It is happening. I never thought it could be this fast and quick. The old century bridge constructed by the Europeans and Americans to Africa is collapsing. These old empires are making way for the Chinese who are buying over Africa.
A new trade link has emerged and it is running from China to Africa to Latin America. The biggest buyouts in Africa are done by the Indians and Chinese. The Americans and Europeans are nowhere.
The Indians, Bharti Airtel, recently bought over Zain, a major mobile network in Nigeria. Tata Group is also investing big in the continent. The diminished nature of America and Western Europe in Africa is very noticeable. While Brazilian Vale is investing $2.5 billion in Guinea for iron ore, the Russians are buying over steel projects in the content.
A new report from Tekedia noticed that most technology projects in Nigeria are funded by either Indians or Chinese. The power projects, the dams, satellites projects, the railway projects are all handled by the duo. It estimates that India and China control more than 65% of technology related FDI projects (but oil) in Nigeria.
Tekedia notes that most of the big machinery used in critical engineering projects in Nigeria are supplied by China. Since it got the node to design and implement Nigeria’s satellite project, NigComSat, the Chinese have moved deeper into all key aspects of the economy and increasingly, the West are being displaced. However, Tekedia notes that the West still control the petroleum industry in the nation.
The consultancy estimates China to dominate Africa’s alternative energy market. As China leads the world with 40% of all wind turbines and 80% export of those, Africa will increasingly depend on China than US or Europe for its future alternative energy need.
Nkpuhe thinks that in five years, most African leaders will care less about Washington than Beijing as they will most likely seek counsel from China than US. He who pays the piper dictates the tune.