China’s state-led growth won’t work in Africa: Former Nigeria finance minister

For Okonjo-Iweala, of which can be important to demonstrate the fruits of African business deals with China to the public. She described Beijing-funded fresh airport terminals within the Nigerian capital Abuja as an example of This specific because “people will be able to see them, and also also also witness them, and also also also know of which the money went into something concrete.”

Last week, China’s state-run news agency Xinhua reported of which Nigeria had signed a deal with the China Civil Engineering Construction Corporation to build a railway by its economic hub Lagos to Kano, a commercial hotspot within the north of the country.

African countries must enter business deals with China “with our eyes open,” Okonjo-Iweala said, to capitalize on its manufacturing expertise and also also also technological development.

Africa can be within the process of expanding its manufacturing sector in an attempt to bolster economic development. Nigeria, as part of an attempt to wean itself off oil dependence, has grown its manufacturing base by just 2.5 percent of value added to GDP in 2009 to 8.8 percent in 2016, according to the globe Bank.

however with regards to regulating Africa-China business deals, “we are absolutely not there,” Okonjo-Iweala said, although she added of which This specific varied between African countries. Providing of which fair and also also also transparent agreements are drawn up, “we can work with China – why not?”

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