ABUJA — As the price of oil fell below expectations, the Chinese government may embark on seizure of Nigerian assets for unpaid loans.
Chinese credit accounts for 80% of all bilateral lending to Nigeria, data from the West Africa nation’s debt management office show.
According to chart, Nigeria owes more money to China than any other country.
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Many economists has expressed fear that Nigeria would lose its assets over unpaid loans.
“Recall, China seized some of Zambia’s assets like ZESCO, a power utility company, and will seize likely seize Kaunda international Airport. Kenya is also at risk of unpaid debt, China may take control of Mombasa”.
“Nigeria is now 90% at risk of losing its assets because the country owe more money to China,” Prof. Isaac Francis said.