A recent analysis by Today’s Echo from a report by international media outlet, CNN indicates that Nigeria is Africa’s fourth largest destination for Chinese Foreign Direct Investment(FDI).
Chinese involvement in African economies has grown over the couple of years as the Chinese economy itself continues to grow.
In the aftermath of the 2018 Forum on China-Africa Conference, the CNN reported that China is giving $60 billion in aid to Africa, the same amount that was given in 2015. Chinese investment in 2015 has been analysed and broken down according to countries in Africa.
According to CNN, South Africa has the highest Chinese FDI at $4.72 billion while Congo DRC is second at $3.24 billion. Algeria is third at $2.53 billion while Nigeria comes third at $2.38 billion.
China has now passed France, India and the United States as Africa’s largest trading partner. But total trade between China and Africa slowed from $220 billion in 2014 to $170 billion in 2017, according to the Chinese Ministry of Commerce, prompting concerns that relations might be cooling.