After China pledged
In desperate need of investment due to falling oil prices and lagging production, Nigeria is in no position to reject China’s demands to support Beijing’s One China policy and break off all official relations with Taiwan.
“The Government of the Federal Republic of Nigeria recognizes that there is only one China in the world,” Nigeria’s
Nigeria’s economic ties with China are much more important its ties with Taiwan, making the move to kick Taiwan to the curb a strategic one. Taiwan-Nigeria trade was just
Nigeria said Taiwan would no longer enjoy the privileges that are granted to other sovereign countries.
Nigeria has been asking for China’s financial support in the wake of the oil price crash and Niger Delta militancy that has further crippled the oil industry, bringing Nigeria close to a full-year recession (the first since 1991).
China’s positioning in Nigeria is only the most recent action in the worsening China/Taiwan relations. Last month, China protested when U.S. President-elect
By Damir Kaletovic for Oilprice.com
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