RismadarVoice Reporters, May 23, 2026
Chairman of SIFAX Group, Dr Taiwo Afolabi, has urged African entrepreneurs, investors, and business leaders to shift focus towards building large, sustainable corporations capable of competing on the global stage, warning that fragmented small-scale enterprises are limiting the continent’s economic potential.
Afolabi made the call on the sidelines of the Africa CEO Forum held in Kigali, Rwanda, where business leaders and policymakers gathered to discuss strategies for accelerating Africa’s economic transformation.
He said the continent’s long-term development depends on the emergence of strong indigenous companies with the capacity to scale across borders, attract global investment, and drive industrialisation and job creation.
According to him, Africa’s economic progress has been slowed by a proliferation of weak and isolated businesses operating independently without the structure or scale needed to compete internationally.
“Africa cannot achieve its full economic potential with thousands of weak and fragmented businesses operating in silos,” Afolabi 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.”
He stressed that while entrepreneurship remains essential to Africa’s economic ecosystem, there is an urgent need to transition from small lifestyle enterprises to sustainable, innovation-driven corporations with long-term growth strategies.
Afolabi noted that discussions at the forum highlighted the importance of collaboration, regional integration, and strategic expansion as key drivers of future growth.
He added that the African Continental Free Trade Area (AfCFTA) presents a significant opportunity for businesses to expand beyond national markets and develop into pan-African enterprises with global relevance.
“The conversations at the Africa CEO Forum clearly showed that Africa’s future lies in integration and scale,” he said, emphasising the need for stronger corporate governance and cross-border investment frameworks.
