In what looks like a script written for the consumption of the Western world, a foremost economist, renowned for her antecedents, has frowned at the increasing Chinese economic in-roads in Africa.
As ties between China and African countries continue to get stronger, former Nigerian Finance Minister, Ngozi Okonjo-Iweala, has warned that Beijing-style economic governance will not work in Africa.
Dr. Okonjo-Iweala said at a forum last Tuesday in Abuja that in toeing the Chinese system, corruption could result from increased government intervention in business.
In her view, Nigeria’s “vibrant private sector does not lend itself to the type of state-led development that China stands for”. Dr. Okonjo-Iweala, who had worked creditably in the World Bank for decades, understands comparative economics and investments well. And she is not known for sensational talk,
The notable economist, however, admitted that Ethiopia, an East African country with high percentage economic growth, is following Beijing’s state-led approach and seems to be doing well for now.