Cement, sugar, fertiliser and now the continent’s biggest refinery. Africa’s wealthiest industrialist has built an empire on import substitution. Central Africa is one of the markets he has not yet conquered. Aliko Dangote’s method has been consistent for three decades: identify a product Africa imports in volume, build capacity at a scale that changes the...

She brought the World Trade Organization to Cameroon and left without a declaration. For the woman who runs global trade rules, the Yaoundé conference was both a personal achievement and a demonstration of how little consensus is left. Ngozi Okonjo-Iweala became the WTO’s Director-General in March 2021, the first woman and the first African to...

Borrow against tomorrow’s barrels to pay today’s bills. Chad did it, Congo did it, Gabon did it again in April. The mechanism is legal, expensive and almost impossible to see from the outside. An oil-backed loan is simple in principle. A state, or its national oil company, receives cash now from a commodity trader or...

First announced in Cairo in late 2023, relaunched in Algiers, “launched” in Kigali and finally given a manager in July 2026, Afreximbank’s pan-African film fund still carries the same headline figure: one billion dollars. The reality behind it is more fragile. The capital has yet to be raised. The manager has no public track record...