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Nairaland Forum / Nairaland / General / Politics / Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. (31660 Views)
Obasanjo Brings Out His Tongue For With Buhari In Ethiopia: Caption Photo / Buhari Looks At Images Of AU Founding Fathers In Ethiopia / El-Rufai Holds Dinner With Old Mates From Harvard, Others In Ethiopia (2) (3) (4)
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Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by honourhim: 9:06am On Apr 17, 2016 |
Nigeria signed a major deal with China this week as President Buhari made an important trip to visit its leader, Xi Ji Ping. Nigeria’s Foreign Minister, Godfrey Onyema, who accompanied Buhari on the trip to China, announced that the orient nation offered a $6 billion loan to Nigeria to fund infrastructure projects, one of the key areas Buhari promised to address with Nigeria’s 2016 Budget. This came as good news to many Nigerians as it now appears that Buhari has a clear economic policy. On the other hand, some Nigerians have expressed their reservations concerning this new development, claiming China was “scamming” Nigeria, a phrase that became an hashtag on social media this morning. However, what Nigerians can do is look at precedents i.e. China’s similar investment in other African countries, particularly Ethiopia. Ethiopia has recently gained continent-wide fame for its development and achievements in the past few years. The country is one of the world’s fastest growing economies now, Africa’s fastest growing economy, thanks to government spending (tax driven) and Chinese investment. Ethiopia launched the first light rail system, in Sub-Saharan Africa in 2015 which links its capital, Addis-Ababa, to the neighbouring country, Djibouti. Africa’s current biggest economy and second biggest, Nigeria and South Africa respectively, cannot boast of one. The responsibility for this light rail, which cost $3bn to build, was taken up by China after the World Bank and other Western donors had shown a reluctance to fund the project, to the surprise of Getachew Betru, the head of Ethiopia’s Railway Corporation. China not only constructed it, but provided most of the funding for it. The train, which was initially built to counter the challenges that Ethiopia’s drought this year would pose, has received an expanded vision. It has now acquired a Pan-African vision; it will expand to run through South Sudan, Sudan, Kenya and other East African countries. This move will surely see Ethiopia emerge as an economic hub in East Africa. Nigeria seems to be taking a cue from Ethiopia and China. It plans to build a similar one which will run from its southern states to Lagos, its commercial hub. This project is going to be financed by China and is set to help the economic development of the country’s marginalised southern region greatly. However, projects like this need to be supplied with adequate power, something Nigeria does not yet have, but this is not so for Ethiopia. It recently announced that it made $123 million dollars as profit from the sale of electricity both at home and abroad to Djibouti, Kenya and Sudan, while also establishing links to five other East African countries. These have been done all through the help of Chinese electrical transformers. Ethiopia also recently announced that its Grand Ethiopian Renaissance Dam will be completed in 2017. This dam will supply 6,000 megawatts of electricity, even larger than the whole of Nigeria’s present power capacity of about 5,000 megawatts. That number would make the dam Africa’s largest hydroelectric project and Nigeria could surely do with something like this. Buhari, during his visit, promised China that all projects started by Nigeria’s former administrations will be completed under his tenure. Though this deal could see the influx of Chinese expatriates into the nation, it seems there is no cause for alarm about China ‘stealing Nigerian jobs.’ According to China’s ambassador to Ethiopia and the African Union, La Yifan, in 2015, “the best way to contribute to human rights is creating jobs and alleviating poverty,” The rate of Chinese expatriates to jobs created for Ethiopians is 1 to 20. And this has seen unemployment rate in the country decrease from 20.4 percent in 2009 to 16.8 percent in 2015, and is set to further reduce with the job potentials of the completed rail system and electricity grid. Though, Nigeria’s inclusion of the Chinese Yuan in its foreign exchange currencies may not “crash the dollar” as some Nigerian media houses have reported, it would go a long way in creating a path for Chinese-built infrastructure in Nigeria, without the cumbersomeness of dollar rates. Ethiopia is Africa’s second largest population and land-locked too. Nigeria which has the highest population and is not land locked should definitely not be doing worse than Ethiopia if it wants to live up to its title as “Africa’s largest economy.” If Nigeria wants to truly diversify its economy, building its infrastructures is essential and it seems China is the best to partner with. http://venturesafrica.com/why-ethiopias- rise-in-the-past-few-years-should-give-hope-to-nigeria/ 66 Likes 12 Shares |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by Nobody: 9:07am On Apr 17, 2016 |
[size=14pt]Buhari Economic policy is very sound and Pragmatic[/size] The truth is dat this Buhari govt actually had d most well defined economic policy in d last 10years. A good acronym to define and sumarise Buhari economic policy is DOTE ( Diversification Of The Economy) The economy policy is so clear. Yet many people just shout for nothing because they dont understand the meaning of economic policy. Budget is d major part of economic policy. And this 2016 Budget is d most well defined economic policy in d last 10 years that try to integrate every strata of d country. Below are d economic policy of Buhari govt: Note: These are not Campaign promise. These are things already in d aprroved Budget by NASS. 1. Job creation through massive infrastructural projects worth over 1.5trillion naira. This is d first time in Nigeria history infrastructure will be more than 1 trillion naira. These include massive spending on rail, road, power, housing and airport. 2. Poverty reduction through social intervention. This includde 23000 to 25000 naira per month for 500,000 graduate volunteer teachers. 50000 naira each to 1 million market women. etc 3. Extreme poverty management and social integration and intervention through 5000 naira stipend to 1million Extreme poor widow , handicapped and aged people. Feeding of over 4Millions pupil one meal a day from primary 1 to 3. 4.Diversification through Agriculture and solid minerals. The govt has already sign alot of MOU with many countries on these regard. This is one of d reason d president have b travelling alot. This is aim at import substitution which will help to save foreign exchange and boost naira stability. 5. On d monetary policy, d govt monetary police is saving Forex for essential commodities. Thus dual exchange rate. 199 for essential goods and 325 for non essential goods. This policy is well defined and deliberate by d govt. Usually all over the world, monetary policy are dynamic and not static. Expecially in d aspect of money supply. Most times, monetary policy is reactive rather than proactive all over the world. so monetary policy could be changing per quarter in Minor details. But the main Objective is stable for atleast 6 months. The main Objective of dis govt foreign exchange policy is saving foreign exchange for critical and real sector of d economy. 6. Nigeria China $6billion investment agreement. This is the best form of foreign aid Nigeria has signed in the last 30 years. This model of agreement with china has be used successfully by Ethiopa. And Ethipia economy became strong as a result of it. I will like to thank Ngozi Okonjo Iweala for this. Most of these china agreement were initiated by Jonathan govt through initiative by Ngozi. However due to lack of political will on d side of Jonathan, these agreement were not implemented. In addition, we must commend Buhari for providing the required leadership that will ensure these agreements are implemented. Paraphrasing Nogozi Okonjo Iweala "sound technical tools and ideas is a waste without strong political will". We must understand that the $6billion deal with china is not a loan in d true sense of it. Most of the project will be done on "Build, Operate and Transfer". That means the projects after being completed are expected to generate some part of the investment. * To those opposing the social intervention/welfare for the poor in this economic policy should re examine thier position. America with the highest form of capitalism in the world, still have welfare and socialist input like food stamp, some free basic healthcare in public hospital, foster homes for children, some homes 4 homeless people, cheap public schools etc. We must understand dat a society that does not have any regard for the poor can not have peace. The rich in such society will continue live in perpetual fear with high fence, bullet proof door, etc as we have in Nigeria today. Below is definition of Economy policy Economic Policy http://www.cliffsnotes.com/study-guides/economics/introduction/economic-policy From the definition above it is clear d govt have economic policy clearly defined. 1. Spending and Taxation: The govt spending plan is clearly defined by d Budget. A deficit budget with about 1.5 trillion on Insfracstructure. In terms of Taxation, the govt have clearly make thier priority the increasing of tax base to more companies, persons and product. This has clearly be shown with d plan recruitment of 1250 professional staff by FIRS. 2. Distrubution of income from Rich to the poor: This part of economic policy, is clearly shown in d budget with the 500 billion social intervention fund. This will be used for 500,000 vokunteer graduate teachers, 1million exreme poor widow and aged, 1 million market women with 50k granr each and d 370,000 training of artisans. 3.Supply of Money. This means monetary policy including forex. This govt have deliberate choose to use dual exchange exchange as a way of preventing rapid decline of foreign reserves. Thus by so doing, d future is protected. It is an indirect saving technique. Below is Well defined Medium term Economic plan of this govt. Highlights of the NEC Retreat, according to a communique issued at the end of the session, included agreement reached for concerted and consistent efforts to diversify revenue sources. http://thenationonlineng.net/jobs-cash-coming-govt-plans-n350b-revival-pill/ The question now should be how far can this govt implement this economic policy? We may have to wait till June 2017 to December 2017 to clearly say whether they failed, or succeeded or are in d right direction. 106 Likes 8 Shares |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by Mrfahaz(m): 9:11am On Apr 17, 2016 |
bad news for some tout..... 26 Likes 3 Shares |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by Luckylife(m): 9:16am On Apr 17, 2016 |
I heard before the election during president Jonathan tenure , our economy was the fastest growing economy . http://www.google.com/url?q=https://www.bellanaija.com/2015/01/nigeria-listed-as-one-of-the-fastest-growing-economies-for-2015/&sa=U&ved=0ahUKEwi0kr3CnZXMAhWLExoKHdvtB4EQFggfMAY&usg=AFQjCNFthFweFIsHeh7rOdxgjz4rQXdW2w 4 Likes |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by DickTator1: 9:19am On Apr 17, 2016 |
April 10th Buhari travels to China to sign a $2B loan April 17th Buhari never signed any loan in China wake me up when APC tells us the real reason Buhari went to China. 67 Likes 2 Shares |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by TheGoodJoe(m): 9:22am On Apr 17, 2016 |
The responsibility for this light rail, which cost $3bn to build, was taken up by China after the World Bank and other Western donors had shown a reluctance to fund the project, to the surprise of Getachew Betru, the head of Ethiopia’s Railway Corporation. China not only constructed it, but provided most of the funding for it. The train, which was initially built to counter the challenges that Ethiopia’s drought this year would pose, has received an expanded vision. It has now acquired a Pan-African vision; it will expand to run through South Sudan, Sudan, Kenya and other East African countries. This move will surely see Ethiopia emerge as an economic hub in East Africa. 20 Likes 1 Share |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by TheGoodJoe(m): 9:24am On Apr 17, 2016 |
Though this deal could see the influx of Chinese expatriates into the nation, it seems there is no cause for alarm about China ‘stealing Nigerian jobs.’ According to China’s ambassador to Ethiopia and the African Union, La Yifan, in 2015, “the best way to contribute to human rights is creating jobs and alleviating poverty,” The rate of Chinese expatriates to jobs created for Ethiopians is 1 to 20. And this has seen unemployment rate in the country decrease from 20.4 percent in 2009 to 16.8 percent in 2015, and is set to further reduce with the job potentials of the completed rail system and electricity grid. 14 Likes |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by 989900: 10:01am On Apr 17, 2016 |
Insightful article. 5 Likes |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by Nobody: 10:03am On Apr 17, 2016 |
front page Myndd44 1 Like |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by Nobody: 10:09am On Apr 17, 2016 |
989900: yeah 2 Likes 2 Shares |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by TPAND(f): 10:15am On Apr 17, 2016 |
Stop making comparisons of Nigeria and Ethopia. What is the Population of Ethiopia? What value does Ethopia contribute to the World Trade Index What is the worth of Ethopia's FOREX and Foreign Reserve What is Ethopia's GDP you can't compare this figures and pointers to that of Nigeria. You guys should stop being gullible and suckers to every move made by Buhari. 32 Likes 3 Shares |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by Nobody: 10:16am On Apr 17, 2016 |
TPAND: Ethiopia is the second largest population in Africa after Nigeria. Ethiopia 2015 population is estimated to be 99Million while Nigeria is about 180million. This makes Ethiopia a good comparison. 92 Likes 2 Shares |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by san316(m): 10:17am On Apr 17, 2016 |
We are waiting to see how this will work witches and wailers association. The irony of this matter is that the antagonists of this administration stand to benfit from this initiative the most. I cant wait to see their reaction when the policy is up and running, bunch of self destructive losers. 16 Likes 2 Shares |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by modath(f): 10:20am On Apr 17, 2016 |
Some people should be barred from accessing some of the facilities when they come alive!! The Negative Nancy type of bad belle citizens should keep riding their messiah's locomotives when Light rails become the new normal since they insist on wailing like bush babies!! ![]() Hero Lost, Life doesn't have to stop!! 31 Likes 1 Share |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by Gext: 10:22am On Apr 17, 2016 |
But this country was doing better than Ethiopia in 2014. Ethiopia replaced Nigeria as the fastest growing economy and largest FDI recipient in Africa just this year. What has changed? BTW, Nigeria has always been investment partners with China since the Jonathan Era. So what is the noise about it now, like it is a special policy unheard of in this country's history.? 13 Likes |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by Nobody: 10:23am On Apr 17, 2016 |
modath: pleas tell them. Mynd44 should palce this on front page. 5 Likes 1 Share |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by Gext: 10:27am On Apr 17, 2016 |
modath:yes, because the money for the so called facilities were farmed from your numerous cocoa plantations. *counting chickens before they are hatched. * 16 Likes |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by pheliciti: 10:34am On Apr 17, 2016 |
The people that hate Nigeria will never want these projects to be actualised, even if it will benefit them. They fight against development and probity because corruption is the only business they know, and developing Nigeria will throw them out of business. This time around, Nigeria will succeed inspite of the bad wishes of the wailers. 28 Likes 3 Shares |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by modath(f): 10:40am On Apr 17, 2016 |
Gext: Please try & kill the hen itself so it doesn't even have a chance of laying said eggs in the first place..... Thought y'all be "doubting thomasing" or outright recalcitrant?, so why plan to access the "never gonna happen"? Nigeria will attain it's full potential whether una like it or not, March 28th, 2015 had come & gone, Nigeria still remains!! 41 Likes 1 Share |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by Gext: 10:50am On Apr 17, 2016 |
pheliciti:ironically, those people are not among the alakijas, dajum'as, Otedola, IBB e. t. c that have shared your Country as spoils from the civil war and are aversed to progressive policies like fiscal federalism and the PIB . Keep chasing shadows. Your children would continue from where you stopped. 3 Likes |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by Gext: 11:01am On Apr 17, 2016 |
modath:Shut up. **** a man that has at best eight years, leaving behind a seriously fragmented country with a very bleak future, as long as he builds one or two rails and jails the Pdp. Building a self sustainable country tethered on the principles of meritocracy and and a shared national cohesion that makes great nations is beyond your mental Capacity and definitely not a priority for you and your baba . Rubbish. 4 Likes |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by babdap: 11:06am On Apr 17, 2016 |
Gov Fayose what do you have to say to this. Wailing wailers will definitely go blind and run faster than Usain Bolts 4 Likes |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by Achuwa1(m): 11:27am On Apr 17, 2016 |
buhari never went to china to sign a loan. he went to china to award contract to chinese government.a contract he knows nothing or didnt see the financial details of the contract, then for our future generation to pay for the contract ,years after he must have left office or maybe not even alive when we will be paying for the contract. this contract is just like ppp,,but no one knows the details coz the illiterate never asked. i use to think if a private sector want to finance a project for the govt.tht the details & content of the contract are made very clear...pmb should stop mortgaging nigeria & throw open such bids if he has such intentions to award contract of this magnitude. 4 Likes 1 Share |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by tuniski: 11:34am On Apr 17, 2016 |
tuale4u: Long story typical of a no economic policy. The jargons of finance and economics only serve the elites and brokers of the economy not the masses. In a simple layman's language : this govt Has no economic policy direction aggregated and codify in simple terms. What we have is a curtail of confusion with conflicting underbellies. The question is therefore ; are we on welfarism/socialism or free enterprise and individual self actualization? 7 Likes |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by realmindz: 1:41pm On Apr 17, 2016 |
It's so sad that the youths that are supposed to understand this will be the ones to come up with under-bridge, garage, tout like, illiterate like and streets arguments screaming economy is bad, naira has crashed, buhari is a traveller and all sorts of economic and political jagons.... truly the citizens need mental and psychological help more than they ever thought... before u speak and scream bad governance, a thorough analysis, objective and sound thinking should be applied...argue like an educated youth. keep on buhari.. Lalasticlala 21 Likes 1 Share |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by 4nobody4every1: 1:49pm On Apr 17, 2016 |
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Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by justicejay(m): 1:50pm On Apr 17, 2016 |
The Chinese know that buhari love to fly here and there, so they gave him a better plane. 15 Likes
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Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by Nobody: 1:51pm On Apr 17, 2016 |
Still the aim should be full industrial independence Though, Nigeria’s inclusion of the Chinese Yuan in its foreign exchange currencies may not “crash the dollar” as some Nigerian media houses have reported, it would go a long way in creating a path for Chinese-built infrastructure in Nigeria, without the cumbersomeness of dollar rates. Ethiopia is Africa’s second largest population and land-locked too. Nigeria which has the highest population and is not land locked should definitely not be doing worse than Ethiopia if it wants to live up to its title as “Africa’s largest economy.” If Nigeria wants to truly diversify its economy, building its infrastructures is essential and it seems China is the best to partner with. It is all very well....but let us use the loans and everything for the right purpose. 1 Like |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by pelefurniture: 1:51pm On Apr 17, 2016 |
Ok lets wait n c Meanwhile check my profile for your carpentry ![]() |
Re: Like Ethiopia, Like Nigeria: How China Helped Ethiopia Economy. by Olukokosir(m): 1:52pm On Apr 17, 2016 |
There is God 1 Like |
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