Chairman of SIFAX Group, Taiwo Afolabi, has called on African entrepreneurs and investors to prioritise building large, sustainable corporations capable of competing globally, rather than fragmented small-scale businesses.
Speaking on the sidelines of the Africa CEO Forum in Kigali, Rwanda, Afolabi said Africa’s economic transformation depends on the emergence of strong indigenous corporations with the scale and structure to drive industrialisation, create jobs, and attract global capital.
He argued that many African businesses still operate in silos, limiting their ability to expand beyond local markets.
“Africa cannot achieve its full economic potential with thousands of weak and fragmented businesses operating in silos,” he said.
“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 stressed that while entrepreneurship remains vital, there is a need to move beyond subsistence-level enterprises toward structured, scalable organisations with strong governance and innovation capacity.
He also urged African governments and financial institutions to create enabling environments that support business expansion through improved infrastructure, access to finance, regulatory support, and stronger intra-African trade.
According to him, discussions at the Africa CEO Forum reinforced the importance of regional integration and long-term strategic thinking in shaping the continent’s economic future.
“The African Continental Free Trade Area (AfCFTA) presents a historic opportunity for businesses to expand beyond national borders and build truly pan-African enterprises,” he added.
Afolabi noted that SIFAX Group is aligning its long-term strategy with the goals of AfCFTA, with investments in logistics, ports, transportation, and digital finance aimed at strengthening intra-African trade.
He said Africa’s next phase of growth will depend on how effectively businesses and governments collaborate to build institutions that can operate at scale across the continent.
