China has been a business partner with Nigeria since our independence from the British colonial masters. Nigeria, not only being a business partner with China but the bilateral relations goes beyond social, economic and educationally.
When we were in Primary school in the 1960s, we used to request Chinese magazines on the Communist revolution headed by its outright leader and revolutionist, Moe Tsetung. Later, the magazines failed to show up towards the end of our school tenure in view of the fact that future leaders may become revolutionaries too! Though, the ideas have been impacted on us since then and what we have now in Nigeria is the kind of Change people have been clamoring.
So, I believe, those who have been too critical about President Buhari’s overseas trips as well as the current misled and unguided Governor of Ekiti State have no business doing in Nigeria.
Those are the characters militating against the economic development of the country. No country shall develop within its own hemisphere of economic policies without foreign intervention, assistance or investments.
In fact, I am yet to hear the critics blowing grammar on the Nigeria’s currency swap with China. Is it too early to criticize?
For those who want criticize the recent development on the currency swap, let them hear well that the following countries have since entered currency swap with China. The countries are: – Indonesia, United Kingdom, Hong Kong, South Africa, Malaysia, Thailand, Pakistan, and the European Union have currency swap deals running in several hundreds of billions.
The International Monetary Fund (IMF) that has been using a basket of 4 currencies in the world namely, Dollar (US); Euro (European Union); Pound Sterling (United Kingdom), and Yen (Japan) has now considered Yuan (China) into the basket.
The IMF has added Yuan to its basket of reserve currencies, an international stamp of approval of the strides China has made integrating into a global economic system dominated for decades by the United States, Europe and Japan.
The addition of China’s currency (Yuan) makes it becoming 5 major currencies in the world and it will take effect October 1st 2016.
The Yuan is having 10.92 per cent weighting in the basket and the rest are 41.73 per cent for the Dollar; 30.93 per cent for the Euro; 8.33 per cent for the Yen and 8.09 per cent for the British pound sterling.
Nigeria has signed a number of deals with China. President Buhari’s trip to China has yielded over $6 billion additional investments for Nigeria. This move is geared towards making positive impact on key sectors of the Nigerian economy including Power, Solid Minerals, Gas, Agriculture, Housing, Road and Rail transportation.
Nigerian critics have failed to understand the Change Iniative associated with President Muhammadu Buhari. Once a person or group of people is self-centered, arrogant and corrupt cannot be in line with this administration.
Those policies are meant to serve the future generations of this country. If previous leaderships we witnessed were not corrupt and inept to the flights of Nigerians, we would not have been in the situation we found ourselves.
Inequality, greed and avaricious made us insensitive to build more refineries to curtail present long over lasting queues at the filling stations; unable to curb smuggling to save local industries collapsing. Insecurity to prevent lost of lives and property; uncontrollable crimes resulting in armed robbery, kidnappings, maiming and killing of innocent lives, setting ablaze of towns and villages without fear or mercy.
Are we really human beings inflicting injury on our brothers and sisters, young and old, women and children?
I believe, President Muhammadu Buhari, who was tested and trusted can lead this country to a greater heights and he has already made historical impact on our currency swap.