SIFAX Chairman urges African firms to build global-scale corporations
SIFAX Group Chairman Calls for Growth of Large Corporations in Africa
KIGALI, Rwanda — Dr. Taiwo Afolabi, Chairman of SIFAX Group, urged African entrepreneurs, investors, and business leaders to focus on developing large, sustainable corporations that can compete on a global scale. Speaking at the Africa CEO Forum, Afolabi emphasized the need to move away from fragmented and small-scale businesses that currently hinder the continent’s economic potential.
Afolabi stated that Africa’s economic transformation significantly relies on the establishment of strong indigenous corporations capable of driving industrialization, creating jobs, attracting investments, and competing internationally. He highlighted the importance of collaboration and strategic expansion, noting that discussions during the forum reinforced these themes.
“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,” Afolabi said.
While acknowledging the critical role of entrepreneurship in Africa’s growth narrative, Afolabi called for a shift from subsistence and lifestyle businesses toward building enduring enterprises characterized by robust governance systems and innovation.
“The conversations at the Africa CEO Forum clearly showed that Africa’s future lies in integration and scale. The African Continental Free Trade Area (AfCFTA) presents a historic opportunity for businesses to expand beyond national borders and create truly pan-African enterprises,” he added.
This call to action reflects a growing consensus among business leaders that the continent must consolidate its economic efforts to realize the full benefits of regional cooperation and global competition.
This story is based on original reporting by Babajide Komolafe.
