So instead of issuing Euro bonds, the Nigerian Government has managed to get the Senate to approve $1.25bn of debt from China’s Import Export Bank to fund Chinese companies to build or resuscitate Nigerian railways.
My heart was broken as I read this in the Financial Times today where the hopelessly left wing journalists that cover Africa made no analysis of the deal.
However, we at Naira Insider yearn for the truth to set us free.
This railway fiasco is economic suicide with more than a whiff of corruption about it.
What is the cost per kilometre? What are the terms of the loan? How is the money being routed and disbursed?
Why are we allowing ourselves to be sold into servitude in this neo-colonialist world order?
This is Nigeria and China we are talking of.
Two famously corrupt countries.
Our belief in fair value and project delivery has to be low.
Instead of publishing a benign and unquestioning piece that glosses over the realities, the substantial resources of the Financial Times should be put to analysing the deal and comparing it to others across the world and Africa.
Nairn Insider will pay a significant amount to any serious analyst who can provide verifiable quantitative analysis of this railway deal against African and global benchmarks.
We will pay for the truth….the truth Nigerians deserve.