Nigerian President Bola Tinubu has likened his government’s economic reform efforts to those of China, during a conversation with Chinese President Xi Jinping. Tinubu made these remarks while on an official visit to China, where he is engaged in discussions with the Chinese President and various business leaders as part of the Forum on China-Africa Cooperation.
According to a statement released by the Nigerian Presidency on X (formerly Twitter) on Tuesday night, Tinubu expressed Nigeria’s willingness to strengthen business ties with China. “I am here to assure you that Nigeria is ready to do business with you,” he stated. “Our reform programme in Nigeria is on a similar course as China’s, and we are committed to sustainable growth.”
This comparison by President Tinubu comes despite Nigeria’s considerable debt, particularly to China. The remarks also follow widespread protests across Nigeria, driven by discontent over severe hunger, hardship, and governance issues.
As of the first quarter of 2024, Nigeria’s debt to China, primarily through the Export-Import Bank of China, stands at $5.045 billion. Moreover, data from the World Bank’s International Development Association (IDA) reveals that Nigeria ranks as its third-largest debtor, with a debt burden of $16.5 billion in 2024.
Under President Tinubu’s administration, Nigeria’s debt obligations have seen a notable increase, with a $2.2 billion rise from previous figures. This surge has significantly elevated Nigeria’s position among the IDA’s top borrower nations, moving it from fourth place in 2023 to one of the top three debtors in 2024.
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