Nigeria Owes More Money to China Than Any Other Country
Chinese credit accounts for 80% of all bilateral lending to Nigeria, data from the West Africa nation’s debt management office show. China provides loans to build railways, power plants and airports, helping to bridge a huge infrastructure gap in Africa’s largest oil producer. However, lending from China makes up only 3% of Nigeria’s total debt stock of $81 billion.
Recall that within 4 years of APC government; FG has borrowed N18 TRILLION from CHINA.