President Muhammadu Buhari has said that Nigeria is willing to take more loans from China to build infrastructure in the country.
Buhari said this amidst public outcry concerning the country’s level of indebtedness.
Nigeria is Africa’s most indebted country with an external debt profile of $37.95bn, while the country owes China about $3.59bn according to the Debt Management Office.
But the President said on Wednesday during an interview on Channels TV that the loans from China have helped his government to fund some of the rail and road projects in the country.
He said, “Well, we will take that (loan) when it is necessary. I told you now of something I’m sure I know: it used to be between Lagos and Ibadan alone and not to go to the rest of the country. But we’ve got the Chinese to have the rail, in the roads.
“How can we turn that down? If we turn that down? Maybe it will reduce the way we work. So the Chinese are welcome. Anybody that is prepared to come and help us with our infrastructure has chosen the roads, the rail and power will be welcome.”
Last year, the US Secretary of States Anthony Blinken had warned the country of the dangers in borrowing from China.
He said, “We want to make sure that as investments are made, countries are not labored with tremendous debt that they can’t repay; that is something we won’t do.”
Meanwhile, Buhari also revealed that he would leave an economy where Nigeria will no longer be dumping ground for developed economies.
According to the President, the menace has contributed to the currency problem faced in the country as well as the rise in unemployment which is at 33.5 per cent, according to the National Bureau of Statistics.
Buhari said, “The Economy is a free economy and what is a free economy? You allow people to make sure that their industries are patronized, you have to stop smuggling. You have to stop developed countries from dumping goods in your country.
“Because of technology, they can produce faster and they can produce more with less resources. So, you have to protect the economy.”