When China’s International Minister Wang Yi jetted into Abuja final week bearing items and guarantees, I couldn’t assist however recall the outdated African proverb in regards to the left hand washing the suitable.
The diplomatic dance between Nigeria and China is turning into extra intricate, and the stakes have by no means been increased.
Let’s lower by the diplomatic converse and face actuality. China isn’t increasing its foreign money swap settlement with Nigeria and backing our Panda bonds issuance out of mere brotherhood. That is calculated financial diplomacy at its best. Beijing sees Nigeria because the gateway to West Africa, they usually’re prepared to pay the toll.
The present $2 billion foreign money swap deal, which President Bola Tinubu rightly described as “insufficient,” tells solely a part of the story. What’s fascinating is China’s swift response to contemplate an enlargement. When was the final time you noticed China responding this rapidly to a monetary request from an African nation? It speaks volumes about Nigeria’s strategic significance in China’s African agenda.
Keep in mind the fanfare that accompanied the preliminary foreign money swap settlement? Some analysts hailed it as Nigeria’s financial game-changer. However right here we’re, nonetheless grappling with foreign exchange challenges and infrastructure deficits. The promised advantages of that deal are but to totally materialise for the common Nigerian businessman attempting to import items from Guangzhou.
What’s significantly attention-grabbing about Wang Yi’s go to is the timing. It comes when Nigeria is actively in search of different funding sources for its formidable infrastructure initiatives. China is aware of this, they usually’re not about to let Western establishments acquire a stronger foothold in Africa’s largest economic system. It’s like watching a geopolitical chess match the place Nigeria is each the participant and the prize.
The pledge of $140 million in navy assist and the promise to coach 6,000 navy personnel throughout Africa sounds spectacular till you do the mathematics. It’s pocket change in comparison with what China earns from African commerce. But, we’re speculated to see this as a serious dedication to African safety. Discuss strategic funding on a shoestring price range!
I discover it significantly intriguing that China is supporting Nigeria’s bid for a everlasting United Nations (UN) Safety Council seat. Don’t get me incorrect – we completely deserve that seat. However China’s assist comes with strings hooked up, whether or not we admit it or not. It’s no coincidence that this backing comes alongside discussions about foreign money swaps and infrastructure initiatives. Beijing’s diplomatic assist all the time comes with a price ticket.
The appointment of Joseph Tegbe as coordinator for Nigeria-China relations reveals we’re taking this relationship critically. However we must be clear-eyed about what we’re moving into. China’s speak of opposing “energy politics and bullyism” in Africa sounds nice till you realise they’re primarily saying,
“Don’t let others bully you – allow us to defend you as an alternative.” It’s like switching landlords and calling it independence.
What’s significantly noteworthy is China’s assist for “Africans addressing African points within the African method.” Sounds great, doesn’t it? However that is coming from the identical nation that has voting rights in African improvement banks and vital management over quite a few African infrastructure initiatives. The contradiction is evident.
The proposed enlargement of navy cooperation deserves particular scrutiny. Sure, we’d like all the assistance we will get in tackling our safety challenges. However navy assist usually comes with hidden prices. Simply ask any African nation that has ever tried to steadiness navy cooperation with sustaining strategic autonomy.
The main points of those agreements usually stay shrouded in secrecy.
Don’t get me incorrect – Nigeria wants these partnerships. Our infrastructure deficit is actual, and China’s willingness to fund main initiatives is a lift we will’t ignore. The railway modernisation undertaking they’re so happy with? Let’s keep in mind it’s not assist – it’s a mortgage we’ll be paying again with curiosity. Our kids may nonetheless be paying for it lengthy after the tracks want alternative.
President Tinubu’s request for an upward evaluation of China’s $50 billion assist package deal for Africa was diplomatically astute. However right here’s what retains me up at evening – are we strolling into one other debt entice?Different African nations have already realized the arduous method that Chinese language loans is usually a double-edged sword. Simply ask our neighbours about their experiences with Chinese language debt restructuring.
The reality is, in immediately’s multipolar world, Nigeria must play its playing cards proper. We will’t afford to be naive about China’s intentions, nor can we ignore the alternatives this relationship presents. The secret is to make sure that whereas China courts us, we preserve our sovereignty and strategic pursuits.
As Nigeria deepens its engagement with China, we should ask ourselves some essential questions: Are we prepared to make sure this partnership actually serves our nationwide pursuits? Can we assure that immediately’s offers gained’t turn out to be tomorrow’s burdens? Most significantly, do now we have the institutional capability to handle this relationship successfully?
The ball is in our courtroom. Let’s hope we play it proper, as a result of on this recreation of worldwide relations, there are not any everlasting buddies, solely everlasting pursuits. And proper now, China’s pursuits in Nigeria are crystal clear – the query is, are ours?
