Nigeria’s embattled Transportation Minister Rotimi Amaechi appeared on national TV again on Tuesday to try and clear up the rumors and misinformation surrounding a $500 million Chinese loan, which includes a “sovereign immunity” clause.
That clause, now commonly known as “clause 8(1),” has sparked a level of controversy bordering on moral panic, with people accusing the government of selling out Nigeria’s sovereignty to China. But many commentators don’t understand that the clause in question is a waiver of commercial immunity in the event that Nigeria defaults on the loan and would then permit the two sides to access arbitration to settle the dispute.
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