Mon. Jul 13th, 2020

iAfrica

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African Markets Affected by Coronavirus

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With most of mainland China on a lockdown, economic activities are slowing, consequently affecting exports to Nigeria. A host of other African countries and African-based companies are also heavily dependent on China for some form of input, be it imports or exports. The country is responsible for over 50 percent of Eritrea’s, zinc and copper ore export, and 45 percent of cobalt export in the Democratic Republic of Congo. China is also the biggest financier of Africa’s infrastructure, funding one in five projects and constructing one in three. South Africa’s seafood market is experiencing a decline in revenue as a result of the coronavirus outbreak in China. Reuters reports that lobster fishermen in the country’s Western Cape are stuck with their catches as there is no market for them.

SOURCE: VENTURES AFRICA

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