Nigeria

China’s investment in Africa rises to $2.96 billion

The Chinese national flag is seen in Beijing, China April 29, 2020. REUTERS-Thomas Peter-File Photo-File Photo

Despite the impact of global pandemic on economies, the investment of China in Africa rose to $2.96bn in 2020.

China’s Consul General in Lagos, By Chu Maoming, said this in a statement obtained on Monday titled “China-Africa economic relations continue to thrive during the pandemic.”

It stated that, “Facts and figures show that investment cooperation is a strong engine for the qualitative upgrading of the practical cooperation between China and African nations.

“China is one of the largest investors in Africa. Despite the negative impact of COVID-19, China’s investment in Africa climbed from 2.71bn US dollars in 2019 to 2.96bn US dollars in 2020.”

He also said that the achievements brought the hope of economic recovery against the pandemic.

In addition to the quantitative increase, he said, China’s investment in Africa also presented a qualitative leap forward to make great contributions to the industrialisation and employment in the African continent.

“Though Chinese companies are newcomers investing in Africa, they are shifting from going to Africa to rooting in Africa,” he said.

He also said that to help Africa’s economic recovery, the Chinese government had signed debt service suspension agreements with, and reduced or waived the interest-free loans for multiple African countries, becoming the biggest player in terms of relieving African debt among the Group of 20.

According to him, what China and Africa had done together during the pandemic testified to their determination to build a closer China-Africa community with a shared future, and had become living proof of the importance of unity in the face of global challenges.

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