The Federal Government has revealed that China is willing to lend Nigeria more money and increase its investments in the country’s infrastructure.
This was disclosed by the Minister of Foreign Affairs, Yusuf Tuggar, during an interview on Channels Television’s Sunday Politics.
Tuggar clarified that despite Nigeria’s external debt of N56 trillion as of March 2024, the country is not among those seeking debt forgiveness from China. He added that Nigeria’s debt-to-GDP ratio does not place it among critically indebted nations.
“No, we are not discussing debt relief with China. In fact, China is prepared to lend more and invest further in Nigeria’s infrastructure,” Tuggar said, dismissing concerns about Nigeria’s debt burden.
The minister also stated that at the recent United Nations General Assembly, Nigeria pushed for global financial reforms and comprehensive debt relief measures, not solely for its benefit, but on behalf of Africa and other developing nations.
China remains one of Nigeria’s top lenders, with ongoing investments in infrastructure projects aimed at boosting the country’s economic development.
Tuggar reaffirmed Nigeria’s commitment to fostering strong relations with China while ensuring sustainable financing for its growth.
