Africa's Richest Man Says China Dominates Business Due to Financing Support

A prominent African businessman said China has become the dominant business partner on the continent because it is more willing than the United States and Europe to provide long-term financing and credit for major industrial and infrastructure projects.

The businessman made the remarks in an interview with Nicolai Tangen, chief executive officer of the Norwegian Sovereign Wealth Fund. Asked who is helping Africa most in business among China, the U.S., and Europe, he replied that it is China. He attributed this to the absence of comparable support from other partners.

Chinese companies have succeeded by backing their businesses with strong state-supported financing structures. These arrangements make it easier for African investors and governments to execute large projects. Suppliers often provide equipment on credit backed by export insurance institutions, allowing payments to be spread over several years rather than paid upfront.

Using the cement business as an example, the businessman said Chinese firms supply equipment and offer credit facilities backed by China's export credit insurance agency. This enables buyers to finance projects over four or five years. He contrasted the approach with European competitors who typically require full upfront payment.

"If I go to Italy, for example, and they are asking me to write a cheque for a power plant of $500 million... " he said. " Such financing structures help preserve cash flow and allow faster expansion. "These ones will suck out my cash and I won't be able to do more," he said.

The businessman said access to financing is critical for the scale of growth the company is targeting. The company plans to spend about $45 billion between 2026 and 2030 on expansion projects. He added that large-scale industrial growth requires strategic leverage rather than overdependence on direct cash payments.