‘Africa Needs Big, Scalable Businesses To Compete Globally’

Chairman of SIFAX Group, Dr Taiwo Afolabi, has called on African entrepreneurs, investors, and policymakers to prioritise the development of large, scalable corporations capable of competing effectively on the global stage.

Afolabi made the call while speaking on the sidelines of the Africa CEO Forum held in Kigali, Rwanda, where business leaders and policymakers across the continent gathered to discuss Africa’s economic transformation and integration.

He said Africa’s long-term economic growth depends on the emergence of strong indigenous corporations with the capacity to operate across borders, attract global capital, and drive industrialisation at scale.

According to him, the continent’s current structure of fragmented and small-scale businesses limits its ability to fully realise its economic potential.

“Africa cannot achieve its full economic potential with thousands of weak and fragmented businesses operating in silos.

What the continent needs are strong institutions and large corporations that can survive beyond their founders, scale across borders, attract global capital, and compete with the best companies around the world,” he said.

Afolabi stressed that while entrepreneurship remains vital, African economies must deliberately shift focus from subsistence and lifestyle enterprises to building enduring organisations with strong governance structures, innovation capacity, and regional reach.

He noted that governments, financial institutions, and private sector stakeholders must work together to create enabling environments that support business expansion through improved infrastructure, access to finance, supportive regulations, and stronger intra-African trade systems.

He also highlighted the importance of the African Continental Free Trade Area (AfCFTA), describing it as a major opportunity for businesses to expand beyond national borders and build pan-African enterprises.

“The conversations at the Africa CEO Forum clearly showed that Africa’s future lies in integration and scale. The AfCFTA presents a historic opportunity for businesses to expand beyond national borders and build truly pan-African enterprises,” he added.

Afolabi said SIFAX Group’s long-term strategy is aligned with this vision, as the company continues to invest in logistics, ports, transportation, and digital finance solutions aimed at strengthening intra-African trade and supporting regional economic integration.