By Maxwell Adeyemi Adeleye<\/p>\n
In the words of Adetomiwa (2016), development is a culture and not a
\nproduct. We can’t buy development no matter how much money we have or
\nborrow. Today, some section of the country are jubilating that freedom has
\ncometh. They are happy that God, through the republic of China, is about
\nto deliver them from the formidable hegemony of United States of America
\n(US). They are happy and they want everybody to be happy.<\/p>\n
However, Iet me as a citizen of Nigeria say that I have an objection. I
\ndon’t just jubilate because people are jubilating. I censors why people
\njubilates before I chose to jubilate or walk away. Therefore, on the
\nChina-Nigeria forex deal, I am of the opinion that the media handlers of
\nPresident Buhari are just taking the ignorance of the large population of
\nNigerians for granted and some who are well lettered to know the truth are
\nnot talking; apparently, they don’t want to offend some certain interests.<\/p>\n
Let me say equivocally that nothing goes to the developing nations from
\ndeveloped nations free of charge. Any President taking foreign loan is not
\nhelping his people. That is the rule in international political economy.
\nThe more we borrow, the more pauperized we become; the more we subject our
\ncitizens to slavery and economic bondage; the more we subject the
\nindependent and sovereignty of our country to foreign encroachment.<\/p>\n
Simply put, according to the empirically analyzed and well-critiqued
\nMarxist Perspective to the study of international political economy, a
\nforeign loan or foreign aide is defined as an instrument which the
\nDeveloped Nations have consistently been using institutionally, to
\ncolonize or neo-colonize the Developing Nations. That is Foreign loan is a
\ntool being used by developed nations to colonize developing sovereign
\nnations.<\/p>\n
Consequently I am saying without any fear or Favour that I refuse to be
\ncarried away by the current media conspiracy from the Nigerian presidency.
\nChina, like other western hegemonies, is not a Father Christmas. China
\nwant to borrow Nigerian government two billion dollars, but they want to
\ngive us in Yuan and not the dollar itself. How sensible is that?<\/p>\n
More also, let it be on record that China is not handling cash to Nigeria.
\nWhat they want to do is what is called “service exchange” in international
\nmarket; meaning that if we want to buy stove, we buy it from Chinese
\ncompany to be recommended by Chinese government and they pay the company
\non our behalf.<\/p>\n
If we want to construct railway, they will construct it for us. All the
\nequipments to be used are to be made in China. The contract must be
\nexecuted by a Chinese firm. Chinese government is to pay the contractors.
\nWe are bound to award contracts to them. Non-Chinese firms can’t bid or
\ncompete to reduce the cost.<\/p>\n
Also, as equally posited by a social commentator, Tomi Adetomiwa, Chinese
\ngovernment values the contract and determine the price. The implication of
\nthis is that they can sell something worth N300 for N300 and we don’t have
\na choice than to accept. The fact is that the $2billion loan is still in
\nChina. A dime will not leave their economy. The money remain with China.
\nN1 will not enter Nigeria market from it.<\/p>\n
Furthermore, the worst of it is that China want us to pay back the loan in
\ndollars and not yuan. And we are to move part of our foreign reserve to
\nYuan, a currency that is manipulated openly by the Chinese government.
\nSometime ago, during the reign of Lamido Sanusi as CBN Governor, China
\nsold us Yuan at 4 to a dollar, only to devalue their currency few weeks
\nlatter to 9 Yuan per 1 $.<\/p>\n
Many Nigerians are presently jubilating not knowing that they are
\ncelebrating their oppressors. Many do not know that even Chinese companies
\ndon’t want yuan. They transact their businesses in dollar. The funniest
\npart of this scenario is that Chinese foreign reserve is in dollars, not
\nyuan, yet China want us to move part part of our foreign reserve to Yuan.
\nWhat a contradiction! For the records, China, as at today, remain the
\nlargest holder of US bond in the international financial market. I stand
\ncorrected.<\/p>\n
I also found out that the republic of China have more lobbyists in
\nWashington DC, the Capital of United States, than any other nation on the
\nsurface of earth, begging and pleading with Washington political
\ngladiators to always make policy in their favour. Now, country people, how
\ncan such a country save us from the hegemony of American dollar? Why do we
\nlike to be pushed without questioning the oppressors that are masquerading
\nas saviors?<\/p>\n
The reality is that China will continue to inflate the contract price,
\nrefuse to complete the project and deceive us further. Isn’t funny that
\nthe country (China) whose foreign reserve is domicile in dollar want us to
\nchange part of our reserve to yuan?<\/p>\n
Lastly, I don’t blame Chinese leaders for trying to encroach Nigeria, I
\nblame our leaders for not being smart enough. I blame those interested in
\nmedia propaganda than facing the reality. On this note, I posit that only
\nNigeria can help Nigerians. The solution to the economic quagmires
\nmilitating against Nigeria is not a foreign loan. The more foreign loan we
\ntake the more poorer we become. Nigerian government should implement true
\nfederalism system and make our market economy open and free in all
\nramifications. You cannot regulate and deregulate. I so submit.<\/p>\n
Adeleye, a young Political Scientist, sent this piece from Magodo, Lagos.
\nMaxwell_adeleye@yahoo.com
\n+2348184397228<\/p>\n","protected":false},"excerpt":{"rendered":"
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