Home Diplomatic Suite World Bank data, others show Africa’s debt to the West is 76%...

World Bank data, others show Africa’s debt to the West is 76% and 24% to China

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Very reliable data at the disposal of the ACE Magazine from credible sources have revealed that the notion that Africa is debt trapped to China is not true.

From World Bank, www.statista.com, and www.mckinsey.com, data, the figures rather prove that if there is a debt trap on Africa, it is from the West.

The records have it that of the USD417 billion total African foreign debts, USD100 billion or 24% is to China while the rest is owed the West through their international loan agencies.

However, beyond just debts, we also uncovered that while most countries from the West are reluctant to invest in the industrialization of Africa, China has become the largest investor in Africa in the past 12 years with a total volume of USD500 billion investments.

These investments captured in about 10,000 companies churning out a total of 12% of Africa’s industry output every year.

Nigeria also has about 10% of all Chinese investments in Africa with 920 companies and 9% of Nigeria’s industry output every year.

Further to that, there are also some 67,000 African students studying in China and Nigeria has about 6,500 of this figure.

With these findings, we spoke with the Chinese Ambassador to Nigeria, Mr. Cui Jianchun who praised the efforts to make these figures known as confirmation that so many lies are told by some interests to soil the good relationship between Africa and China.

He advised Nigerians and Africans to relate with China with an open mind and said it should not be the major concern of the West to decide for Africa who to relate with and that a friendly Africa and China is a more peaceful world.

Last year, during an extensive interview with the Chinese Consul General in Nigeria, Mr. Chu Maoming, he had revealed that Chinese companies in Africa employ 89% Africans as a mark of true friendship and proof that China is not in Africa to exploit the people but to contribute to her growth and the mutual growth of China.

Africa’s economy and China’s impact

Foreign debt in 2020

* China – $100 billion – 24%

* Paris Club – $40 billion – 10%

* World Bank – $66 billion – 16%

* IMF – $18 billion – 4%

* Other multilateral institutions – $61 billion – 15%

* Private sector (excluding Chinese private sector) – $132 billion – 32%

Total $417 billion 

From this data, China is the largest single country creditor of Africa. But the other creditor bodies – the Paris Club all made of major European economies apart from Japan, Australia and South Korea; the World Bank, IMF and the other multilateral institutions although not named all belong to the same West.

Therefore, the Western countries and their agencies are still African creditors to the tune of 76%.

The data speaks for itself regarding the debt trap and slavery/annexation propaganda against China in Africa.

China’s investment in Africa as at 2020

* USD500b total volume

* 10,000 companies

* 12% of Africa’s industry output

* 9% of Nigeria’s industry output

* 67,000 African students studying China on scholarship

Investment top destinations and number of companies

Nigeria – 920

Zambia – 861

Tanzania – 825

Ethiopia – 689

South Africa – 608

Kenya – 396

Cote d’Ivoire – 274

Angola – 248

SOURCES: (www.statista.com, www.worldbank.org, www.mckinsey.com)

Compiled by Africa China Economy Magazine

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