China Just Scammed Nigeria, And Buhari Doesn't Know That Yet; MUST READ
Some Nigerians are jubilation over $2b loan from China and the so called Yuan trading deal.
China wants to lend us 2 billion dollars, but they want to give us in Yuan and not the dollar itself.
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China wants to lend us 2 billion dollars, but they want to give us in Yuan and not the dollar itself.
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They are not handling us cash, but service exchange; meaning if we want to buy iron rod, we buy it from Chinese company and they pay the company on our behalf. If we want to construct railway, they will construct it for us and take the money out of the loan. In the end, we are bound to award contracts to them, cutting out competition from others and fairplay to others (non Chinese company can’t bid or compete to reduce the cost.) They get to value the contract and determine the price, meaning they can sell something worth 200 Naira for N2000 and we don’t have a choice ‘cos it is on credit.
The worst of it is that China want us to pay back in dollars, that is not all, we are moving our foreign reserve to fake currency(Yuan) a currency that is manipulated openly by the Chinese government. Did anyone ask Lamido Sanusi what happened to some of our reserve he moved to Yuan few years ago? They sold us Yuan at 4 to a dollar, only to devalue their currency few weeks latter to 9 Yuan per $.
Many Nigerians don’t know that even Chinese company don’t want yuan, nobody want it, Chinese foreign reserve is in dollars, China is the largest holder of US bond, they want dollars by all means.
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