Minister of State for Petroleum Resources, Dr Ibe Kachikwu, weekend, said China has an edge over the US and UK in Africa because it was providing what Africa needed.
Kachikwu made this comment on the sidelines of the ongoing 2018 Forum on China-Africa Cooperation, FOCAC.
Speaking in an interview with Blooberg, the minister said: “They are active in Liberia, Ghana, Angola. They are throwing money where their mouth is and in very many respect is one area where they have beaten both the US, European and British in things like this.
“Africa requires a lot of development funds; China is able to provide it. Not just provide in terms of money but provide with adequate technology.”
The United States had warned that loans from China were terrible for Africa, saying it would be terrible to see African countries go back to debt.
Kachikwu also said China’s economy would continue growing in spite of the tensions with the US.
He said: “China is going to continue to grow, the population guarantees that the economy guarantees that, the relationships they are building guarantees that. What is opening up in terms of small consumption nations in Africa also guarantees that.
“If anything, it will positively impact the price of oil. The more of these fights you have, the more you are going to find oil prices go up.”
According to the minister, Nigeria will sign a $223 million financing package for the Mambilla power plant and some agreements for infrastructure investments for Kano, Lagos and Port Harcourt airports.