China is Africa's Biggest Investor, Creates More Jobs than UK, US Combined; Nigeria Ranks High on the List
- China is Africa's largest investor, creating over 8,000 jobs in the last decade, more than the United Kingdom and the United States combined
- The US was ranked second while the UK ranked fifth largest investor in Africa but is quickly losing grounds to Japan and UAE
- Nigeria is the second-largest investor behind South Africa, companies of the country's origin created over 1,000 employees in the last 10 years
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Over the last decade, China has established itself as Africa's top investor and job generator, surpassing the United Kingdom, the United States, and other major European countries.
This is according to new research published on the website of the Swiss-African Business Circle over the weekend.
The report noted that the big Asian country added 18,562 jobs on average during a 10-year period.
It also showed that during the period under review China has invested 27 per cent of its total investment in Africa.
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The US is the second-largest investor, with France and Turkey ranking third and fourth, respectively.
The UK is the fifth largest investor in Africa, although it is rapidly losing position as Japan and the United Arab Emirates have both given Africa greater weight in terms of Africa's share of global investments during the previous decade.
Nigeria companies rank among the best investors in Africa
In terms of an annual average of newly generated employment in the previous ten years, Nigerian companies were among the top 15 investors in Africa.
Only South African companies (1,453) produced more jobs in Africa than Nigerian firms (1,422).
Part of the swiss report reads:
"South Africa has made 43% of its global investments in Africa over the last 10 years, with the trend going up substantially for the ratio of Africa to global investments as well as average number of new jobs created.
"The big majority (97% on average) of all foreign investments by Nigerian companies were going into other African countries."
List of 15 projects why Nigeria agreed on N2.50trn loan with China
Legit.ng had earlier reported that the Debt Management Office (DMO) announced Nigeria's overall public debt has risen to N38 trillion as of September 30, 2021.
The loan from China is one area many Nigerians are interested in amid stories of assets being seized from nations unable to repay their debt.
DMO has released a thorough analysis of loans received from China in the last 13 years, including how much has been returned and for what projects the funds were obtained