The International Monetary Fund has disclosed that China’s declining growth is set to affect Nigeria’s economic fortune.
IMF noted that because China has forged deep economic ties with countries in sub-Saharan Africa over the past 20 years, its recent declining growth may affect growth in Nigeria by 0.5 percentage points on average.
China is the region’s largest single-country trading partner, as it buys one-fifth of the region’s exports — metals, minerals, and fuel —and provides most of the manufactured goods and machinery imported in the region.
It, however, noted that China’s recovery from the pandemic is now set to ripple across Africa.