India should learn from China to expand business with Africa, says Aliko Dangote

India should adopt China’s investment model in Africa, the continent's richest man and Dangote Group President Aliko Dangote has said.

He urged New Delhi to scale up its investments and offer stronger export credit support to African companies to help them expand their businesses.

During an exclusive interview with CNBCTV18, asked what India should be doing to step up investment in Africa and strengthen trade ties; he said, "There are quite a lot of Indian investments, but we need more investments coming from India."


He noted that one of the areas that will really strengthen this partnership is government support in export credit. "China is doing quite a lot, but India is not very strong in export credit," he said.

"I hope there will be a change of strategy which can actually open up more markets between India and Africa soon."

Comparing China's approach to investing in Africa, Dangote

noted that Chinese companies operating in the country benefited heavily from Beijing's backing.

"Most Chinese companies in Africa are supported by SINOSURE, which gives insurance guarantees. It helps with capital and the size of business we do," he said.

He added that these companies were either government-owned or partly government-owned, and they don't just come to make money, but they put their balance sheet on the table.

"That really helps in expanding the businesses we do with them," he added, highlighting that India can learn from China to expand business with Africa.

Asked about his top areas of business interests in India and one recommendation for the Indian government, Dangote identified several high-potential sectors, including solar.

"There are a lot of areas, including solar energy, even though it is difficult to compete with China in solar," he said. "But there are many industries like cement and pharmaceuticals. Trade visits also help in opening opportunities."