The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has described China as a major contributor to the de-industrialisation as well as underdevelopment of Africa. Sanusi said this in an article published in the Financial Times obtained by THISDAY Tuesday.
He warned that with the growing interest of China in the continent, Africa is “opening itself up to a new form of imperialism.” The CBN chief also insisted that a review of the “exploitative elements” in what he also described as a “marital contract” between Africa and China was long overdue. He advised governments and policy makers in the continent to shake off their “romantic view of China,” and see Beijing as a competitor as well as a partner capable of the same exploitative practices as the old colonial powers.
Sanusi explained: “China takes from us primary goods and sells us manufactured ones. This was also the essence of colonialism. China is no longer a fellow underdeveloped economy. China is the second biggest economy in the world, an economic giant capable of the same forms of exploitation as the West. China is a major contributor to the de-industrialisation of Africa and thus African underdevelopment.”
Trade between China and Africa was worth more than $200 billion in 2012, 20 times what it was in 2000 when Beijing committed to a policy of accelerated engagement.