China remains the biggest foreign lender to Nigeria, according to data from the Nigerian Debt Management Office, indicating that the Chinese credit accounts for 80 percent of all bilateral lending to Nigeria.
Recently, the Asian country has been giving credits to many world nations with African countries being the regular beneficiaries and Angola topping the list.
Nigeria, is currently the largest oil producer in Africa, with the industry generating around 2.35 million barrels on a daily basis which represents approximately 113 million tons annually.
The oil production generates up to 80 percent of the country’s revenue as oil makes up 90 percent of total exports.
Despite all these revenues from oil, Nigeria still needs loans to fund most of its projects and China has been coming in handy. China provides loans to build railways, power plants and airports, helping to bridge a huge infrastructure gap in Africa’s largest oil producer.
In the past 17 years, African governments have received about 143 billion dollars in loans from Chinese state institutions and private banks.
East African countries owe the Asian country around 29.42 billion dollars for the past ten years with Ethiopia leading with 13.73 billion dollars.
Here is a list of top ten African countries that owe China the largest debts;
These African countries are really getting trapped into China’s yoke of debts and apparently, the loans are piling up.
China is really conquering the economy of Africa and monopolizing other superpowers as the top creditor in the continent.
The problem comes in when these countries are unable to repay their loans. Most of the debts owed have been accumulating interests forcing the loanees to pay back with precious assets.