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Why China now dominates Africa’s business landscape

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Business mogul and African billionaire Aliko Dangote has said China currently dominates business across Africa because it is more willing than the United States and Europe to provide long-term financing and credit support for major industrial and infrastructure projects.

Mr Dangote made the remarks during an interview with Nicolai Tangen, chief executive officer of the Norwegian Sovereign Wealth Fund, where he gave a blunt assessment of the continent’s business relationships with global powers.

Asked who is helping Africa most in business among China, the U.S., and Europe, Mr Dangote replied: “Honestly, Nicolas, you want me to be very open? Totally. Yeah, so it’s China.”

According to him, China has “really dominated business in Africa because of the absence of the others.”

He said Chinese companies have succeeded by backing their businesses with strong state-supported financing structures that make it easier for African investors and governments to execute large projects.

Why China leads

Mr Dangote explained that Chinese suppliers often provide equipment on credit backed by export insurance institutions, allowing African businesses to spread payments over several years rather than paying upfront.

Using his cement business as an example, he said Chinese firms supply equipment and offer credit facilities backed by China’s export credit insurance agency, enabling buyers to finance projects over four or five years.

He noted that the arrangement gives Chinese companies a significant advantage over European competitors.

“If I go to Italy, for example, and they are asking me to write a cheque for a power plant of $500 million… and the Chinese are saying just give me 20 per cent, the rest I will finance for five years, which one are you going to take?” he said.

“Obviously, you take the Chinese one,” he added.

He said such financing structures help businesses preserve cash flow and expand faster rather than tying up capital in single projects.

“These ones will suck out my cash and I won’t be able to do more,” he said.

Expansion plans

Mr Dangote said access to financing is critical to the scale of growth his group is targeting, revealing that the company plans to spend about $45 billion between 2026 and 2030 on expansion projects.

“We want to do projects… we’re spending $45 billion between 2026 and 2030,” he said.

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.

U.S. showing renewed interest

Despite praising China’s role, Mr Dangote 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 (DFC), 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.

According to him, that shift could create room for stronger U.S.-Africa business partnerships.

Mr Dangote 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.

He said foreign partners coming to Africa must arrive with financing capacity, not just proposals.

“What I told them is that Japan will be missing for a very long time,” he said.

“Today when you are coming, make sure that you come with your own balance sheet on the table, because we have choices of buying from many other countries.”

His remarks highlight the growing competition among global powers for influence in Africa’s industrial and infrastructure sectors, where financing terms often matter more than technology alone.

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Coronation Insurance Seeks SEC Approval for Proposed Share Acquisition Scheme

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BY NKECHI NAECHE-ESEZOBOR—Coronation Insurance Plc has resubmitted its application to the Securities and Exchange Commission (SEC) for formal approval of a proposed scheme of arrangement that would allow its core shareholders to acquire the shares held by other shareholders in the company.

According to the notice to Nigeria Exchange  Limited, shareholders and the investing public, the company said it submitted the application on October 16, 2026, following the resolution of outstanding matters that had previously prevented the SEC from reviewing the proposal.

The proposed scheme follows a court-ordered meeting held on December 22, 2023, where shareholders considered and approved the arrangement between the company and holders of its fully paid ordinary shares.

The proposal was initiated by Coronation Capital (Mauritius) Limited and its related parties, collectively referred to as the core shareholders, to acquire the shares of other shareholders in Coronation Insurance.

The company applied to the SEC for formal approval on December 27, 2023. However, the commission was unable to proceed with its review because of certain pending matters.

According to the notification, those matters have now been resolved. Coronation Insurance subsequently wrote to the SEC on September 22, 2026, informing the commission of the development and requesting formal approval of the scheme.

The SEC acknowledged the conclusion of the outstanding matters in an email dated October 7, 2026, and requested that the company submit a formal application accompanied by all required documents. Coronation Insurance said it complied with the request on October 16, 2026.

The company also disclosed that it had informed the core shareholders of the developments, adding that they had confirmed their continued interest in proceeding with the scheme, provided its implementation complies with applicable laws, regulations, market rules and precedents.

Under the proposed arrangement, the consideration payable for the shares will be based on the highest trading price recorded for the company shares on NGX during the six months preceding the date of the notification.

The company stated that the consideration price remains subject to the receipt of all required regulatory approvals.

The notice added that the company said several steps remain before the scheme can be completed.

These include obtaining the SEC’s formal approval, securing an order from the Federal High Court sanctioning the scheme, and filing a certified true copy of the court order with the Corporate Affairs Commission.

The company will also be required to pay the scheme consideration to minority shareholders, apply to the NGX for the delisting of its shares and complete the delisting process.

Completion of the scheme remains subject to SEC approval, the sanction of the Federal High Court and the filing of the certified true copy of the court order with the Corporate Affairs Commission.

The company said it would continue to update shareholders and the investing public on further developments.

It also advised shareholders and investors to exercise caution when dealing in its shares until further announcements are made.

The post Coronation Insurance Seeks SEC Approval for Proposed Share Acquisition Scheme appeared first on Business Today NG.

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‘I have a duty to serve Nigeria, and I will’ — Adesina tells Tinubu

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Former President of the African Development Bank (AfDB), Akinwumi Adesina, has declared his readiness to serve Nigeria in any capacity, saying he has a duty and responsibility to contribute to the country’s development.

Mr Adesina made the declaration on Tuesday after meeting President Bola Tinubu at the Presidential Villa in Abuja, where he briefed the president on his 10-year tenure at the continental development finance institution.

“I’m fully able to help Nigeria in any capacity. I’ve always had that. You know, my heart is always at home,” he told journalists after the meeting.

Asked what role he could play, Mr Adesina said he would help in any capacity the president considered appropriate, but stressed he was not seeking a government appointment.

“I’m not looking for a job. I’m not looking for anything. I’m just here to help. It’s my country. I have a duty, an obligation, and a responsibility to do so, and I will,” he said.

There was no announcement of a specific role or appointment for the former AfDB president following the meeting.

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Adesina’s record in agriculture and development finance

Mr Adesina, an agricultural economist, served as Nigeria’s minister of agriculture and rural development from 2011 to 2015 under former President Goodluck Jonathan before becoming the first Nigerian to lead the AfDB.

He was elected president of the bank in May 2015 and re-elected for a second five-year term in August 2020. His tenure ended in 2025.

As agriculture minister, he championed reforms to the distribution of subsidised farm inputs, including an electronic-wallet system that let farmers receive support for seeds and fertiliser via mobile phones.

The AfDB said the programme reached 15 million farmers within its first four years. The initiative was intended to improve access to agricultural inputs while reducing the role of intermediaries in their distribution.

At the AfDB, Mr Adesina oversaw the institution’s development agenda, which included expanding electricity access, improving food security, industrialising African economies, promoting regional integration and improving living standards.

During his leadership, the bank’s general capital increased from $93 billion to $208 billion in 2019, following a decision by its shareholders, the largest capital increase in the institution’s history at the time.

AfDB provided $7 billion to Nigeria in 10 years

At the meeting, Mr Adesina said the AfDB provided about $7 billion in financing to Nigeria between 2015 and 2025.

He compared this with the $11.1 billion in cumulative financing the bank had provided to Nigeria since it began operations in the country in 1971.

“Within 10 years, we were able to do 63 per cent, literally, of that,” he said, adding that President Tinubu was pleased with the bank’s support to Nigeria during his tenure.

Mr Adesina said he used the meeting to commend the president for his economic reforms, particularly the removal of the petrol subsidy and the harmonisation of the foreign exchange windows.

He described the measures as difficult but said they were beginning to produce results.

He cited increased foreign exchange availability, the return of portfolio investors and a downward trend in inflation as signs of progress. However, he acknowledged that prices remained high for Nigerians.

He also pointed to improved assessments of Nigeria by some international rating agencies, saying the country’s outlook had shifted towards stable or positive assessments.

The comments come amid ongoing debate over the impact of the Tinubu administration’s economic reforms, including higher fuel costs after the removal of the petrol subsidy and changes to the foreign exchange market.

Although the government has defended the measures as necessary to stabilise the economy, the higher cost of living has continued to put pressure on households and businesses.

From economic stabilisation to growth

Mr Adesina said stabilising the economy was only the beginning, arguing that Nigeria must now focus on structural transformation, economic growth and prosperity.

He said President Tinubu recognised the need to move beyond macroeconomic reforms and address the broader challenge of transforming the economy.

“I told the president, I’m back at home, here to help and ready to help. It’s my country. I love my country, and I’m ready to help,” he said.

His offer comes after a decade leading one of Africa’s major development finance institutions, a period during which the bank financed projects and programmes across sectors including agriculture, energy, transport and infrastructure.

READ AlSO: ‘I will forever miss you’ – Toluwanisings’ wife breaks down in tears at night of tributes

Mr Adesina’s meeting with the president also gave him an opportunity to formally brief the president on the completion of his two terms and the achievements recorded during his leadership of the bank.

He said he was honoured to have been received by the president and was pleased with the report he presented.

While Mr Adesina did not specify how he might contribute to Nigeria’s development, he said he was prepared to do so whenever the president believed his experience could be useful.

“It’s my country. I have a duty, an obligation, and a responsibility to do so, and I will,” he said.


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