get used to the world of its consequence. Recently, some unscrupulous buffon vandalized two refinery feedstock lines, most people here cared less forgetting that we have lost 40% of our petroleum supply, same id!ots are asking the Government for petrol as if their actions have no consequence. That is the insane country you live in!! 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. On the contrary, very soon you will come to terms that Nigeria was murdered by the previous administrators, and pay for their sins. 5 Likes |
Re: China Plans To Scam Nigeria - Max Amuchie by TheGoodJoe(m): 6:15pm On Apr 14, 2016 |
Barcholder: At the moment, majority of our finished products come from China and it causes a big drain on our limited Forex. With this deal, we get to reduce the pressure on our Forex. Even if other companies trade in dollars outside China, with the relieved pressure on the Reserves, we can do other deals. 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by Sunofgod(m): 6:19pm On Apr 14, 2016 |
BiafranNigerian: Your smart - bloody smart! But nobody are smarter than the Jews - And the Yuan is just as fake as the Dollar! Who owns the Chinese central bank, the Federal reserves, and even the CBN? ? ? ? ? 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by cutekhalifa(m): 6:21pm On Apr 14, 2016 |
And the dullard is busy learning Kung fu.... #Shenge 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by jpphilips(m): 6:27pm On Apr 14, 2016 |
Re: China Plans To Scam Nigeria - Max Amuchie by jpphilips(m): 6:29pm On Apr 14, 2016 |
Re: China Plans To Scam Nigeria - Max Amuchie by Krismart(m): 6:39pm On Apr 14, 2016 |
I still see no reason for Nigeria to borrow such amount of money from China to finance the so called developmental projects when the economy is in a mess and the poor masses could hardly feed. What happens to the billions of dollars FG claim to have recovered from looters and our internally generated revenue? Besides, must all these projects be carried out in a year? Why not pick the most important projects that are achievable and embark on for this year and continue with others by next year. Presently Nigeria is owing lots of money and borrowing again from China will definitely compound our problems if not now in the nearest future. This is my humble opinion. God bless the Federal Republic of Nigeria 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by Deen77: 7:01pm On Apr 14, 2016 |
jumas: This has been going on between China, Russian and Iran, other country are Indian South Africa and Brazil |
Re: China Plans To Scam Nigeria - Max Amuchie by lookingfly: 7:17pm On Apr 14, 2016 |
worksmart:this is the problem with zombies Bubu supporters........... Someone is trying to open you people's eyes to the truth but you are still bent on being blinded and supporting bubu at all cost. We all tried to warn you guys about Bubu some months back, but you people kept on praising bubu though it was crystal clear he has nothing to offer. No light, no fuel, increase in price of goods are the results of hell bent support of dull.ardpo Bubu........ Kwantiniyu 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by templeinyou(m): 7:39pm On Apr 14, 2016 |
ticker: Bros you don't even have anything, now you are complaining. If he goes to Arab you also will come here to say Islam. Where do you want him to go or do you have any thing to offer Nigeria? |
Re: China Plans To Scam Nigeria - Max Amuchie by Chukzyfcb(m): 7:47pm On Apr 14, 2016 |
billyG:Don't flatter yourself. So the reason why pounds and euro jumped to over 60% of its former price is because of what you stated? Pls say sumtin else. If you had mentioned dollar, it'd have been different . Since the economy started expeirencing difficulties there has been reduced amt of people travelling for such things, so the demand reduced but the exchage rate hasn't. |
Re: China Plans To Scam Nigeria - Max Amuchie by Chukzyfcb(m): 7:51pm On Apr 14, 2016 |
jpphilips:Sounds good theoretically. But you are forgetting "forex controls". If cbn restricts how much yuan the people can get, then it'll push them to the parallel market. Then the exchange rate between naira & yuan will rise, thus defeating the purpose 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by frainc(m): 8:00pm On Apr 14, 2016 |
balash:at the bolded That just show how meaningless your rubbish (you call post) is You are there castigating the youth of nowadays but you end your post with "nowadays youths" slogan |
Re: China Plans To Scam Nigeria - Max Amuchie by dabossman(m): 8:07pm On Apr 14, 2016 |
[quote author=jpphilips post=44703329][/quote] Nigerians are very funny people. People without a bargaining chip are still forming boss. Why won't China benefit the most from this deal. What do we have to bring to the table? Crude Oil? What do we manufacture? Of course we are bargaining from a disadvantaged position. Do beggars have a choice? We laundered away our future through the years and now we are forming boss in the midst of our position of lack. Basic infrastructure like power, roads, a good rail network that covers our vast land we cannot boast of in 2016. Yet we are acting like we are coming to the table with the Chinese as equals. I dey laugh. We better do our best to learn as much as we can from the Chinese and ensure that we develop our infrastructure and our economy now so that a few years from now we won't have to go to them again begging for another loan to do the same things all over again as has always been the trend in the past. But to think we are sitting at the table with the Chinese to bargain as equals is just an illusion, Let us face reality, we and dem no be mates. We are apprentices, and they are the Masters. Hopefully, we will apply sense and ensure that we get our "freedom" quickly or forever remain in servitude. @jpphilips you really have said it the way it is. We have already squandered our future away in the past. Hopefully, we can retrace our steps. 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by piagetskinner(m): 8:29pm On Apr 14, 2016 |
The west has been scamming us for decades.. ..this isn't as worse as what the west have been doing |
Re: China Plans To Scam Nigeria - Max Amuchie by awakeuche(m): 8:51pm On Apr 14, 2016 |
Kylekent59:will you just shut it, the deal makes sense raised to power 50. |
Re: China Plans To Scam Nigeria - Max Amuchie by justmenoni: 9:50pm On Apr 14, 2016 |
He's got no point? even if contracts would be inflated... What if we'll end up paying back 20bn just cos of our desperation Let our govt generate revenue internally.... Make fx readily available and ppl will buy then import then in return increase our tax I think this is more sensible than borrowing money we can't have access to( but our politicians sef are like goat and leaving them in care of yams can be disastrous) . Goke7: 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by billyG(m): 10:03pm On Apr 14, 2016 |
jpphilips:Buhari is a smart presido America is not happy right now,pdp,wailers are not happy. |
Re: China Plans To Scam Nigeria - Max Amuchie by Nobody: 10:07pm On Apr 14, 2016 |
ElCount:From the look of things, China will benefit more... Buhari and the other zoo leaders are fools... 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by billyG(m): 10:14pm On Apr 14, 2016 |
[quote author=megama post=44699864] can somebody tell me if this loan can fix our local industries or cripple them futher,for me as a businessman I know that China is only an export oriented country. They must always protect their interest first. By the way why not reduce our reserve by $2 billion. Instead of borrowing with interest, NIGERIA be wise. [/quote) Reduce our reserves so that goats will eat our yams abi?recieve sense Ijn. |
Re: China Plans To Scam Nigeria - Max Amuchie by ernecy(m): 11:26pm On Apr 14, 2016 |
SamuelAnyawu:you mean , you and your entire household? 1 Like |
Re: China Plans To Scam Nigeria - Max Amuchie by CzarChris(m): 11:47pm On Apr 14, 2016 |
Barcholder: Boss, you have said it all. |
Re: China Plans To Scam Nigeria - Max Amuchie by Dpearlz: 11:49pm On Apr 14, 2016 |
This deal is both good and bad but There are questions we are not asking. Nigeria imports 70% of the goods it uses from China thus making us a major market for them. These goods include generators, iron, plastics, etc. Why will they help us fix our industries when it takes money from their country in the long run. If even only our electricity is fixed we can become self sufficient in very many areas. There was also an article I read where they said most Chinese refineries are built to refine heavy crude oil but nigeria produces light crude so they may not be really intrested in our oil. China has large deposits of iron ore and coal and many other resources thus they can produce things very cheap so it might not be most of our minerals we wish to start mining that they are interested in. The advantages I can see here are they will sell their industrial products and expertise to nigeria (for an inflated cost), take advantage of this good will and obtain arable lands to grow some crops they may need, provide high level jobs for their people in another land (as they will manage the system for some time before it will be passed on) and may be buy Nigerians natural gas to generate cleaner electrical energy than their coal power generating plants. That's just my opinion and I know I might be totally wrong. 1 Like |
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