China forcing African firms out of business – AfDB


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

President Buhari with President of Ruyi group in China

Senior Director, AfDB Nigeria, Mr. Ebrima Faal, said this during 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 have 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…

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