Africa Told to View China as Competitor

Nations are competitors, regardless of size, location or wealth. Lamido Sanusi, Nigeria’s central bank governor, offered that reminder to fellow Africans about China and its potential to flood the continent with low-cost goods and overwhelm a struggling manufacturing industry. “Trade between China and Africa was worth more than $200bn in 2012, 20 times what it was in 2000 when Beijing committed to a policy of accelerated engagement,” yet Africa’s manufacturing has gone into decline, reports William Wallis for the Financial Times. Sanusi reformed banking in Nigeria and initiated an activist role in the central bank, prompting more assistance for small businesses. He also urges more investment in education and infrastructure to prepare Africa for future competition. The comments were made prior to a BRICS meeting with Brazil, Russia, India, China and South Africa – and may have been directed toward South Africa’s president who has been more welcoming of Chinese investment. – YaleGlobal