Sadly, Nigeria is on that list and the nation is still seeking ways to acquire more funds even though it has been receiving grants from other nations who in essence may just be after one thing; OIL and other natural resources.
Below is the list of top 10 African countries indebted to China and how much they owe.
Democratic Republic of Congo (DRC)-$3.4billion
They were the first African country to exchange mineral resources with China
Opposition has involved the IMF ( International Monetary Fund) to help look into Ghana’s debt
Nigeria interestingly has also accepted the Chinese Yuan as her reserve currency
It was recently discovered that China agreed to cancel part of Cameroon’s debt. Reasons yet to be disclosed.
China recently took over Zambia’s power supply company over unpaid debt
North Sudan- $6.4 billion
Republic of Congo- $7.3billion
Corruption is said to have played a role in the debt
The country has been taking loans to finance its infrastructure. A bigger part which has been lost to corruption
This debt has slowed down the country’s railway project. So far the country has had its payment restructured to an affordable annual level.
The country has lost a lot of its oil in repayment to Chinese debt this is despite Angola being the biggest oil producing country in Africa.