Nigeria’s Minister of Transportation, Rotimi Amaechi has reacted to claims that the country in a loan agreement with China signed away its sovereignty.
Speaking during an interview on AIT on Friday, Amaechi explained that the clause was only to guarantee the repayment of the loan and not for Nigeria to lose its sovereignty.
According to him they approached China due to their low interest rate of about 2.8% for 20 years noting that that if the country stopped taking the loans, the infrastructure projects embarked on by the federal government will be affected.
“No country will sign away its sovereignty. The clause says ‘I expect you to pay according to the terms that we agreed on, but if you don’t pay, when I come to collect the assets you used as guarantee, don’t wave your immunity at me and say you can’t touch our assets because we are a sovereign country.
“What you do is to give a sovereign guarantee, which is the clause generating reactions. And I’m ashamed by those interpreting it the other way,” Amaechi said.