African industrialization and trade!

Industrialization has become the buzzword for Africa of late, but that must be set against the reality of the present situation. As is usually the case, The Economist succinctly sums up the African trading position with “Africa is a continent rich in minerals and oil. China has an economy that requires them in abundance. Since the mid-1990s the economy of sub-Saharan Africa has grown by an average of 5% a year. At the start of this period Africa’s trade with China was negligible. It is now worth around $200 billion a year. Most of Africa’s exports are raw materials. China sends manufactured goods back in return.