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China Just Scammed Nigeria And Buhari Had No Idea – Nigerian Economist (A Must Read)


Some Nigerians are jubilating over a $2b loan from China and the so nocknamed the Yuan trading deal.

China wants to lend us 2 billion dollars, but they want to give us in Yuan and not the dollar itself.

They are not handing us cash, but service exchange; meaning if we want to buy iron rods, we buy it from a Chinese company and they pay the company on our behalf. If we want to construct a railway, they will construct it for us and deduct the money out of the loan. In the end, we are bound to award contracts to them, cutting out competition from others and fairplay to others (non Chinese companies can’t bid or compete to reduce the costs). They get to value the contract and determine the price, meaning they can sell something worth 200 Naira for N2000 and we don’t have a choice because it is on credit.

The worst of it is that China wants us to pay back in dollars, that is not all, we are moving our foreign reserve to fake currency (Yuan) a currency that is manipulated openly by the Chinese government. Did anyone ask Lamido Sanusi what happened to some of our reserves he moved to Yuan few years ago? They sold us Yuan at 4 to a dollar, only to devalue their currency few weeks later to 9 Yuan per $.

Many Nigerians don’t know that even Chinese companies don’t want yuan, nobody wants it, Chinese foreign reserve is in dollars, China is the largest holder of US bonds, they want dollars by all means.

Also, China have more lobbyists in Washington DC than any other nations on earth, begging American politicians to always make policy decisions in their favour, how can such country save us from USD? Has anyone asked why China hasn’t built any refinery in Nigeria?? They have the money, they want the profit, but never did it.

If China does anything against Washington’s interest in Nigeria, USA that has too much political power over China will just tell them not to do it. China will continue to inflate the contract price, refuse to complete the project and deceive us further.

I don’t blame Chinese leaders for trying to scam us, I blame our leaders for not being smart enough. What do you expect when you have political hacks negotiating on behalf of Nigeria against smart professionals from China? I was thinking Nigeria political leaders will do research about Chinese lobbyists in Washington and understand the interest they are protecting before believing in this Chinese version of Trojan horse called the Yuan Trading deal.

We are the only ones that can help ourselves, let’s implement true federalism system and free market. Development is a culture and not a product, we can’t buy it no matter how much money we have or borrow.

You must be living in a PARALLEL universe if you think that Nigeria’s intention of being a clearing house for the Yuan in Africa means the naira will now hold steady.

If you like, tie your currency with Thailand Baht or Ghanaian Cedi, the value of your currency will always have the value it deserves.

Hong Kong for instance is an administrative region of China, but guess what, its currency is firmly tied to the US dollar!

The Yuan is not automatically going to be operating independent of the dollar to boost the naira in any way.

The only thing that has happened here is that the Yuan becomes an accepted currency of exchange to facilitate direct business with Chinese people. This will not in anyway strengthen the naira but the gains will be in the avoidance of double exchange from dollar to Yuan.

The Yuan will swing with the wind depending on what happens to the world’s controlling currency, the dollar.

The naira will continue its natural descent as we produce and export very little and even trade with China becomes very expensive as the world’s comparative exchange rate will not wait for the Naira/Yuan pretend marriage.

The value of the naira will continue to be subject to the international exchange rate, which is controlled by and inextricably linked to (you guessed it?) the DOLLAR!

The silly idea that this arrangement could crash the dollar is only palatable to people living in a cocoon, in a cuckoo land (Nigeria), with a totally warped sense of reality.

The real winners here are the Chinese who have found another place to ship their milling population to recolonise on the cheap.

Nigeria has taken the path of double parallel which will be unsustainable in the medium term as a consumer nation.

The naira will continue to fall unless you can sell more oil or start exporting something the rest of the world would pay you for.

My projection for the naira is 500 to $1 by year end if the oil price does not improve drastically and we sell oil, the only thing we ‘produce’.

By Economists
M. Amuchie & G. Otobor




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  1. Olasoji Olawale Samson

    Kindly explain how pls and it had got to b a reasonable and geniue reason or u can be sanctioned or sued for ds since u dnt reason and think bfore u post som of ur posts,
    besides, we all kno most of d posts u do post r lies

  2. We are in the Land of confusion….

  3. Zinsu Stany Cyril

    Either u like Buhari or not,he is ur President nd u have nothing to do about it,u miserable ppl

  4. I just dey pity for this our country, may God ‘ve mercy

  5. Chibuike Omenawata

    The problem is that all this Aboki will never believe the truth cos nah them brother but unah eyes go open soon…..

  6. Jibril Tanimu Datti

    Momo who you want to deceive. Your father.sai Buhari

  7. Beckleys Iyomahan

    why u dey lie? only u first post $6b now na $2b… stop this rubbish and let naija move forward

  8. https://m.facebook.com/Nap-Cleaning-Laundry-Services-479118858952886/ we are into cleaning and laundry services.. We offer pick up and delivery at a very moderate price..

  9. Read the article and understand how.

  10. you are just being stupid,did you actually read the message or just the content?

  11. Wasiu Olanrewaju Ayinde

    The uselss economist n the unprofessional reporter don’t even know how much deal is involved. How can sm1 who is misquoting the amount grant a resonable interview. Gossip Mill Nigeria n its fake economist quoting $2b???

  12. mumu not momo.iti

  13. There is fire on the mountain….

  14. Zipporah Iorliam

    Sai Baba! Sai baba! Sai baba you people should allow baba buhari to rule the way he feels it’s stop confusing people.stop trying to make people join you in insulting the presidency.keep Your good opinions when you become the president of nigeria you can put it to play.whether we like it or NOT baba is the president better support him now.

  15. Osbert Nosa Izevbigie

    You be fool sha

  16. Nelson Nelson Dela

    don’t mind him, he don’t even know how to read and understand…Hausa goat

  17. Zipporah Iorliam

    Hey hey hey those of you that cannot do without insulting poeple you either accept baba or go and huge electric pole,,,,

  18. Igbos you claim Biafra, but your bloody noses is always in Niaja’s matter !

  19. So China get sense pass us?chia…

  20. Olasoji Olawale Samson

    I dnt ask u bro

  21. Na poverty go kill u Cyril.na d future of ur children na Buhari go morgage to china so. Mumu.

  22. Josephine Usiobaifo

    You are a fool you no get menkue @ zinsu i have beg God forgiveness before using this word

  23. Africans lets follow our leaders

  24. Zinsu Stany Cyril

    Enemies of progress, may God forgive u

  25. Loool another weed working

  26. this man has finished us if this true

  27. Rapheal Okechukwu Nsofor

    like i said you don’t ask an illiterate to do the job of a lawyer…..Nigerians never no what they are getting them selves in….till is too late….after one idiot while ask people to expect rubbish change

  28. Khalid Omotosho Ola

    This page administrator is a fool, why would you analyse economic issues this way, do you think China won’t benefit at all from the deals we agreed on, common it’s a win win thing between both countries, Dollar has been pressurising our Naira and 90% of our imported goods are transacted with the dollar, so we had to use other option which is the Chinese YUAN, so many other benefits we’ve gotten from this deals, like the TV right benefit, investments in our economy by the Chinese, scholarship our students will be getting from the Chinese government and so on, please do your research and stop sabotaging other people’s hardwork

  29. William Shakespare N

    You guys should research his deal with China rather than relying on propaganda media outlets. Do your research and stop showing off your ignorance.

  30. William Shakespare N

    You guys said he is anti SE, yet Akanu Ibiam Airport is being upgraded to handle international flights to Asia, America and Europe. Something Una sister did not achieve

  31. This must be funny

  32. Kenneth Onyekachi Felix

    i said it before

  33. Bad market. God have mercy on us if it is true.

  34. yea that’s what they get for electing an illiterate to the office. i pray he dies before i come back to that country.

  35. Ok I don’t know how you guys are analysing this issues but I think this loan is a Greek gift. Even the Chinese reserves are in dollars and are looking for way to exchange the yuan for dollars. Secondly, our economy wouldn’t be much different from other sub African countries who are Chinese dependent like Ghana who basically depends on China for all its needs, thus enslaving Nigerians and Pilling up debts for our unborn.

  36. Nwala Christian Okechukwu

    How e wan take know? U0001f602U0001f602person wen no go school Lol

  37. make them give u dollar make all this yam eaters come chop the money again abi mtchww!!

  38. Ademoye Babatunde

    U guys should b patient now which candidate u have again dat can rule 9ja ? ??

  39. Abdulfatahu Garba

    bros you full name and address

  40. Emmanuel Nwachukwu

    Hahaha and someone was asking why the look old and tired. .No brainer.

  41. Emmanuel Nwachukwu

    Look at your name Shakespeare are you a Nigerian?

  42. Sunday Johnson Olakolu

    Exactly what CONFUSION does. I still wonder why many of us so much rate a mortal man like God. Even If PMB was later successful in turning Nigeria to Usa, do we still have pple who can maintain it after d 4/8yrs of PMB’s reign. Is everything not going to crash again? Where is unity & Love for d better LIFE. Change my foot joor. The true change is Only in God’s Capacity to pass through dis Land JUST has it Pleases HIM

  43. Sunday Johnson Olakolu

    Shortly now, all our school will turn to chinco speaking school. Chiness syllabus will be introduce now, SINCE we’re turning away from USA (Dollar) & Choosing China(Yuan) Anyway.. I av already been Learning how to speak chinco oo, through their seasonal films. E.g. Tesimida = Thank U…LOL

  44. U are brainless

  45. Someone dey im house dey sip brandy, you carry your wahala come meet am, e give you condition, you call am scam. Haba!

  46. Ogheneobukome Joy

    All china product is fake we didnt need their product here in nigeria, we are looking for a way to drive them.

  47. Small witch we won’t accept ur Baba. 🙂

  48. Dumb fools at it again! BUHARI has done what your PHD holder could n’t do ! Deal with your failures

  49. You have gone to school, weldone professor

  50. Nwala Christian Okechukwu

    Thank you sire

  51. Prince Bruno Maxwell

    When you let an illiterate to lead and the result comes out to be same worthless as ever

  52. William Shakespare N At least your president should have explained to his subject what he went for and what he have achieved if actually he is qualified to be a president,Besides he went out seeking for solution right? so let him explain the solution,or is he taking laws and system into his hands? you are still ignorant anyway..u choose to be tribal blind.it is time we start seeking for truth and not tribes..every one is feeling the mismanagement even you

  53. Khalid Omotosho Ola

    Hahaha haha, noo our students over there are entitled to scholarships, if this inbox knew what favor the president did to them by mere going to China they will shut their dirty mouth and thank God

  54. Khalid Omotosho Ola

    I meant to say if this inbox****

  55. Your illiteracy is out of the window!! Get yourself educated a little perhaps you will know how to pass a comment

  56. Did you really pass through the four wall of the classroom?

  57. Rapheal Okechukwu Nsofor

    aboki…nah aboki…go and kill a cow at least that is what you are known for…fool

  58. i hope ur baba join u or ur parents in the long queue to get fuel? i guess not

  59. Primary School drop out President hmmm

  60. Zipporah Iorliam

    All this won’t create any difference,buhari is still and presently the president of Nigeria.if only u stop this rubbish is for your own good.or you think opposing him will make i a difference,,,

  61. Esan Ayomide Michael

    Ur stupid comment can’t contribute any thing good to What Nigerian is passing through currently but ur prayer can work better, if American wake up in d morning the next thing is God bless America, why? Our country Is so full of haters, either u like it or not buhari is our president and u can’t do anything about that, pray for your Jerusalem and it shall be well with u and ur generations to come, for me God bless Nigeria.

  62. Onyebuchi Ezeike

    A corrupt leader is better than an inexperienced leader. When you are growing old you will be dropping.. That’s why some country don’t give drivers license to people above 70 years.

  63. Hug not huge….RIP English

  64. Adebowale Adebayo

    What as been the benefit of equal opportunity in the past or lets be real the top guys give the contracts to their families or friends and still they don’t get the job done. We need a working society system with law enforcement agencies on point then and only then will I agree to your point.

  65. Adebowale Adebayo

    As youths If we can come together and fight for law and order in this land of ours,force our corrupt leaders too their knees and make them pay for the damages caused. We should make our tribal differences be our strength and not a plate for them to feed upon. If we can take up that challenge then Nigeria will be great.

  66. Even if dey hug transformer nothing will happen cos dere is no light

  67. Nwala Christian Okechukwu

    Go and have a seat am to busy to be exchanging words with you U0001f602U0001f602

  68. Zipporah Iorliam

    Then they should hugging it,who cares jobless

  69. Zipporah Iorliam

    Rip English for your father house

  70. Zipporah Iorliam

    Rip English for your father house

  71. Then we will not buy it

  72. zipporah well said ….. river Niger is there they can as well jump inside ……………

  73. Okonta Kelvin Ndubuisi

    Produce us goods so that we will stop vying from Chiba, Mr economist

  74. And all of a sudden when hugging, light can come.

  75. Change no ni

  76. Take Note:
    1. Nyako, Amaechi and El-Rufai wrote to the U.S Government not to sell Arms to Jonathan and Nigeria Government to fight Boko Haram.
    2. El-Rufai even sent images of boko haram in camouflages claiming they are Nigerian Army abusing peoples’ rights.
    3. U.S refuse to help Nigeria to defeat Boko Haram and APC was very happy that Boko Haram couldn’t be stopped.
    Now Fayose wrote to China not to Borrow Nigeria Government $2 Billion USD which Buhari has already signed for $6 Billion USD.
    His reasons are:
    1. We are not broke as purported.
    2. We have recovered Billions from the corruption fight according to the presidency:
    ® $900bn loots slashed in banks in UAE, to be repatriated from Dubai, according to Buhari govt.
    ®$750bn recovered from Dieziani house according to APC,
    ®Over $100m recovered from Gen. Badeh’s soak away according to Lai Mohammed and co. And so many looted and recovered figures bandied to decieve us.
    ®TSA has saved 3Trillions of Naira according to Buhari.
    And finally, the loan will mortgage our future.
    “If you hailed Tinubu against Obasanjo and Ameachi against Jonathan, then it’s only pure madness that can make you condemn Fayose bcos of Buhari.”
    APC A Product Of Lie Mohammed•

  77. Leonard Omorodion

    U see the problem of this man is that he thinks he is Nigeria’s Messiah as some stupid folks had made him believe. Why for heaven’s sake will he not allow Economists and Financial experts do all this negotiations on behalf of the nation. Mr. Sabi is begining to push us into more mess than we ever bargained for. To add to what the economist who did that analysis just gave is the fact that other forms of relationship with other nations of the world like the USA where our people run to has just been messd up. Getting VISAs and work permit may turn into a very difficult task. This Baba Malu won’t stay in one place and allow those who know what they are doing do the Job. Legislators should please pass a vote of ‘No Confidence’ on this administration and get Buhari impeached before he ruins Nigeria.

  78. Expire chinco. U have offered ur own.

  79. Your life is already miserable.

  80. It is a pity that a pity dies in the land of a pity. What do u expect wen u voted an illiterate as a president?

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