Africa’s business leaders converged in Kigali this month to deliver a blunt verdict: the continent’s economic future hinges on building large-scale corporations capable of competing globally, not just surviving as fragmented, national silos. At the 13th Africa CEO Forum, which concluded on May 15, 2026, nearly $2 billion in deals were signed, and a chorus of voices—from CEOs to international financiers—warned that Africa’s traditional model of exporting raw materials while importing finished goods must change or risk leaving the continent permanently behind.
Why Scale Is the Only Option
Dr. Taiwo Afolabi, chairman of the SIFAX Group, put it plainly: “Africa cannot achieve its full economic potential with thousands of weak and fragmented businesses operating in silos.” Speaking at the forum’s sidelines, Afolabi argued that the continent’s transformation depends on strong indigenous corporations with the scale, structure, and capacity to drive industrialization, create jobs, and attract global capital. His call echoed a broader consensus among attendees, who emphasized that Africa’s future lies in integration—not just within national borders, but across the continent through the African Continental Free Trade Area (AfCFTA).
According to SIFAX Group’s statement, the urgency of this shift was underscored by the forum’s theme: “Scale or Fail: Why Africa Must Embrace Shared Ownership.” The message was clear: without corporations that can scale beyond their founders, Africa risks remaining a supplier of raw materials rather than a hub of finished goods and innovation. Afolabi’s vision for SIFAX Group aligns with this goal, focusing on investments in logistics, ports, and digital finance to strengthen intra-African trade and support AfCFTA’s implementation.
$2 Billion in Deals, But What’s Next?
The forum’s closing day saw nearly $2 billion in agreements, partnerships, and memoranda signed by over 2,800 leaders from 77 countries. Among the most significant was a $500 million financing agreement between the International Finance Corporation (IFC) and Access Bank, designed to expand lending to small and medium-sized enterprises (SMEs) and agribusiness across Africa. This deal is part of a broader IFC commitment of over $1 billion, spanning infrastructure, energy, finance, agriculture, industry, and digital sectors.
Makhtar Diop, managing director of IFC, framed the decade ahead as a test of execution, not aspiration. “The talent is there. The capital exists. The ambition is undeniable,” he said, calling on partners to develop bankable projects and mobilize capital across critical sectors. The forum’s conclusions centered on three pillars: shared equity (accelerating cross-border investment), shared infrastructure (connecting markets), and shared frameworks (harmonizing regulations for free movement of capital, goods, and talent).
The conversations at the Africa CEO Forum clearly showed that Africa’s future lies in integration and scale. The African Continental Free Trade Area (AfCFTA) presents a historic opportunity for businesses to expand beyond national borders and build truly pan-African enterprises.
—Dr.
Amir Ben Yahmed, CEO of Jeune Afrique Media Group and president of the Africa CEO Forum, reinforced this point, stating that Africa’s challenge is no longer about building national champions alone but constructing continental players capable of asserting influence in a global economy defined by size. The forum’s inaugural Africa NextGen Economist Prize, created in partnership with the African Development Bank, signals a shift toward nurturing the next generation of leaders who can drive this transformation.
Mauritius Commercial Bank’s $1 Billion Bet on Intra-African Trade
One of the most concrete outcomes of the forum was Mauritius Commercial Bank’s announcement of a $1 billion financing initiative over the next four years. The bank’s CEO, Thierry Hebraud, emphasized that this funding is specifically aimed at fostering intra-African trade and regional value chains. “We have just launched an envelope of $1 billion for the next four years, which will favor intra-African trade financing with specific and favorable conditions for our clients developing their intra trade,” Hebraud said.
Hebraud’s announcement is particularly notable given Africa’s vast reserves of critical minerals, agricultural resources, and renewable energy potential. Africa holds around 30 percent of the world’s critical minerals, and the Democratic Republic of the Congo alone produces about 74 percent of global cobalt supply. Yet, despite these resources, the continent remains locked into a model of exporting raw materials while importing finished products—a model that Hebraud described as unsustainable. “Africa is exporting raw materials and importing finished products. That model needs to change,” he warned.
The bank’s strategy will focus on sectors essential for regional trade and industrial growth, including manufacturing, agriculture, energy, and logistics infrastructure. Hebraud pointed to textile trade between Madagascar and South Africa as a model for the kind of regional value chains African lenders and investors should support more aggressively. His message was clear: without shifting from raw material exports to finished goods production, Africa risks perpetuating its economic marginalization.
Logistics as the Backbone of Africa’s Transformation
While financing and policy frameworks are critical, the physical infrastructure that connects markets is equally vital. At the forum, Nicolas Sartini, Senior Vice President of Business Development at MSC Mediterranean Shipping Company, highlighted the company’s long-term commitment to Africa’s economic development through investments in port infrastructure, logistics, and industrial development zones. “We see ourselves both as a facilitator and as an active contributor to Africa’s economic development,” Sartini said. “Our role is to connect markets, streamline trade flows, and create the conditions for sustainable growth.”
Sartini’s remarks underscored MSC’s dual role: not just as a maritime carrier, but as a strategic partner in Africa’s industrialization. The company is investing in port infrastructure, inland logistics, and industrial zones, tailored to the specific needs of African markets. This approach is designed to improve the fluidity of trade and support the development of local value chains, a critical step toward reducing Africa’s reliance on external partners for finished goods.
We are making sustained investments in port infrastructure, inland logistics solutions and industrial development zones, because we strongly believe in the continent’s potential and the importance of supporting its industrialisation.
MSC’s investments are part of a broader trend among international logistics companies to position themselves as enablers of Africa’s economic transformation. By developing integrated solutions that connect African economies to global markets, these companies are not only facilitating trade but also creating the conditions for sustainable growth and industrialization.
What Comes Next: Three Critical Challenges
The Africa CEO Forum’s calls for scale, integration, and shared ownership are ambitious, but their success hinges on overcoming three critical challenges: regulatory harmonization, capital mobilization, and shifting mindsets. First, the AfCFTA’s potential remains untapped due to fragmented regulations and trade barriers. Harmonizing these frameworks will require political will and sustained collaboration between governments, businesses, and international partners.
Second, mobilizing the capital needed to scale African corporations is no small feat. While institutions like IFC and Mauritius Commercial Bank are stepping up, the continent still faces a funding gap. The $2 billion in deals announced at the forum is a start, but it’s a drop in the ocean compared to what’s needed to transform Africa’s industrial landscape. Shared equity models, where African institutional investors take the lead, will be key to bridging this gap.
Finally, shifting from a culture of small-scale, fragmented businesses to one of large-scale, pan-African corporations requires a change in mindset. This means encouraging long-term thinking, fostering collaboration, and building governance systems that can sustain enterprises beyond their founders. As Afolabi noted, this shift won’t happen overnight, but the forum’s momentum suggests that Africa’s business leaders are finally ready to act.
The question now is whether the political and financial commitments made in Kigali will translate into action. The stakes are high: without scale, Africa risks remaining a supplier of raw materials, forever dependent on external partners for its economic future. But with the right investments, infrastructure, and regulatory frameworks, the continent could finally unlock its full potential.
