Minister of state for petroleum resources, Ibe Kachikwu, says China provides what Africa needs and that the reason for their edge over US, UK.
Kachikwu made this comment on the sidelines of the ongoing 2018 Forum on China–Africa Cooperation (FOCAC).
“They are active in Liberia, Ghana, Angola. They are throwing money where their mouth is and in very many respect is one area where they have beaten both the US, European and British in things like this,” he told Bloomberg.
“Africa requires a lot of development funds; China is able to provide it. Not just provide in terms of money but provide with adequate technology.”
According to the United States, collecting loans from China is injurious to African nations, which would return the continent to debt.
Kachikwu also said China’s economy would continue growing in spite of the tensions with the US.
“China is going to continue to grow, the population guarantees that the economy guarantees that, the relationships they are building guarantees that. What is opening up in terms of small consumption nations in Africa also guarantees that” he said.
“If anything, it will positively impact the price of oil. The more of these fights you have, the more you are going to find oil prices go up.”
According to the minister, Nigeria will sign a $223 million financing package for the Mambilla power plant and some agreements for infrastructure investments for the Kano, Lagos and Port Harcourt airports.