KACHIKWU: CHINA HAS A COMPETITIVE EGDE OVER THE UK, US IN AFRICA
Originally published on September 6, 2018
At the 2018 Forum on China-Africa Cooperation, FOCAC, the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has expressed that inasmuch as China meets Africa’s need, it has a competitive edge in Africa compared to US and UK.
In an interview with Bloomberg, Kachikwu noted that China is active in Liberia, Ghana, Angola and they have made available development funds coupled with adequate technology.
Although the United States perceive that Africa’s obtainment of loans from China is not the best as they may run into debt again, Kachikwu is of the opinion that China’s economy would continue to boom regardless because of their population and the meaningful relationships they are building in Africa.
He emphasised that the relationship will positively impact the price of oil and revealed that Nigeria will sign a $223 million financing package for the Mambilla power plant and some agreements for infrastructure investments for Kano, Lagos and Port Harcourt airports.