By Othuke Evroh
The theme ”High-quality Belt and Road Cooperation: Together for Common Development and Prosperity,” for the on-going 3rd Belt and Road Initiative (BRI) taking place in Beijing, China, may depict a political and economic allegory for Nigerians.
Regardless, the truth is that the theme is absolute, adept and consummate. As expected, the Vice President of Nigeria, Kashim Shettima and a delegation of ministers have landed in Beijing for this all powerful forum scheduled for 17th and 18th October. The Forum has also drawn attendance from over 130 countries in Africa, Europe, Asia and Latin America, to deliberate on the subject theme.
The Belt and Road Initiative is a colossal and expansive visionary plan championed by Xi Jinping, the incumbent president of China to initiate and export China’s influence and economic development by Road and Sea. It is a tremendous universal political and trade network of infrastructures such as roads, ports, bridges and investments from China through Africa, Central Asia, the Middle east and Europe.
A project that would invariably involve 60% of the world population. Its purpose is to aid infrastructural development and create wealth through connectivity by recreating the old silk road.
As noted by president Xi, the goal is to create a global community with shared future “to work harder to realize more effective connectivity”
The Belt is the route that connects China to the world; for instance, as seen in the China Pakistan Economic corridor and a new high-speed rail link between Peshawar and Karachi. The Road also includes a maritime Silk-Road; Sea routes that connect China to Southeast Asia, Europe and Africa.
This land and maritime silk road Cut across over one hundred countries, the Belt and Road Initiative(BRI) covers major investments in ports around the world in countries like Peru, Nigeria, Dubai, Greece, Spain, Angola, Suriname, Equatorial Guinea, Sudan, Zambia, Djibouti among others.
Speaking at the 10th anniversary of the Belt and Road Initiative last week in Lagos, Yan Yuqing, the Consul General of the People’s Republic of China in Lagos reiterated the theme in what was titled ”Renew the Hope with the Belt and Road Initiative”. According to him, Nigeria is the most important strategic partner of China in Africa, with ”a lot of cooperation in the field of infrastructure, investment and trade, education, culture, among others. “I am confident that after the 3rd Belt and Road forum in Beijing, Nigeria and China will have more cooperative opportunities for the future”.
By Nigeria’s particioation in the Summit it is expected to further boost our bilateral relationship with China ad hopefully encourage more Chinese investment in the country.
Since 2018 when Nigeria and China signed the MOU on the BRI, China has invested a lot in Nigeria in terms of education, infrastructure, employment, cultural exchanges, among others. However, the perplexing problem in China-Nigeria relations and cooperations has remained in the area of granting or availing loans to Nigeria.
According to the Debt Management Office of Nigeria(DMO), about $3 billion dollars worth of Chinese loans have been disbursed for various projects in Nigeria as of December 31, 2021. Similarly, in its quarter review, the Debt Management Office(DMO) stated that Nigeria has borrowed $4.34 billion from China through the Exim Bank of China as of June, 2023.
It is pertinent to state that most of these loans are tied to specific projects which have encourage transparency in their utilization. The loans are not for consumption, the infrastructures tied to the loans are expected to generate rhe funds for thier repayment.
For Nigeria and China to enjoy ”Common Development and Prosperity”, China and Nigeria must deliberately work together in growing the economy of Nigeria. This could be achieved if China continues to provide reasonable fundings for infrastructure and investments and work assidously with the Nigerian government to ensure that these investments in infrastructure and manufacturing give the necessary boost to Nigeria’s economic rejuvination.
As the 3rd Belt and Road Forum kicks off in Beijing it is hoped that the bilateral relationship between Nigeria and China would continue to soar and that Nigeria remains of strategic interest to China.
