China Open to Providing More Loans and Investments in Nigeria

Nigeria Clarifies: No Debt Forgiveness Sought from China

The Nigerian government has categorically stated that it is not seeking debt forgiveness from China, despite ongoing discussions about debt relief at international forums.

Foreign Affairs Minister Yusuf Tuggar clarified this during an appearance on National Television’s Sunday Politics program. He emphasized that China remains open to providing further loans and investments to support Nigeria’s economic development.

Tuggar highlighted Nigeria’s relatively stable debt-to-GDP ratio compared to other critically indebted nations. He noted that China is willing to increase its financial commitments to Nigeria through infrastructure development and other projects.

While Nigeria has advocated for debt relief measures at international platforms, including the United Nations General Assembly, Tuggar acknowledged that it is a gradual process and may take time to achieve. He pointed to previous debt forgiveness efforts under President Obasanjo as an example.

According to the Debt Management Office, Nigeria’s domestic and external debts amounted to N121.67 trillion ($91.46 billion) as of the first quarter of 2024.