Borrowing is regarded as an economic culture some countries around the world adopt to build infrastructure, and develop ministries, departments, and agencies.
In fact, according to a personal finance freelance writer and journalist, Garrett Parker, debt is not just needed for survival, it is seen as "a common function of all working economies."
Nations outside and within Africa have massive debt profiles that will take even more than decades to offset.
Surprisingly, Nigeria stands at number eight ($4.8 billion) among the top 10 African nations owing China.
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- USA ($18,286 trillion)
- UK ($7,499 trillion)
- France ($5,250 trillion)
- Germany ($5,084 trillion)
- Netherland ($4,124 trillion)
- Luxembourg ($3,900 trillion)
- Japan ($3,408 trillion)
- Italy ($2,285 trillion)
- Ireland ($2,236 trillion)
- Spain ($2,036 trillion)
- Canada ($1,791 trillion)
- Switzerland ($1,699 trillion)
- Australia ($1,563 trillion)
- China ($1,437 trillion)
- China Hong Kong ($1,416 trillion)
- Singapore ($1,300 trillion)
- Belgium (($1,194 trillion)
- Sweden ($938 billion)
- Austria ($629 billion)
- Norway ($623 billion)
Top 10 most indebted African nations to China
- Angola ($25 billion)
- Ethiopia ($13.5 billion)
- Kenya ($7.9 billion)
- Republic of Congo ($7.5 billion)
- Sudan ($6.4 billion)
- Zambia ($6.5 billion)
- Cameroon ($5.5 billion)
- Nigeria ($4.8 billion)
- Ghana ($3.5 billion)
- DR. Congo ($3.4 billion)
Why clause ceding Nigeria's sovereignty was in loan deal with China - Amaechi
Meanwhile, a former transport minister, Chibuike Amaechi, had explained why there was nothing wrong with the federal government ceding Nigeria's sovereignty to China in the signing of a loan deal with the Asian country.
Amaechi told journalists in a video seen by Legit.ng correspondent that the clause was included in the loan deal with China in order to ensure the recovery of the N5.3bn loan.
"It is not ceding sovereignty in the technical sense of it. It is ceding sovereignty, giving them power in order for them to recover their assets if they need to recover it to be able to recover their money.
So, I don't see what is wrong with that," Amaechi said in the final minute of the video."