Africa as a continent, bled from slavery for 14 centuries: ten to the Arab World, and another four to the Western World. Colonial Nigeria was the era in the History of Nigeria when the region of West Africa was ruled by Great Britain from the mid-nineteenth century until 1960, when Nigeria achieved independence. As a nation that has lived with and through slavery and colonisation for years on end, Sovereignty is a big deal and is cherished. Even if all things go wrong, once the sovereignty is intact, then we’re good to go.
A full-blown media and Twitter hysteria erupted in Nigeria over reports that a member of the House of Representatives discovered a clause in a Chinese loan contract that supposedly puts the country’s sovereignty at risk in the event of default.The contract in question was a 2018 loan for $400 million from the China Exim Bank to build Nigeria National Information and Communication Technology (ICT) Infrastructure Backbone Phase II Project. Here’s the clause in question:
“The Borrower hereby irrevocably waives any immunity on the grounds of sovereign or otherwise for itself or its property in connection with any arbitration proceeding pursuant to Article 8(5), thereof with the enforcement of any arbitral award pursuant thereto, except for the military assets and diplomatic assets.”
Read full report here