- China Prepared To Lend More, Says FG
- Tinubu Appoints Tegbe To Drive China-Nigeria Strategic Partnership
The Federal Government of Nigeria might be eyeing fresh loans from China, The Minister of Foreign Affairs, Yusuf Tuggar has hinted.
This is based on the country’s debt-to-GDP ratio which has placed it among the less indebted nations of the world and the willingness of Beijing to lend Nigeria more money and invest more in the economy of Nigeria.
Tuggar made this known on Channels Television’s Sunday Politics programme.
China is one of the lenders of Nigeria. Asked whether Nigeria is in talks with Beijing for debt relief considering that Tinubu met with his Chinese counterpart, Xi Jinping of late, the minister said that was not the case.
Tuggar said, “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.”
Meanwhile, Presidents Tinubu has appointed Joseph Tegbe as director-general and global liaison for the Nigeria-China strategic partnership to broaden both countries economic cooperation
The appointment was announced in a statement on Sunday by Bayo Onanuga, special adviser on information and strategy to the president.
He disclosed that Tegbe will lead the day-to-day operations of the partnership and engage with the Chinese counterparts to ensure that all deliverables are met.
His appointment is coming barely a month after Tinubu’s state visit to Beijing, where Nigeria and China signed deals aimed at broadening their economic cooperation.
The presidential spokesperson said Tegbe will submit a strategic action plan to enable Nigeria benefit from the agreements between both countries.
Onanuga said Tegbe will report directly to the president as the two countries plan to improve Nigeria’s agricultural practices through knowledge sharing, technology transfer and investment in sustainable farming techniques.
“In the strategic plan, he will outline the specific deliverables, timelines, and key performance indicators for each area of cooperation. This will include priority projects, projected investments and expected socioeconomic outcomes,” Onanuga said.
“At the 2024 Forum on China-Africa Cooperation (FOCAC), President Xi Jinping pledged 360 billion yuan, or about $51 billion, in new financing to African nations in the next three years. He also pledged support for 30 infrastructure projects to boost connectivity across the continent and create one million jobs.
“During his official visit before the FOCAC, President Tinubu also obtained a commitment from President Xi to support Nigeria’s economic diversification plans, infrastructure development, technology transfer, and job creation.
“Nigeria and China, among others, agreed to collaborate on expanding Nigeria’s rail network, upgrading power distribution, and creating new industrial parks.
“The two countries committed to establishing hospital alliances and collaborating on medical research. Under the agreement, Chinese healthcare professionals will be deployed to support Nigeria’s healthcare system.”
Tegbe, 58, had about 35 years of experience in business strategy.
He is a fellow of the Institute of Chartered Accountants of Nigeria (FCA) and a fellow of the Chartered Institute of Taxation of Nigeria.
He was the senior partner and head of advisory services at KPMG in Africa, with a portfolio and responsibilities that included the Middle East.
