Nigeria needs more globally competitive companies, BHM chief says

Africa’s next phase of economic growth will depend partly on building companies that can compete and operate globally, BHM Holdings chief executive Ayeni Adekunle has said. Speaking at the fourth Africa Breakfast Convos in New York, Adekunle said Nigeria and other African countries had the potential to produce internationally competitive businesses. He argued that the continent’s prospects would depend not only on the size of its markets, but also on the ability of its companies to serve those markets and expand beyond them.

The event brought together business leaders, investors and policymakers on the sidelines of the 81st United Nations General Assembly. Discussions focused on trade, investment and partnerships shaping Africa’s position in the global economy. Adekunle said he imagined the possibility of building 10 or 20 global companies out of Nigeria.

He acknowledged challenges in Nigeria, South Africa and elsewhere on the continent, but said sustained building and investment over the next five, 10 or 20 years could change Africa’s place in the global business landscape. Organisers pointed to businesses in financial technology, telecommunications, consumer goods, energy and digital services as evidence of the potential for expansion. They cited Flutterwave, Moniepoint, Interswitch and Jumia as Nigerian companies with operations or customer bases across several African markets.

The discussion also considered the difficulty of moving from regional expansion to consistent global competition. Adekunle said achieving that goal would require long-term commitment from founders, investors and institutions. The African Continental Free Trade Area was identified in the material as a possible support for scaling.

By seeking to create a single market for goods and services across participating countries, the agreement could give companies a broader customer base and reduce barriers to intra-African trade. A more integrated market could also help businesses develop revenue, talent and operational experience before competing internationally. Participants included representatives from Citi, The King’s Trust International, News Central TV, Next Narrative Africa, Blackcod Group, Odu’a Investment Company and Allison Worldwide.