At a time no decent country would touch Nigeria with a long pole, much less taking interest in its economy, no thanks to a debt overhang of $35 billion (since forgiven), a rating as one of the most corrupt nations in the World (recently improved rating); China waved off the risks and took the plunge.
The first sign was the upsurge in the number and size of Chinese restaurants springing up at most unusual spots in major cities in the country. Next was China Town’, an unofficial export free zone, providing dump sites (markets) for cheap, but largely substandard textile products from Chinese factories.
Before long and in the quest to expand its frontier of business in
With the official backing of the home government, Chinese companies have made great incursions into traditional spheres of transportation, construction as well as emerging sectors like energy, oil and gas and telecoms, rolling in billions of dollars in investment.
All this while,
Well, it does appear that these great industrial giants have suddenly woken up from their slumber. It has dawned on them that if they tarry a while,
They have promised to launch aggressive penetration of the non-oil sectors considered critical to the growth of the Nigerian economy in order to counteract Chinese dominance. But would the dragons allow them? Only time would tell and
Foot note: Ndudi Osakwe, Infoplus/IBG Nigeria was in
You may view the photo gallery. China Goes to Africa here http://www.time.com/time/photogallery/0,29307,1884396_1854955,00.html