The Chinese government is reportedly planning to invest more than $300 billion in Africa over the coming three years. The investment was announced by Chief Dana Chen, Chairman of the China Africa Business Council (CABC). Chief Chen added that an increase in trade volume from $30 billion to $300 billion is being targeted during the next three years, ten times the size of the current trade between the two, which is expected to provide great benefit to more businesses in Africa. She claimed that Nigeria imports too much and needs to achieve a trade balance by exporting as well, which will also make the Nigerian currency strong. Olawale-Cole added that Nigeria is one of the largest trading partners that China has in Africa, with China financing many of its developmental projects as well.

Source: The Guardian January 28, 2022 02:05 UTC