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.
It can thus be quite hard to see past the role of China’s ravenous appetite for raw materials in Africa’s recent economic success. Natural resources make up a quarter or more of export revenues for around half of the 45 countries in sub-Saharan Africa. Nine of them, including Nigeria and Angola, which have two of Africa’s largest economies, benefit from exports of oil and gas.
Yet mining and oil are far from the whole story. A study published this week by the International Monetary Fund (IMF) finds that eight of the 12 fastest-growing economies in Africa in recent years did not rely on natural resources. Together these economies grew more quickly even than the group of oil producers.
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