International affairs expert Frisk Larr weighed in on worries that Nigeria is bound to become overly reliant on China after Wang Yi’s Africa tourLarr warned against the exploitative terms of Western loans and urged Nigeria to avoid falling into similar debt traps with ChinaLarr stressed the need for Nigeria to invest in infrastructure, tackle corruption, and learn strategically from global partners to achieve economic autonomy
Renowned political analyst and commentator Frisk Larr weighed in on the critical question of Nigeria’s economic autonomy amid increasing global financial pressures.
Larr, in an exclusive interview with Henzodaily.ng on Saturday, January 11, allayed fears of Nigeria becoming overly dependent on China, adding that the nation has navigated complex relationships with Western financial powers in the past.
Expert speaks on possible dependency of Nigeria on China
Photo credit: @BashirAhmaad
Source: Twitter
Larr’s reaction came amid speculations that China’s recent visit to Nigeria might increase fears of the country becoming overly dependent on China.
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“The question of Nigeria being overly dependent on China will not arise at this stage. If Nigeria has managed to resist dependence on the West after decades of interaction, it will take much more to get addicted to China,” Larr stated.
What should Nigeria learn from the West’s debt practices?
Highlighting the pitfalls of Western loans, Larr criticized their historically high interest rates and exploitative terms.
He noted that despite instances of debt forgiveness, the West’s “carrot-and-stick” approach often led poorer nations back into the debt spiral.
“Western loans have come at draconian interests for years. Although the West has occasionally forgiven debts, it has subsequently helped poorer countries back into debt traps. This pattern is a warning to Nigeria as it engages with China,” Larr said.
China and Russia: A counterbalance to the West
Larr emphasized that the emergence of China and Russia as alternatives to Western dominance strengthens the bargaining power of countries like Nigeria.
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He argued that Nigeria must leverage this balance to secure favourable terms without falling into dependency.
“China’s less draconian interest rates are a significant factor. For now, we don’t know the terms of the current loan Nigeria has taken from China, but the mere presence of alternative powers allows Nigeria more room to negotiate,” he noted.
Larr on Nigeria’s path to economic autonomy
Larr stressed that Nigeria’s priority must be to build its economic autonomy through investment in critical infrastructure and domestic capacity.
He called for strategic learning from global partners while avoiding reliance on either the West or the East.
“Nigeria must focus on boosting its economic autonomy. Wherever foreign assistance is required, it must be done with a long-term plan for self-sustenance.
“This is precisely what propelled China to its current status. Nigeria can learn from that model,” Larr advised.
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However, Larr cautioned that internal issues such as corruption and inefficiency could undermine efforts to achieve economic independence.
He urged the federal government to tackle these challenges decisively.
“Corruption and ineptitude remain stumbling blocks. Without addressing these, even the best-laid plans could falter,” he warned.
Frisk Larr’s insights underline the importance of strategic decision-making in Nigeria’s global financial engagements.
As the nation navigates the complex dynamics of East-West competition, the focus must remain on building a self-reliant economy capable of withstanding external pressures.
German President Steinmeier to visits Nigeria
Previously, Henzodaily.ng reported that President Frank-Walter Steinmeier landed in Abuja on Thursday, January 12, to commence his three-day official visit.
The Federal Capital Territory Minister, Nyesom Wike, greeted him upon arrival.
This trip marks another significant engagement between Nigeria and Western nations, particularly in the energy and development sectors.
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Source: Henzodaily.ng