SIFAX Chairman Calls on African Companies to Grow into Global-Scale Corporations

By Babajide Komolafe

Dr. Taiwo Afolabi, Chairman of the SIFAX Group, urged African entrepreneurs, investors and business leaders to focus on building large, sustainable corporations that can compete on a global scale, rather than maintaining fragmented, small‑scale enterprises that constrain the continent’s economic growth.

Speaking at the sidelines of the Africa CEO Forum in Kigali, Rwanda, Afolabi said that Africa’s economic transformation will hinge on the rise of strong indigenous corporations with the scale, structure and capacity to drive industrialisation, create jobs, attract investment and compete internationally.

He noted that this year’s forum discussions highlighted the urgent need for African businesses to adopt collaboration, long‑term planning, regional integration and strategic expansion.

“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 added that while entrepreneurship remains vital to Africa’s growth story, the continent must deliberately move beyond subsistence and lifestyle businesses to create enduring enterprises with robust governance, innovation capacity and continental reach.

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

The post SIFAX Chairman urges African firms to build global-scale corporations appeared first on Vanguard News.