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Nigeria did not mortgage property for China loan – Amaechi

File Photo: Honourable Minister of Transportation, Rotimi Amaechi
Minister of Transportation, Mr Rotimi Amaechi said on Monday that the Nigerian
government did not mortgage any property to secure infrastructural loans from

Amaechi made the clarification at the 6th Annual East African
Transport Infrastructure conference held in Nairobi, Kenya.
According to Amaechi, Nigeria did not offer China any such
comfort because the country has the ability to repay the loan.
There were reports that countries such as Sri Lanka, Somalia,
Kenya, Sudan, among others are facing pressure of forfeiting their
infrastructure to China over unpaid debts.
don’t know the arrangement these countries made with China-Exim bank, I do not
think we will have any problems with repaying our loans. The countries that
they are talking about are Kenya, Somalia and Sudan.
“These are some of the countries that have not been able to
repay their loans I think. So what China is doing is that, it is taking over to
manage and get its money, but it’s not so in Nigeria.
said debt default by some countries is affecting Nigeria’s plan to borrow more
from China.
“We are talking with them, to say that by June, we should be
able to say this is our repayment plan. It also depends on what agreement plan
you have with them. Our agreement does not include the fact that they will come
and take over our seaports or railways or airports.
believe that we can pay back using our own money. That shouldn’t be any
problem. Our focus should be to run this infrastructure efficiently so we can
pay back and there is no plan for them to manage any of it.” he stated.
According to him, China is the only country that can give out
loan for infrastructure. He claimed developed countries also borrow from China.
“If you don’t go to China, who will give you money? America is
going to China even Russia. What is wrong if Nigeria goes to China?

I think we should not be afraid of China.
“Nobody runs railway with passenger fares. You can never get one
Naira out of it. Nigerians think railway is just to carry passengers but the
problem is that the goods that should be on the rail are the ones on the road
and they are destroying the roads.
“Once we conclude the rail projects and those goods are
transferred to the rail, that is when we will start making money to pay our
“Currently our trains are carrying passengers. People are
celebrating Lagos-Ibadan, because they are looking at it that “oh, I’ll just
jump into the train and one hour after, I’m already in Ibadan.”
“That’s not the overall aim. The reason the federal government
said we must get to the seaport is to decongest the Apapa seaport.
That’s where the money lies,” he noted.(NAN)

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