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As Nigeria and China this year mark their golden jubilee of official relations, there are growing fears over the imbalanced relationship, especially with China’s predatory lending bond with Nigeria and the country’s debt exposure to the Asian powerhouse, which has risen geometrically in recent years.
Official relations date back to February 1971 when Nigeria established diplomatic relations with China, and today Nigeria remains China’s major investment destination in Africa. At an event in Abuja to mark 50 years of Nigeria-China relations, the Chinese Charge de Affaires in Nigeria, Mr. Zhao Yong, disclosed that China’s trade with Africa has hit $208.7 billion with foreign direct investment totaling $49.1 billion.