Four Nigerian companies in four key sectors of the economy have been listed among firms pioneering Africa’s integration in 18 countries in the continent.
Telecommunications firm, Globacom, led the six African companies driving the amalgamation of economic activities within the continent.
The other companies were Dangote Group (among the conglomerates), Guaranty Trust Bank and United Bank for Africa in the banking sector and Jumia in the e-commerce sector.
A report by Boston Consulting Group (BCG) entitled, ‘Pioneering One Africa: African Corporations Trail-blazing across the Continent’, said Globacom was listed among 150 African companies pioneering integration on the continent.
A statement sent to PREMIUM TIMES said the companies included 75 Africa-based companies and 75 multinational companies that have not only established track records in Africa, but have made significant contributions to economic integration of the continent.
BCG said the Africa integration pioneers were drawn from 18 countries in the continent, including: Nigeria, South Africa, Morocco, Kenya, Egypt, Côte d’Ivoire, Mauritius, Tanzania, and Tunisia.
Others listed in the report were multinational companies mainly from France, the United Kingdom, and the United States, while the rest were from China, India, Indonesia, Qatar, and the UAE.
The report noted that despite barriers of fragmentation in Africa, economic integration on the continent was not only taking place, but also gathering momentum, with Globacom and the other listed companies taking the lead.
BCG highlighted eight factors these companies leveraged on to create their impact in their areas of specialization and operations on the continent.
“These companies have carried out active expansion of their footprint across several African countries, by building strong African brands, using local innovation to adapt to the African consumer.
“They have investments in local talents and develop people advantage, build local ecosystems and connect Africa, by facilitating the movement of people, goods, data, and information,” the group said.
BCG Senior Partner and co-author of the report, Patrick Dupoux, said fragmentation in Africa was much greater than anywhere else in the world.
Mr Dupoux said fragmentation has added significantly to the economic challenges facing countries that typically lack the critical mass to compete globally.
“Despite these barriers, we see more signs of economic integration with each passing month, quarter, and year. The primary drivers come from within the continent, led by African businesses,” he said.
Another partner and report co-author, Lisa Ivers, pointed out that if the past decade demonstrated anything, it was that these companies were masterful at overcoming adversity.
“They’ve built impressive track records of creating value for themselves and advancing the development of the continent, and its many economies. They know that continuing to drive the integration of the African markets where they do business is one key way to pave the road to greater success,” Ms Ivers said.
The group said over the years, Globacom has built a reputation as one of Nigeria’s indigenous companies with authentic African brand offering innovative solutions in voice and data services, making telecommunication services more accessible to all in the markets it operates.
Dangote has a chain of interconnected services in oil and gas, estates, transportation, industry, food chain and produce marketing.