The New Economic Partnership for African Development estimates that to attain a growth rate of 7% per annum, Africa needs an inflow of foreign capital to the tune of $64bn per annum. An opposing view holds that Africa can grow at a rapid rate economically by relying mainly on Domestic Investment Capital.
At this juncture, permit me to digress a little by drawing an analysis between China and India with regards to the role of foreign capital vis-a-vis domestic investment in the domestic economy. The second major reason why China attracts a lot of FDI, much more than India or any other developing nation, is because of its large market. 70% of urban Chinese dwellers earn between $2000 and $7000 per capita. This implies that China has a large middle class, in contrast, India has a small group of very high earning urban dwellers. Thus, the larger the market, the greater the foreign investment.
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