Vice-President Yemi Osinbajo says Chinese lending to Africa has reduced dependency on loans from Western institutions.
Osinbajo spoke while delivering a public lecture on ‘China’s Investment in Africa’ at King’s College, London on March 27, 2023.
The vice president’s comment comes on the heels of the tour of Kamala Harris, the United States’ vice-president, to three African countries — Ghana, Tanzania and Zambia — to strengthen diplomatic ties on the continent.Advertisement He said this was evident in the investment of the Asian giant in Africa, which he said stood at $254 billion in 2021, about four times the volume of US-Africa trade.African jobs. This is roughly double the level of U.S. foreign direct investment,” he said.taken the lead in exploiting minerals in Africa, many now in lithium mining in Mali, Ghana,about their close ties with China.
outstanding public and publicly guaranteed debt in low and middle income countries, compared to 23% held by the World Bank and other multilaterals.Osinbajo also praised China for being there for African economies when debts cannot be paid.African economies China came together with other G20 members to launch the Debtsuspension of principal and interest payments.total debt relief while being only owed 30% of the debt service payments due.
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