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.

"For me to grow that big, I also need to leverage. I'm not going to over-leverage, but I need to leverage the business to be able to get to where I want to be," he said.

Despite highlighting China's role, the businessman said the United States is beginning to show stronger interest in infrastructure financing in Africa. He referenced recent engagement with the U.S. International Development Finance Corporation, saying the agency has become more aggressive in supporting infrastructure and industrial investments.

"This time around when I went to the Development Finance Corporation of the U.S... they were very hungry for infrastructure. They are very hungry for projects, and they are ready to lend," he said. That shift could create room for stronger U.S.-Africa business partnerships.

The businessman also said he recently told a visiting Japanese delegation that Japan risked remaining absent from Africa's major investment opportunities unless it changed its approach.