China-Africa Cooperation: Economic expert debunks notion of ‘debt trap’

  • 📰 GuardianNigeria
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 94%

Nigeria Headlines News

Nigeria Latest News,Nigeria Headlines

Former Chief Economist of the World Bank and the Dean, Institute of New Structural Economics at Peking University, Beijing, China, Professor Justin Yifu Lin, has debunked the notion of “debt trap” in the cooperation between China and Africa, describing it as a carefully crafted lie.

Lin, speaking in a meeting with media representatives from Africa and other nations of the world during the week, explicitly stated that the “debt trap” narrative surrounding China and Africa cooperation projects was entirely unfounded.

The consensus had urged the international community to strengthen cooperation based on principles of mutual respect, unity, openness, win-win cooperation and common prosperity, in a bid to promote modernization and build a community with a shared future for humanity. “Meanwhile, market-based resource allocation and proactive government involvement are also indispensable. China’s development offers valuable experiences for African countries”, he said.

“Furthermore, there is need to increase the equity, voting rights and voice of emerging markets and developing countries at the International Monetary Fund .” Again, terrorists yesterday launched a deadly attack on Dogon-noma community in Kajuru Local Council of the Kaduna State and abducted 15 women and a man.Men of the Nigerian Navy Forward Operating Base , Igbokoda, Ondo State, at the weekend, busted an illegal refinery in Ilaje Local Council of Ondo State.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in NG

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

China cautions Africa against imposed models by Global NorthThe government of the People’s Republic of China has cautioned Africa against development models imposed on them
Source: GuardianNigeria - 🏆 1. / 94 Read more »

China cautions Africa against imposed models by global northThe government of the People’s Republic of China has cautioned Africa against development models imposed on them by the Global North, stressing that they have neither brought stability nor prosperity to the continent.
Source: GuardianNigeria - 🏆 1. / 94 Read more »

Nigeria-India to Strengthen Ties on Defence CooperationThe Minister of State for Defence, Dr Muhammed Bello Matawalle, has reiterated Nigeria’s commitment to strengthen bilateral ties with the government of India in the area of defence cooperation.
Source: GuardianNigeria - 🏆 1. / 94 Read more »

Minister dismisses calls for Tinubu's resignation over economic hardshipThe Minister of Information and National Orientation, Mohammed Idris, on Sunday dismissed calls by the Peoples Democratic Party, PDP, Governors Forum, for the resignation of President Bola Tinubu over the current economic hardship in the country.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Pastor Azemhe Azena Joins Protest Against Economic Hardship in NigeriaPastor Azemhe Azena, the New Nigeria Peoples Party, NNPP, candidate for the September 21, 2024 governorship election in Edo State, on Monday joined members of civil society organizations in the state to protest against the current economic hardship in Nigeria. Azemhe, who is the Pastor of Omega Fire Ministry, Benin City, said the high cost of living in the country is getting out of hand. He, however, urged government at all levels to do everything possible to address the cost of living crisis. The NNPP governorship candidate, opined that clergymen are the worst hit of the cost of living crisis in the country due to pressure of demands by congregants.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

Nigeria's GDP Growth Raises Concerns Amid Economic HardshipNigeria's GDP grew by 3.46% in Q4 2023, but citizens are still facing economic hardship due to inflation and high cost of living.
Source: DailyPostNGR - 🏆 11. / 59 Read more »