China Ready To Lend Nigeria More Money, Says Federal Gov’t

The Minister of Foreign Affairs, Ambassador Yusuf Tuggar, has disclosed that China is willing to lend Nigeria more money and invest in the country’s infrastructure.

Amb. Tuggar disclosed this while speaking with Channels Television on Sunday, adding that Nigeria was not among the critically indebted countries, hence it was not discussing debt forgiveness with its major lender, China.

According to the Debt Management Office (DMO), Nigeria’s external debt stock as of March 2024 was N56trn ($42bn) while domestic debt stood at N65trn ($46.29).

When asked if Nigeria was negotiating debt relief with China following President Bola Tinubu’s recent meeting with Chinese President Xi Jinping, the minister said that was not discussed.

Tuggar said China was even willing to lend Nigeria more money and invest more in the country’s economy.

“No, that is not what we are discussing with China. And when it comes to the issue of debt, look at the debt-to-GDP ratio of Nigeria, we are not even among the critically indebted nations.

“When you talk about the debt of a developing country, Nigeria is not in that sort of precarious situation. As a matter of fact, China is prepared to lend more, China is prepared to invest more in Nigeria in terms of infrastructure development and other things,” he said.

Tuggar added that Nigeria made presentations at the United Nations, not only for self-interest, adding that Nigeria also speaks for Africa, the global South, and the developing countries.

LEADERSHIP recalls that at the recent 79th session of the United Nations General Assembly (UNGA) in New York, President Tinubu who represented by Vice President Kashim Shettima, pushed for reform of the international financial system to include “comprehensive debt relief measures, to enable sustainable financing for development”.