Nigeria, China to sign $328m agreement on ICT - Presidency

Muriel Colon
September 3, 2018

China loaned around $125 billion to the continent from 2000 to 2016, data from the China-Africa Research Initiative at Washington's Johns Hopkins University School of Advanced International Studies shows.

Cheng said huge potential also existed for more agricultural imports from Africa. The money - to be spent over the next three years - comes on top of $60 billion Beijing offered in 2015. He announced a $60 billion funding package to African countries, some of which is yet to be fully implemented.

He added: "President Buhari and his Chinese host will also witness the signing of the MOU on One Belt One Road Initiative (OBOR)".

Heads of State from 53 African countries with diplomatic ties with China are expected to attend the summit.

Xi said Ethiopia is an important partner of China in Africa, and the two countries have established a comprehensive strategic and cooperative partnership.

In the recent five years, China-Africa relations have gained practical results, bringing tangible benefits to both peoples, including unprecedentedly frequent high-level exchanges and strengthened political guidance.

But critics warn that the Chinese leader's pet project is burying some countries under massive debt. The initiative involves hundreds of projects, a lot of them built by Chinese contractors and financed by loans from Chinese state-owned banks, across an arc of 65 countries from the South Pacific through Asia to Africa and the Middle East.

At the last Africa-India Forum Summit, India had committed a concessional Line of Credit of United States dollars 10 billion and USD 600 million in grant assistance, Modi said.

Analysts have raised concerns about African countries, many of which are subject to the whims of commodity markets, not being able to repay Chinese loans.

"China does not interfere in Africa's internal affairs and does not impose its own will on Africa". Zambia, which has a gross domestic product of $19.5 billion, according to the World Bank, had taken about $6.4 billion in loans from China, the researchers wrote in a briefing paper last month.

The president left the country on Friday, with a Nigerian delegation comprising governors, ministers, lawmakers, among others. We are simply foolishly giving our future to China.

Even then, East African Presidents Paul Kagame of Rwanda - who is also the African Union chairman - Yoweri Museveni of Uganda and Uhuru Kenyatta of Kenya are expected to attend the summit and seek financing for their joint infrastructure projects, particularly the standard gauge railway.

"FOCAC refutes the view that a new colonialism is taking hold in Africa as our detractors would have us believe".

"Industrialisation is the prerequisite and key point for African countries to create jobs, reduce poverty and improve livelihoods, and then achieve inclusive and sustainable development", Jiang said, adding that Chinese investment will help the continent to upgrade its industry and bolster endogenous growth capacity.

The number of Chinese tourists to Africa is rapidly growing as African countries are trying to attract more visitors from China.

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