China’s Economic Partnership with Africa: Opportunities and Challenges

There is an ongoing battle in Africa for a share of the continent’s lucrative and enticing economic opportunities. Emerging economic powers such as Brazil, Russia, India and China are making their case for a share of Africa’s vast and rich natural resources. One of these emerging global powers is China, which has doubled its investment and pumped billions of dollars in trade with Africa. China is acutely aware of the economic potential in Africa and how partnering with African governments could yield enormous profits for its economy and simultaneously benefit Africa’s hopeful economies. Over the past few years, Western governments and economists have been sounding the alarm about China’s rise and influence in Africa. Notwithstanding the concerns, African governments are developing close ties with the Asian power. African governments are cognizant of the fact that China’s motives for pumping billions of dollars in trade and other economic ventures could be mutually beneficial. In other words, Africa needs China to modernize its economy and China needs access to Africa’s lucrative and vast resources to maintain high economic growth, in addition to bringing millions of its citizens out of poverty. Some perceive China’s meteoric rise in Africa as beneficial to the continent as it continues to make strides in its economic development. One of the critical areas of economic partnership between Africa and China is in the growing oil industry. The oil industry in Africa has become a much sought after commodity. China is leveraging its economic influence in getting a share of the booming “black gold” industry in Africa. What Africa needs now is visionary leadership in maximizing the benefits of these business ventures, in addition to placing the continent on the right trajectory. In other words, Africa needs to play a leading role in these economic ventures. It is also imperative that viable measures be put in place to forestall bureaucratic corruption, which is inimical to economic growth and development.