Chairman of SIFAX Group, Dr Taiwo Afolabi, has called on African entrepreneurs, investors, and business leaders to shift focus from fragmented small scale enterprises to the development of large sustainable corporations capable of competing globally.
Speaking at the Africa CEO Forum held in Kigali Rwanda, Afolabi said Africa’s long term economic transformation depends on building strong indigenous companies with the scale, structure, and capacity to drive industrialisation, create jobs, attract investment, and compete effectively in the global market.
He warned that the continent’s current business landscape is dominated by small and disconnected enterprises operating in silos, which limits their ability to expand beyond local markets and contribute meaningfully to economic growth. According to him, Africa cannot achieve its full potential without the emergence of institutions that can survive beyond their founders and operate across multiple countries.
Afolabi stressed the need for African businesses to embrace collaboration, long term planning, regional integration, and strategic expansion under the African Continental Free Trade Area framework. He noted that the agreement presents a major opportunity for businesses to scale beyond national borders and build pan African enterprises with global relevance.
He further explained that while entrepreneurship remains vital, Africa must now move beyond subsistence level businesses towards building structured corporations with strong governance systems, innovation capacity, and access to international capital markets.
The SIFAX Group chairman said the discussions at the forum reinforced the urgency of creating business environments that support scale and sustainability. He added that only large and well structured companies can truly compete with multinational corporations and drive industrial transformation across the continent.
Afolabi concluded that Africa’s economic future will depend on its ability to build strong institutions that can expand across borders and deliver long term value.
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