China's Infrastructure Development and Its Impact on Africa Economic Growth
In Sub Saharan Africa (SSA) the lack of infrastructure or modern infrastructure has been the major obstacle for the development of the region. Most countries rely on infrastructures inherited from colonial times, which are nowadays out of date because of lack of renewal and maintenance funds or because the available funds are too scarce to meet the needs. This predicament affects negatively the investment climate and jeopardizes both economic development and the poverty reduction strategy, bearing in mind that over 40% of Africa's populations live in extreme poverty. In recent years, a number of emerging economies have begun to play a growing role in the finance of infrastructure in sub Saharan Africa. Chinese players are now Africa's key partner for its infrastructure sector (including water supply projects) providing approximately two thirds of investments since 2007. This paper aims at examining China infrastructure investment in Africa. The analysis also paid attention to Nigeria infrastructure challenges and how China is assisting in closing the gap. Keywords: Africa; China; Economic growth; Finance; Infrastructure, Nigeria