Business:
Nigeria Needs More Companies Operating At Global Scale, Says Adekunle
He argued that Africa’s long-term economic prospects would depend not only on the size of its markets but also on the capacity of its businesses to serve those markets and expand beyond them.
CEO of BHM Holdings, Ayeni Adekunle
The Chief Executive Officer of BHM Holdings, Ayeni Adekunle, says Africa’s next phase of economic growth will depend partly on its ability to build companies capable of competing and operating at a global scale.
Speaking at the fourth edition of Africa Breakfast Convos (ABC) 2026 in New York on Friday, Adekunle said Nigeria and other African countries have the potential to produce globally competitive businesses.
He argued that Africa’s long-term economic prospects would depend not only on the size of its markets but also on the capacity of its businesses to serve those markets and expand beyond them.
His remarks came as business leaders, investors and policymakers gathered on the sidelines of the 81st United Nations General Assembly (UNGA 81) to discuss the trade, investment and partnerships shaping Africa’s position in the global economy.
“I like to look into the future and imagine what is possible if we build 10 or 20 global companies out of Nigeria,” Ayeni said.
“Despite the challenges in Nigeria, South Africa, and across the continent, I choose to focus on the power of possibility. If we keep building and investing for the next 5, 10, or 20 years, the global landscape will look completely different.”
Pointing to the growth of African businesses across different sectors, the organisers said the ambition to build globally competitive companies is already evident in areas including financial technology, telecommunications, consumer goods, energy and digital services.
Some participants at the fourth edition of Africa Breakfast Convos (ABC) 2026
Nigerian companies such as Flutterwave, Moniepoint, Interswitch and Jumia have established operations or customer bases across multiple African markets, highlighting the potential for businesses founded in one African market to expand regionally and internationally.
The discussion also focused on the broader challenge of developing a larger pipeline of African businesses capable of moving beyond regional expansion to compete consistently in global markets.
Adekunle’s argument was that access to larger markets would be important to achieving that ambition.
The African Continental Free Trade Area (AfCFTA), which seeks to create a single market for goods and services across participating African countries, could provide businesses with access to a larger potential customer base by reducing barriers to intra-African trade.
A more integrated African market could also give companies seeking to scale opportunities to expand beyond national borders and develop the revenues, talent and operational experience needed to compete internationally.
The 2026 edition of Africa Breakfast Convos brought together business leaders, investors and professionals to examine issues affecting Africa’s economic prospects.
Participants included Hackim Abdul, Director of Citi’s Public Sector Group for Africa; Yasamin Alttahir, Director of Global Marketing, Communications and External Affairs at The King’s Trust International; Kayode Akintemi, Managing Director and Editor-in-Chief of News Central TV; Akunna Cook, Chief Executive Officer and Founder of Next Narrative Africa; Otunba (Dr.) Bimbola Ashiru, Chairman of Blackcod Group and Group Director of Odu’a Investment Company Limited; and Claudine Moore, Managing Director for Africa at Allison Worldwide.
Adekunle said building more companies capable of serving multiple African markets and competing internationally would require long-term commitment from founders, investors and institutions.
For him, Africa’s next growth story should focus not only on the continent’s potential as a market, but also on its ability to produce businesses capable of turning that potential into global enterprises.
