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Africa: Export to China Rises to $22 Billion, Says Report
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This Day (Lagos)
13 July 2008
Posted to the web 14 July 2008
Lagos
Sub-Saharan Africa's natural resource export to China increased from US$3 billion in 2001 to about US$22 billion in 2006, says a World Bank report.
"Petroleum dominates, accounting for 80 per cent of total exports to China," says the report made available to the News Agency of Nigeria (NAN) today in Abuja.
The report, however, noted that the bulk of Africa's oil goes to China.
According to the report, other important African export commodities were iron ore and timber, followed by manganese, cobalt, copper and chromium.
"The growing South-South cooperation is driven by strong economic complementarity between China and Africa, " the report quoted Vivien Foster, a World Bank lead economist and co-author of the report, as saying.
The report, titled "Building Bridges: China's Growing Role as Infrastructure Financier for Sub-Saharan Africa", said there was a synergy between African and Chinese economy.
The report also indicated how new infrastructure partnerships were emerging, driven by strong economic growth in the African region.
"China's growing demand for natural resources had been matched by Africa's significant and often under-developed oil and mineral reserves.
"While Africa's urgent need for infrastructure is matched by China's globally competitive construction industry, " the report said.
The report added that the World Bank was already working closely with African countries, China and other development partners in sharing experiences so that the investments would have the best development impact.
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China is not the only emerging financier playing a major role in Africa. making sizeable investment commitments in sub-Saharan Africa's infrastructure, helping to fill annual needs estimated at US$22 billion by the Commission for Africa.
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