China has signed bilateral agreement with Nigeria and 33 other countries regarding the promotion and protection of investments, the Director-General, Regional Procurement, African Development Bank (AfDB), Baba Imora Abdullahi, has said.
Abdullahi, who stated this yesterday at the African Economic Merit Award in Abuja, said China’s support to Africa’s development through the AfDB was being channelled through Africa Growing Together Fund (AGTF). He said as the implementation of the AGTF accelerates, AfDB would explore the possible increase of resources to the Fund, he added.
He said currently, China is a rising player in Africa’s Foreign Direct Investment (FDI).
According to him, Chinese investment in the African continent is not new and has grown over 100 times in the last one decade.
From $0.5billion in 2003 to $39.9billion in 2016, he said this was significant even though it was low compared to the 2016 stock in Hong Kong at $780.7billion, Cayman Islands at $104.2billion and Virgin Island at $88.8billion.