Adedun Olalekan Ademola
2201112499@isscad.pku.edu.cn / adedunolalekan@yahoo.co.uk
Ousainou Huma
2201112514@isscad.pku.cn / ohuma87@gmail.com
On a recent list of countries by GDP per capita, seven of the ten countries are from Africa and have per capita incomes of less than $1000. This is associated with poverty, low productivity, high unemployment, and the widespread absence of adequate soft and physical infrastructure necessary to change the situation. Typically, governments form partnerships with other nations to work together for the attainment of their individual goals, including pursuing economic growth, solving the problems of low productivity and high unemployment, and improving long-dilapidated infrastructural facilities. These partnerships generally can take both bilateral and multilateral forms.
The Belt and Road Initiative (BRI) is a concept developed by the Chinese government to promote South-South cooperation among member countries through infrastructure development and technological advancement in science and education. It focuses on improving policy coordination, connecting infrastructure facilities, promoting unimpeded trade, financial integration and stronger people-to-people ties for the benefit of all. The 2018 Forum on China-Africa Cooperation (FOCAC) Summit Declaration in Beijing and the 2019-2021 Africa Plan show that Africa is an important partner in BRI cooperation. Nigeria, Kenya and The Gambia were among the 40 African countries that signed the Memorandum of Understanding (MOU) with Beijing on the BRI partnership. This paper looks at the economic impact of the Belt and Road Initiative in Africa, using Nigeria as an example.
Nigeria is the most populous country in Africa, with a nominal GDP of $440.83 billion in 2021. It is home to two major cities, Lagos and Abuja, and is the site of BRI projects such as a hydropower plant, a railway line, and the deep-sea port. Investment in railway infrastructure is key to supporting the Nigerian economy's structural transformation, diversification, and growth.
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