Fed Govt urges China to reduce debt burden


The Federal Government has appealed to the Chinese government to blend its grants with loans to reduce debt burden on the country.

Speaking at the China-Nigeria Economic and Trade Cooperation Forum in Abuja yesterday, the Minister of National Planning and Budget, Senator Udoma Udo Udoma said current Chinese efforts in assisting Nigeria are commendable. He said the government would like to ask for more support to help turn the economy around.

He said the intervention of the state-owned Chinese firms, such as the Chinese Civil Engineering Construction Company (CCECC) can adopt a funding option that blends grants with loans to reduce debt burden repayment.

A major constraint to business development in Nigeria, Udoma lamented, is infrastructure which is contained in the new China-Africa plan announced by President Xi JinPing during the Johannesburg summit.

Udoma said: “More can still be done by our partners in terms of grant support to infrastructure; we also believe that the Chinese private sector can improve on the areas of technology, agriculture and solid minerals.”