The "Petroyuan" Might Save Nigeria And Avert Another Migrant Crisis

Authored by Andrew Korybko via Oriental Review,

China has expressed a readiness to increase its investments in Nigeria’s oil industry.

The China National Offshore Oil Corporation has plans to pump another $3 billion into this sphere on top of the $14 billion in assets that it already has in the West African state, which is a huge move that indicates its intent to challenge the US and India for influence in Africa’s most populous country.

Washington is Abuja’s top military partner, albeit a conditional one that can’t always be counted on for help, while New Delhi is its largest energy partner, but what China’s seeking to do is leverage its interconnected oil and financial policies in order to ultimately become Nigeria’s most important developmental one.

The announcement that China intends to increase its energy investments in Nigeria by over a fifth follows a $2.4 billion currency swap deal in early May, which while seemingly not a lot in absolute terms, is designed to strengthen the future prospects for the so-called “petroyuan” by tying Africa’s largest oil producer to the petrodollar’s worst enemy.

This strategy is expected to dovetail with the several rail corridors that China wants to build in Nigeria in order to make the country the most important node along the vast Sahelian-Saharan Silk Road megaproject that it’s gradually constructing, which is envisioned to lift the world’s greatest concentration of extremely impoverished people out of their misery.

Time is of the essence, however, since Nigeria is a ticking time bomb of Hybrid War unrest beset by multisided problems stemming from its geopolitical origin as the union of two previously separate British colonies. Whether it’s Boko Haram in the arid northeast, so-called “Biafra” militants in the lush Niger Delta, or ethno-religious conflicts between herding and farming communities in the arable “Middle Belt”, Nigeria is quickly becoming overwhelmed with so many security challenges that the only hope for resolving them all is to introduce a sustainable developmental solution in the afflicted regions such as the type that China envisions through its Silk Road strategy there.

Connecting Nigeria to the emerging Multipolar World Order through China’s interlinked oil, financial, and developmental deals is a step in the right direction, but it’ll nevertheless take more than the “petroyuan” and railroads to save this failing state, but if Beijing is successful, then it might also end up saving Europe from the Migrant Crisis 2.0 that would inevitably be catalyzed if Africa’s most populous country collapsed.

Comments

Blue Dog Four Stop Wed, 07/25/2018 - 10:35 Permalink

I don't believe that. Global dollar reserves peaked with $100 oil. Oil prices are way down now. World economies are slower. They're importing less oil because people are driving less. There's less demand for dollars. A number of BRICS countries have trade deals where they're trading in yuan or their own currencies. Even Australia has a multibillion dollar trade deal with China like that.

In reply to by Four Stop

Blue Dog 38BWD22 Wed, 07/25/2018 - 10:38 Permalink

Expect China to use their own troops to protect the port facilities and other infrastructure in case of unrest in Africa. They already have deals that allow them to manage some African mines like the workers were slaves. The people running those countries don't care how their workers are treated. China will treat Africa like a backward, lazy colony if they have to.

In reply to by 38BWD22

Tyler D Tue, 07/24/2018 - 23:49 Permalink

Gee.. Where are all the leftists and other "activists" complaining about China's "colonization" and "explotation" of Africa?  Oh that's right.  It's an "investment" as it's only colonization and bad when European's do it. 

Tyler D besnook Tue, 07/24/2018 - 23:59 Permalink

Who's butthurt?  Just pointing out the double standard is all.  And yes, it's a dying empire, which is good in some respects because years of decadence has made the West weak.  They'll learn to love the yuan until "someone" tells them they are getting screwed and another "coup" is fomented among the populace.

In reply to by besnook

besnook Tyler D Wed, 07/25/2018 - 00:16 Permalink

you have to remember that a lot of the political turmoil in the world is manufactured by yours truly as a strategic policy to keep the african countries poor by restricting access to the banking systems. poor countries to be exploited are better kept poor to facilitate control. chaos works.

china has historically opens trade channels and investment opportunities to addict the people to chinese money. next, the chinese exports people to set up shop as local businessmen. next thing you know the chinese own your economy. isn't that what they are doing to the usa?

In reply to by Tyler D

spiderbite Wed, 07/25/2018 - 00:14 Permalink

Hurry.

The place will be overrun with chinese engineers and technicians within the week.

Won't be able to swing a dead cat without hitting one.

A new form of corporate-communist warfare.  Overwhelm you with helpfulness.....

 

 

Seth Rich

400 million

Uranium One

To Hell In A H… Ethelred the Unready Wed, 07/25/2018 - 03:10 Permalink

Don't be so retarded. African migration has nothing to do with population.  The continent of Africa is the biggest continent on the planet. It is amazing how so many people cannot comprehend its real size.

You can fit the whole of Europe(minus Turkey and Russia) The whole of India, the whole of China and the whole of the USSA and the continent has basically 1 billion people. Add up Europe, China, India and the USSA and see what the population number is? Africa has it all, but it is sucked out by the rest of the world.

In reply to by Ethelred the Unready

To Hell In A H… Wed, 07/25/2018 - 06:06 Permalink

I work on the Africa continent regularly, with around 4-6 visits a year and meet African dignitaries on a fortnightly, monthly basis in the UK. Nigeria despite the acknowledged bell curve, has some seriously smart people in it. I would Argue for the Sub-Saharan Africans, Nigeria has the smartest Niggers.

Nigeria has a population of over 180 million and copious amounts of oil and gas, controlled by western oil majors and increasingly an ever larger Chinese footprint. The problem for Nigeria is the pandemic corruption. It's simply on another level and its that what is holding the people back. 

Africa needs several iron strongmen, the type the west will be against and vilify like Qaddafi, because they would put an end to our plunder of their resources. Just look what we did to Libya? The country is fractured along tribal lines, slave markets, and east west divide and we installed our own puppets who have given us first dibs on all future oil. Remember the cost those Libyans traitors paid? 25% of all future oil contracts to get rid of Qaddafi.  

We'll never allow Africa to develop by itself, otherwise that would put an end to our free and subsidised resources and raw materials. Plus we can play divide and rule politics with immigration. That always distracts the plebs from reality.

 

 

DarkPurpleHaze Wed, 07/25/2018 - 09:23 Permalink

Geez...enough with the petro yuan and petro gold already. Do these people really believe the Chinese yuan is the answer?  Answer to what???

People talk about it like some kind of savior but in the same breath talk about the death of the petrodollar as being necessary.

The entire dollar doomer/yuan savior meme has been all B.S. from the start until present.