Use it to buy bags of beniseed or egusi.

Lonelyhrt1:
Hmm, I see China taking over most of our national assets in the near future if we can't fund or pay back our loans

I have free 100k that I am not using, I don't know if I should keep it in the bank or if I should just use it to buy BTC

9jaRealist:


Dude, I do not need to search for any xenophobic articles...

Those assets you list would NOT be there without Chinese money...
NOTHING wrong with a lender taking over assets and recovering his/her money if the debtor is too incompetent to pay back.

Meanwhile, while folks like you are pre-occupied with xenophobic ownership...
Zambia and Sri Lanka now have a FUNCTIONAL electricity plant and port, respectively.
>

Bros, U reasoning capacity pass Nairaland level.
You can be sure of my vote once you make up your mind to contest for 'Aso Rock' seat.

bigpicture001:
...plz is this a Lagos government seaport or fed. Govt. Sea port...?

It’s a PRIVATE sector-led project...

It was initially just a Lagos and Eurochem (Singapore) JV, but then the federal government butted in because under Nigeria’s peculiar brand of ‘federalism’, all port development are controlled by the Nigerian Ports Authority. This delayed the project for several years until the issues were sorted (after APC got into power at the federal level), with the NPA taking a small equity stake (5%).

The Singaporeans have now been replaced by the Tolaram Group (Indians) and the Chinese, and the project has also now been retooled into a BOOT (Build, Own, Operate and Transfer) project, under which ownership will be transferred to the NPA after 45 years, during which period the International Consortium (made up of Tolaram and the China Harbour) will operate the port.
>

9jaRealist:


It’s a PRIVATE sector-led project...

It was initially just a Lagos and Eurochem (Singapore) JV, but then the federal government butted in because under Nigeria’s peculiar brand of ‘federalism’, all port development are controlled by the Nigerian Ports Authority. This delayed the project for several years until the issues were sorted (after APC got into power at the federal level), with the NPA taking a small equity stake (5%).

The Singaporeans have now been replaced by the Tolaram Group (Indians) and the Chinese, and the project has also now been retooled into a BOOT (Build, Own, Operate and Transfer) project, under which ownership will be transferred to the NPA after 45 years, during which period the International Consortium (made up of Tolaram and the China Harbour) will operate the port.
>

You now see it that APC wants to disintegrate Nigeria..?

After oil,Nigeria's next biggest earner is revenue from the Lagos port...

Now if much vessels are divested from FG's port in lag to a private port....what happens to naija's national revenue...?

Tinubu want to cripple Nigeria...with his manipulation of politics to bend laws to give him economic advantage....

We are not ready for this so called " development"

Nigeria is finished!

ProtectMyMoney:


Hope it's not a way to bamboozle Nigerians by saying it is Equity and not Loan.

Government should ask Italy ..how market?

China developed a port in Italy...now Italy has been held by the balls.

APC will eventually ruin Nigeria...

Chinese gift is the new Greek gift. FG be careful!!!

StrikeBack:
Don't worry guys.. your leaders don't care about the future of your kids..

Time will tell

Nigeria needs to invest at least $3 trillion over the next 10 years to bridge its widening infrastructure gap (the figures are according to different reports from the IMF and McKinsey). We will never have that sort of money (about $30 billion yearly) to invest in infrastructure, so we need to attract lots of foreign capital (and equity capital such as this one is always better than debt capital). Nigeria’s kids will have a much better future and much brighter prospects and opportunities in a country with excellent functional infrastructure.
>

9jaRealist:


Why not? It’s THEIR money...
Nigerian banks in Ghana and across Africa are run by mostly Nigerian CEOs.

Even in the US, Bayo Ogunlesi was CEO of Credit Suisse (investment banking arm)...
I suppose the Americans (or Swiss owners) should not have allowed that to happen.

When people put their money into PRIVATE investment...
They do not want any Federal Character or Quota System nonsense!
>

a French, British,or Chinese CEO is not acceptable because these are treasure seekers, colonialists

China taking over the world.

Amen.

They should start with Aba. Charity begins at home

Blackfire:
One day ....



The Igbos will be doing this wonders to the world





God bless Lagos

Hmmm! I fear for the future on this one.....

Blue3k2:
Nice to see life still going on. Lol it's interesting to know this will be Nigeria 1st deep seaport.

What's the difference between this and that of Apapa,One port and those in Akwa ibom

Pls enlighten me sir
Thanks

bigpicture001:
You now see it that APC wants to disintegrate Nigeria..?

After oil,Nigeria's next biggest earner is revenue from the Lagos port...

Now if much vessels are divested from FG's port in lag to a private port....what happens to naija's national revenue...?

Tinubu want to cripple Nigeria...with his manipulation of politics to bend laws to give him economic advantage....

We are not ready for this so called " development"

Nigeria is finished!

You mean instead of going to the better-run privately-run neighboring ports of Cotonou and Lomé like many are presently doing?
>

Gabson006:
What's the difference between this and that of Apapa,One port and those in Akwa ibom

Pls enlighten me sir
Thanks

Apapa and Onne are actually ‘river’ ports...
They can not accommodate the biggest class of ships available these days.

Lekki (and the proposed Warri, Ibaka and Bakassi ports) will be Nigeria’s first deep seaport(s)...
It should be cheaper and more efficient because more goods can go in or out in one vessel instead of several.
>

engrchykae:
a French, British,or Chinese CEO is not acceptable because these are treasure seekers, colonialists

If you don’t want them put up the cash... simples!
>

9jaRealist:


You mean instead of going to the better-run privately-run neighboring ports of Cotonou and Lomé like many are presently doing?
>

Brother don't go there....management is not a reason ppl divert goods to Cotonou....its cost...

And even at that Cotonou port does return even half revenue naijA shiroro port generate in a year...

Same thing lecturers lie to student That school welfare is the reason ASUU usually embark on stile...nd never letting them know its all abt wages

wman:
Equity not loan.

I don't like how this sounds.

At least you can pay back a loan.

So, they will become controlling shareholders of the port. And the Chinese make up the core of the management board.

We're gradually losing our independence subtely. Chinese steadily colonizing Africa.

Nothing comes freely.

veron007:
So in effect the deep sea port is owned by Chinese. They provide most of the funds and own more than 50%. We just sold our birth right for a pot of porridge. The CEO is also a foreigner appointed by the Chinese to further their interest. Let me tell you about the scenario that plays out here. They provide the funds, control the procurement decisions and manage the port. We will never be able to complete paying back the loan since the project can only buy from Chinese companies at the price they offer. Our mumu never do? What happened to increasing the depth of other ports in Nigeria? We have under utilized ports Calarbar, Warri, Port Harcourt. This shouldn't be our priority now.

careidon:
Going by their single largest contributor status and control of board & management (esp the CFO & assistant posts) They own the project/port.
The question to ask is, was the fundings truly brought into 9ja? It seems wrong that the check & balance is missing - the MD can just work and CFO just cross it out at times 5 of value, which is what our politicians always do.

It’s a BOOT (Build, Own, Operate and Transfer) project...
The foreign investors bring the money, build it, operate it for 45 years, and then transfer it to NPA.

For donating the land, Lagos gets a 20% while NPA gets a 5% equity...
So LASG and NPA will be collecting 25% of all of the profits over those 45 years for doing jack all.
>

bigpicture001:
Brother don't go there....management is not a reason ppl divert goods to Cotonou....its cost...

And even at that Cotonou port does return even half revenue naijA shiroro port generate in a year...

Same thing lecturers lie to student That school welfare is the reason ASUU usually embark on stile...nd never letting them know its all abt wages

Poor management is what leads to higher costs...
And cost is not just pricing but also opportunity cost.

It currently takes ships an average of about 25-30 days to secure a landing berth at the Apapa ports...
And then another couple of weeks to get your cargo out of Apapa - and all that time the importer is paying demurrage. SMH
>

bayusman:
Gave us debt still bring all their citizen to fill all the better positions. Smh

Equity is NOT debt...

The are taking the RISK of failure...
So no issue with them bringing onboard someone they trust.
>

MondayOsunbor:
our children will fight for another independence over Chinese colonial masters.

chinese are not europeans . chinese no get human heart

go ask tibetans

http://www.rfi.fr/en/asia-pacific/20190311-tibetans-commemorate-uprising-and-brutal-chinese-occupation-1959

This sort of crude racism is cringeworthy...
You don’t need to go ask Tibetans, when you can ask Ibos or Rwandans what Africans can do to each other.

Meanwhile, the “Europeans” you seem to idolize...
Enslaved your forefathers, colonized and brutalized your land and grandparents, and threw some of their own into gas chambers.

Let he without sin cast the first stone (I paraphrase ).
>

9jaRealist:


Poor management is what leads to higher costs...
And cost is not just pricing but also opportunity cost.

It currently takes ships an average of about 25-30 days to secure a landing berth at the Apapa ports...
And then another couple of weeks to get your cargo out of Apapa - and all that time the importer is paying demurrage. SMH
>

Dumurage does not start till after 14days....

Now devalued currency like that of the Benin republic which uses the CFA franc notes helps reduce cost...u want to tell me american coys don't know managements? ..y then are stuffs still more expensive there that. China...? Curenccy advantage...

That what Benin have been using against Nigeria...now if you don't know . the stat you gave on delays on Nigerian ports are old school.. Since 2012....it has drastically reduced with the Fb introduction of the inland dry ports across the country...

This helps to evacuate containers to different part of the country to clear space for new incoming cargoes...pending when imoorter is ready to start his clearance...

Again great measures have been out in place since then including cheaper berthing charges to land your vessel in other naija seaport...


So as I said b4...cost us the reason for diverting cargoes to Benin republic nd not management....

Ramsak1:
Yo'all complaining should calm down. It is equity fund for God's sake, its foreign direct investment into our economy which is a good thing to say the least. Nd beside they have the expertise to make the project come into actualization, its a win-win as evrybody will be happy.
I think we should be gratefull to these chinese because atleast nw we are seeing infrastructures springing up in our country and these guys have the confidence to invest in our economy unlike the westerners we've been in bed with all these while.
Imagine companies Royal Dutch shell, exxonmobile, Chevron, they've being dealing our oil for decades without giving nothing back, they won't even refine here no infrastructures no notin.
Developments we've seen in the past few years dealing with chinese, we'll never see it dealing those westerners because they need us to be poor xoo they can always exploit and take advantage of us.

BLESS YOU!
Great minds and all that...
>

bigpicture001:
Dumurage does not start till after 14days....

Now devalued currency like that of the Benin republic which uses the CFA franc notes helps reduce cost...u want to tell me american coys don't know managements? ..y then are stuffs still more expensive there that. China...? Curenccy advantage...

That what Benin have been using against Nigeria...now if you don't know . the stat you gave on delays on Nigerian ports are old school.. Since 2012....it has drastically reduced with the Fb introduction of the inland dry ports across the country...

This helps to evacuate containers to different part of the country to clear space for new incoming cargoes...pending when imoorter is ready to start his clearance...

Again great measures have been out in place since then including cheaper berthing charges to land your vessel in other naija seaport...

So as I said b4...cost us the reason for diverting cargoes to Benin republic nd not management....

Here are links to some recent news reports (Dec 2019, Jan 2020, Feb 2020)...

https://guardian.ng/news/congestion-traps-26-vessels-in-lagos-ports-shippers-lament-delays/
https://www.seatrade-maritime.com/ports-logistics/container-lines-facing-delays-over-20-days-lagos-terminals
https://businessday.ng/maritime/article/congestion-heightens-in-lagos-ports-as-vessel-waiting-time-hits-25-days/
>

Chinese buying harbors here. Equity fund ke

bigpicture001:
Dumurage does not start till after 14days....

Now devalued currency like that of the Benin republic which uses the CFA franc notes helps reduce cost...u want to tell me american coys don't know managements? ..y then are stuffs still more expensive there that. China...? Curenccy advantage...

That what Benin have been using against Nigeria...now if you don't know . the stat you gave on delays on Nigerian ports are old school.. Since 2012....it has drastically reduced with the Fb introduction of the inland dry ports across the country...

This helps to evacuate containers to different part of the country to clear space for new incoming cargoes...pending when imoorter is ready to start his clearance...

Again great measures have been out in place since then including cheaper berthing charges to land your vessel in other naija seaport...


So as I said b4...cost us the reason for diverting cargoes to Benin republic nd not management....

Btw, are you really comparing Nigerian PUBLIC sector management with American PRIVATE sector management?

Bros, the primary reason Chinese goods are cheaper is that labor costs are much cheaper in China...
A highly-skilled Chinese worker (even some graduates) earns LESS than a US high school dropout with a union job.
>

MotiveU:

Contact me

Why not contact me? At least you can see my WhatsApp number on my signature.

AmTruth:
Good news.

Despite the present virus crisis.

Investments still pouring in!!!

Smh furiously.

Chinese now fully own and control a major port in Nigeria, and can continue to do so for hundreds of years to come.

With the way the Chinese are, trust me, within that port vicinity, Nigerians will be treated like foreigners.

Very bad.

9jaRealist:


Here are links to some recent news reports (Dec 2019, Jan 2020, Feb 2020)...

https://guardian.ng/news/congestion-traps-26-vessels-in-lagos-ports-shippers-lament-delays/
https://www.seatrade-maritime.com/ports-logistics/container-lines-facing-delays-over-20-days-lagos-terminals
https://businessday.ng/maritime/article/congestion-heightens-in-lagos-ports-as-vessel-waiting-time-hits-25-days/
>

I read ur links nd laughed...nd I as you this...does normal way of life make headline...?

Answer is NO. It made headline of 20days delay,cuz it was not normal at the time...

And stakeholders said its cuz of trafficking girdlock on Apapa road ( a route for Evacuation) is the cause....

You are very determined to prove your point by ascribing every thing evil to management so its looks like management is the problem....

The lekki port if operational ,will d truth drivers fly in the sky..? Or you think they have flying container...its still in lagos

veron007:
So in effect the deep sea port is owned by Chinese. They provide most of the funds and own more than 50%. We just sold our birth right for a pot of porridge. The CEO is also a foreigner appointed by the Chinese to further their interest. Let me tell you about the scenario that plays out here. They provide the funds, control the procurement decisions and manage the port. We will never be able to complete paying back the loan since the project can only buy from Chinese companies at the price they offer. Our mumu never do? What happened to increasing the depth of other ports in Nigeria? We have under utilized ports Calarbar, Warri, Port Harcourt. This shouldn't be our priority now.

It’s not “our” priority...
It’s a PRIVATE sector driven project, and thus the investors’ priority.

PRIVATE investors vote with their wallet and their feet...
Since the FG isn’t financing this, it should have the funds to dredge ‘federal character’ ports.
>

bigpicture001:
I read ur links nd laughed...nd I as you this...does normal way of life make headline...?

Answer is NO. It made headline of 20days delay,cuz it was not normal at the time...

And stakeholders said its cuz of trafficking girdlock on Apapa road ( a route for Evacuation) is the cause....

You are very determined to prove your point by ascribing every thing evil to management so its looks like management is the problem....

The lekki port if operational ,will d truth drivers fly in the sky..? Or you think they have flying container...its still in lagos

You said these things stopped happening since 2012...
Faced with stark evidence it is still happening, you resort to proverbs. LOL!
>

9jaRealist:


Btw, are you really comparing Nigerian PUBLIC sector management with American PRIVATE sector management?

Bros, the primary reason Chinese goods are cheaper is that labor costs are much cheaper in China...
A highly-skilled Chinese worker (even some graduates) earns LESS than a US high school dropout with a union job.
>

And we have not noticed the mass migration of very skilled Chinese workers to Japan nd the US...?

Yes they are not paid half wat they pay in the US nd Europe ,but they live in China where cost of living is relatively far cheaper than US nd Europe...

A Nigerian earning 450k here is same as Nigeria. Living in the US nd earning a monthly sum of 1.3million...the only difference is standard of living

But in the case of the Chinese, standard of living is same thing with American...so it doesn't matter

9jaRealist:




You said these things stopped happening since 2012...
Faced with stark evidence it is still happening, you resort to proverbs. LOL!
>

The death rate nd unemployment rate in the US is very low in the US...( that is a norm)

Is it still same fact momentarily...? Does it mean the US no longer have good hospitals or doctors or maybe all their factories nd workplaces stoked being competitive..?

Answer this so that you can b sensible enough to understand me