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China Facts - China in Africa

 

Between 2000 and 2014, the stock of Chinese investment in Africa went from 2% of US level to 55%. McKinsey estimates that, at the current breakneck pace, China will purpass US levels within a decade. According to McKinsey 10,000 Chinese companies operating in Africa 90% of them privately owned and that $500bn value of African industrial output are handled by Chinese business - about 12% of the total. An irony of Chinese entrepreneurs setting up factories in Africa like e.g. Nigeria is that the import of cheap Chinese goods was another factor in destroying local production. Nigeria has also been hit by the oil exporter curse, which pushed up the exchange rate, making it cheaper to import finished goods than produce them. The country's once thriving textile industry is today a pale shadow of itself. *) 

 

 

*) F.T. 27th March 2019 on African Economy

 

 

 

 

 

 

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Hans Henrik Pontoppidan
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