Dangote Group, Globacom, NB, others identified as pioneers of African integration
DANGOTE Group, Globacom, Nigerian Breweries have been identified as part of the six African companies pioneering African integration.
Other companies involved in the amalgamation of economic activities within the continent include Guaranty T rust Bank, United Bank for Africa and Jumia.
This was contained in a new report released by Boston Consulting Group (BCG) titled, ‘Pioneering one Africa: African corporations trail-blazing across the continent’.
BCG identified 150 companies that are blazing a trail toward a more integrated Africa. They consist of 75 Africa-based companies and an equal number of multinational companies (MNC) that have established impressive track records in Africa and are contributing to further integration.
The African pioneers come from 18 countries on the continent with 32 based in South Africa, 10 in Morocco; Kenya and Nigeria are each home to six, four are from Egypt, and two from Côte d’ivoire, Mauritius, Tanzania, and Tunisia.
The MNCS are a global group, with France, the United Kingdom, and the United States most strongly represented.
At the same time, a dozen MNCS from China, India, Indonesia, Qatar, and the UAE are active across Africa.
The report stated that despite the barriers of fragmentation, economic integration in Africa is not only taking place, but also gathering speed.
The group sees more signs of this progress with each passing month, quarter, and year, stating that the primary drivers come from within the continent, led by African business. Africa invests more in Africa, Africa trades more with Africa, and Africans travel more to Africa.
The report also highlights eight factors that explain how these companies are making an impact which include the following: The active expansion of their footprint across several African countries; daring to make significant Greenfield investments; usage of mergers and acquisitions (M&A) as a way to accelerate their expansion; building strong African brands.
Others include local innovation to adapt to the African consumer; investment in local talent and developing people advantage; building a local ecosystems and connecting Africa by facilitating the movement of people, goods, data, and information. In his remarks, BCG Senior Partner and co-author of the report, Patrick Dupoux, said: “Fragmentation in Africa is much greater than anywhere else in the world, and it adds significantly to the economic challenges facing countries that typically lack the critical mass to compete globally.”