China is the world's biggest lender, with Pakistan its biggest borrower, but it's a trap that's not letting off any of these countries. With some eight countries, it has become critical, and Nigeria, with over $5b, is one of the largest.

Though under Tinubu's administration, borrowing from China has greatly reduced but the burden of the existing ones makes the citizens groan.

Many steps have been taken to reduce these foreign loans, like the deregulation of forex trade, but direct investment in home-grown industries by the three tiers of government may go a long way to ameliorate the present harsh economic conditions.