Billions of New FDI Flowing Into West Africa. Where’s the Chinese Money Going?

$1.46 billion of new foreign direct investment made its way to Nigeria in the third quarter of 2020, according to new data from the National Bureau of Statistics, but very little is coming from China. In fact, China (ex Hong Kong) wasn’t among the list of top 15 investors, dominated by the UK, Netherlands, and Ireland.

That’s a very different story from last year at this time, when Chinese venture capital firms plowed a quarter of a billion dollars into Nigeria’s then-booming tech sector, specifically early-stage fintech companies. Expectations ran high back then, before the COVID-19 outbreak, that Chinese VC-financing would continue into 2020 which, of course, did not happen.

But that’s not the case in Ghana, where Chinese investors are leading the way this year as highlighted by Tuesday’s $105 million deal for Chifeng Jilong Gold Mining to buy out Resolute Mining’s stake in the Bibiani gold mine, the second major Chinese mining acquisition in Africa this month.

In the first half of the year alone, at the height of the pandemic, Chinese companies closed 12 deals in Ghana, predominantly in the commodities trading and mining sectors.  

All of this is good news for Yofi Grant, CEO of Ghana’s Investment Promotion Centre, who said yesterday that despite 2020 being a very difficult year, he remains confident that Ghana will end the year with more than a billion dollars of new FDI.

SUGGESTED READING:

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Connect with leading professionals on the China- Africa Experts Network.

You've reached your free monthly article limit.

Subscribe today for unlimited access.

-17% Savings

The post Billions of New FDI Flowing Into West Africa. Where’s the Chinese Money Going? appeared first on The China Africa Project.



source https://chinaafricaproject.com/2020/12/16/billions-of-new-fdi-flowing-into-west-africa-wheres-the-chinese-money-going/?utm_source=rss&utm_medium=rss&utm_campaign=billions-of-new-fdi-flowing-into-west-africa-wheres-the-chinese-money-going

Comments

Post a Comment

Popular posts from this blog

China Angry With Japan Over G7 Joint Statement, Labels Accusations as “Hype”

The Chinese government lodged a formal complaint to Japan over the wording of the G7 communiqué published over the weekend.  Foreign Ministry Spokesperson Wang Wenbin said on Saturday that China felt it had been “attacked”  and that a number of points raised in the G7’s joint statement amounted to an “interference in its internal affairs.” Get a daily email packed with the latest China-Africa news and analysis. Read exclusive insights on the key trends shaping China-Africa relations. Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South. China, Africa and the Global South... find out what’s happening. Subscribe today for unlimited access. Monthly $19/mo OR Yearly $199/yr (17% Savings) Already a subscriber? Log in Click Here to Learn More source https://chinaglobalsouth.com/2023/05/22/china-angry-with-japan-over-g7-joint-statement-labels-accusations-as-hype/
Read more

The Growing Influence of Chinese Policing in Africa

While joint military exercises between China and countries like South Africa draw controversy, much less attention is being paid to the role of policing in Africa-China relations. A fascinating new paper  by the Africa-China security expert Paul Nantuyla maps the growing influence of Chinese law enforcement in Africa. This includes the normalization of Chinese policing norms via institutional links and training. Get a daily email packed with the latest China-Africa news and analysis. Read exclusive insights on the key trends shaping China-Africa relations. Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South. China, Africa and the Global South... find out what’s happening. Subscribe today for unlimited access. Monthly $19/mo OR Yearly $199/yr (17% Savings) Already a subscriber? Log in Click Here to Learn More source https://chinaglobalsouth.com/2023/05/23/the-growing-influence-of-chine
Read more

Papua New Guinea, Micronesia to Sign Agreement With U.S. as Pacific Island Countries Increasingly Take Sides in Great Power Rivalry

Pacific Island Countries (PIC) are the current focal point in the escalating competition for influence between the United States and China around the world. Both Papua New Guinea (PNG) and Micronesia signed defense agreements with the United States on Monday  during a brief visit by Secretary of State Antony Blinken. Get a daily email packed with the latest China-Africa news and analysis. Read exclusive insights on the key trends shaping China-Africa relations. Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South. China, Africa and the Global South... find out what’s happening. Subscribe today for unlimited access. Monthly $19/mo OR Yearly $199/yr (17% Savings) Already a subscriber? Log in Click Here to Learn More source https://chinaglobalsouth.com/2023/05/22/papua-new-guinea-micronesia-to-sign-agreement-with-u-s-as-pacific-island-countries-increasingly-take-sides-in-great-power-rival
Read more