AfDB reveals what China is doing to African companies

African Development Bank, AfDB, has expressed concern that many African owned firms are forced to drop out of market due to unfair competition from Chinese companies.

Senior Director, AfDB Nigeria, Mr. Ebrima Faal, said over the weekend at the African Economic Merit Awards (EAMA) World Plaque and Award Nominees unveiling ceremony in Abuja.

He said with the freedom to operate in all sectors and with access to capital and better technology, Chinese firms had gained market power and dominance over African companies in recent times.

According to him, recent research shows that 31 percent of Chinese firms in Africa are involved in manufacturing, 25 percent in services, 22 percent in trade and 15 percent in construction and real estate.

Faal, who was represented by AfDB’s Regional Procurement…

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