China Don Turn Receiver for Africa Money – Gist Dey Hot!

Omo, e don show say China don dey collect pass wetin dem dey give Africa before! Na wetin ONE Data report talk. China, wey before dey lend large money to Africa, don turn net extractor, wey mean say dem dey pull out money wey we dey pay dem back sha.

Gist wey dey run for town be say, ten years ago, China dey send $48 billion come Africa, but today, dem dey collect $24 billion from us! E be like say dem don change wahala for this borrowing matter. As dem dey borrow, our debts dey increase, and na wetin dey cause wahala for our economy.

Report come talk say since 2010, China don collect $30.4 billion in net flows, but for the last five years, na $22.1 billion we don dey pay dem back. Na $52.5 billion shift! E mean say we don dey pay more than wetin dem dey send come. E really dey paint us for face, no be lie!

As the report talk, Chinese money wey dey enter low and lower-middle income countries don drop from $26.5 billion in 2018 to just $5.1 billion in 2024! Wahala dey for debt service too, as we dey give dem $17.4 billion instead of dem giving us. Wetin dey happen here? Dem don turn us to ATM!

From wetin dem talk, the debt wey we dey carry for our neck don dey put pressure on our economy. Public and publicly guaranteed external debt wey come from private sources don reduce from 19% to just 1%! Na serious matter o. We dey see wetin fit happen if we no find solution fast fast.

For Nigeria, we dey owe $5.16 billion out of the $6 billion bilateral loan stock to China. E don reduce small from $5.3 billion we owe dem in December 2024. Na wetin DMO abeg data confirm. But no worry, as China dey collect back dem money, other lenders don also enter ground to help the situation – like World Bank, wey don double dem funding for African countries.

China wey sabi collect mega loans no dey show face again, as dem dey shift to smaller and better focused projects now. Dem don smart up, because we sabi sey as Africa dey grow, e no go dey easy to recover all dis debts. Na so I thought say make I bring this gist come your side.

Omo take am easy my brother, na so e be, but we go still manage to survive this current matter. No be so them dey yarn? E no go easy but we go find way. Stay tuned as more updates dey land, I go keep you sabi how our pocket don dey run!