See Why Obasanjo Wants China To Help Africa With 32.4 Trillion Naira
China’s presence in Africa is ballooning.
Already Chinese investments in Africa, as at 2015, is estimated at $66.4 billion, about 24 trillion naira.
But former President Olusegun Obasanjo wants the Asian giant to do even more.
He wants China to support Africa’s infrastructure development with $90 billion, about 32 trillion naira over a nine-year period, as such a gesture will make a lot of impact on the continent.
He stated that the fund would go a long way in addressing the infrastructure deficit of African countries, which he said needed $90 billion annually to bridge the development gap.
The former President said these while a delivering a keynote address in Abuja on Wednesday at the Abuja Forum.
The forum had the theme, ‘A new era for China-Africa Cooperation: Partnership for Peace, Security and Development’, and was organised by the Gusau Institute in collaboration with the Centre for Nigerian Studies at the Institute of African Studies, Zhejiang Normal University, China.
Obasanjo said, “It has been estimated that Africa needs some $90 billion for infrastructure every year. It will not be a bad idea if China can provide $10 billion of that amount every year for a period of nine years in the first instance.
“It will be about 10% of the estimated need for infrastructure, but it will be impactful. All these can be done through the China Development Bank, China Exim Bank and the proposed Infrastructure Development Fund, along with the World Bank.”
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