The Infamous Sovereignty Clause and Incidental Matters

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.