The Chairman of SIFAX Group, Taiwo Afolabi, has called on African entrepreneurs and investors to focus on building large, sustainable corporations capable of competing on the global stage, rather than maintaining fragmented small-scale ventures that limit the continent’s economic growth.
Speaking on the sidelines of the Africa CEO Forum held recently in Kigali, Rwanda, Afolabi stressed that Africa’s economic transformation hinges on the emergence of strong indigenous companies with the scale and capacity to drive industrialisation, generate employment, attract investment, and compete internationally.
He noted that key discussions at the forum underscored the urgent need for African businesses to embrace collaboration, long-term strategies, regional integration, and expansion beyond domestic markets.
“Africa cannot unlock its full potential with thousands of weak, fragmented businesses operating in isolation. The continent needs strong institutions and large corporations that can outlive their founders, scale across borders, attract global capital, and compete with leading global firms”, he said.
While acknowledging the importance of entrepreneurship, Afolabi emphasised the need for a deliberate transition from subsistence and lifestyle businesses to resilient enterprises with sound governance, innovation capacity, and continental reach.
He also called on governments, financial institutions, and private sector stakeholders to create enabling environments that support business growth through improved infrastructure, better access to finance, favourable regulations, and enhanced intra-African trade.
Highlighting opportunities within the African Continental Free Trade Area (AfCFTA), Afolabi described it as a game-changer for businesses seeking to expand across borders and build truly pan-African enterprises.
He added that SIFAX Group remains committed to advancing intra-African trade and supporting AfCFTA implementation through strategic investments in logistics, ports, transportation, and digital finance solutions across the continent.