Former President, Chief Olusegun Obasanjo has requested China to give $90bn to Africa for the development of infrastructure, saying it was the only way the current acute infrastructural deficit on the continent could be addressed.
The amount is to be spread for nine years.
Speaking at the forum organised by the Gusau Institute in collaboration with the Centre for Nigerian Studies of the Institute of African Studies, Zhejiang Normal University, in Abuja, Obasanjo said that bridging the infrastructural needs of African countries will gulp $90bn.
His paper was titled, ‘A new era for China-Africa Cooperation: Partnership for Peace, Security and Development”.
Lamenting the poor state of infrastructure in African countries, the former President said, “It has been estimated that Africa needs some $90 billion for infrastructure every year. It will not be a bad idea if China can provide $10 billion of that amount every year for a period of nine years in the first instance.”
“It will be about 10 per cent of the estimated need for infrastructure but it will be impactful. All these can be done through China Development Bank, China Exim Bank and the proposed Infrastructure Development Fund along with the World Bank.
He, however, recommended that Sino-Africa relations should strike a strategic partnership in the area of grant, short- and medium-term concessional loan and long-term loan.
He advised that this should cover critical areas like education, skill acquisition and capacity development, infrastructure and trade.
