Chairman of SIFAX Group, Taiwo Afolabi, has called on African entrepreneurs, investors, and business leaders to focus on building large and sustainable corporations capable of competing globally, rather than operating fragmented small-scale businesses that limit the continent’s economic growth.
Afolabi made the call on the sidelines of the Africa CEO Forum 2026 held in Kigali, Rwanda, where discussions centred on Africa’s economic future, regional integration, and private sector development.
According to him, Africa’s transformation depends largely on the emergence of strong indigenous corporations with the capacity to drive industrialisation, create jobs, attract investment, and compete effectively on the global stage.
“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.
He noted that conversations at the forum highlighted the urgent need for African businesses to embrace collaboration, long-term planning, regional integration, and strategic expansion.
While acknowledging the importance of entrepreneurship to Africa’s development, Afolabi stressed that the continent must deliberately move beyond subsistence and lifestyle businesses toward building enduring enterprises supported by sound corporate governance, innovation, and continental reach.
He also urged governments, financial institutions, and private sector stakeholders across Africa to create enabling environments that encourage business scalability through improved infrastructure, access to finance, supportive regulations, and stronger intra-African trade systems.
“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.
Afolabi further stated that SIFAX Group remains committed to supporting intra-African trade and the successful implementation of African Continental Free Trade Area through investments in logistics, ports, transportation, and digital finance solutions across the continent.
