The Federal Government of Nigeria has reaffirmed that it is not seeking debt forgiveness from China, but rather continues to focus on increasing loans and investments to drive the country’s economic development.
This announcement comes amid growing discussions about debt relief in international forums, particularly as nations address the impact of rising global debt.
In a statement, government officials highlighted Nigeria’s ongoing partnership with China, emphasizing that their approach is centered on collaboration, especially in infrastructure projects, technology transfer, and boosting foreign investments.
“We are in talks with China to further strengthen our economic ties through more financial investments and support,” said a government spokesperson.
“Contrary to speculation, we are not asking for debt cancellation but are exploring more avenues for cooperation that would benefit both nations.”
Nigeria’s relationship with China has been marked by significant infrastructure development, including railways, power plants, and roads, largely funded through Chinese loans.
This has led to concerns about Nigeria’s debt profile, which the government is addressing by emphasizing that these loans are long-term investments that will generate substantial returns.
The discussions reflect a broader context of international financial restructuring, as many countries face rising external debt due to global economic shifts.
While debt relief discussions are taking place globally, Nigeria insists its strategy is to leverage its partnerships for growth, not dependency.
With China expressing willingness to engage in further investments, experts believe this could mark the beginning of even more significant projects in the energy, transportation, and technology sectors in Nigeria.
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