Business
SIFAX Group Chairman Urges African Businesses to Build Global-Scale Corporations
SIFAX Group Chairman Dr. Taiwo Afolabi has urged African entrepreneurs and investors to focus on building large and sustainable corporations that can compete on the global stage, warning that fragmented small businesses are limiting the continent’s economic growth.
Speaking on the sidelines of the Africa CEO Forum in Kigali, Afolabi said Africa’s long-term economic transformation would rely heavily on strong indigenous companies capable of driving industrialisation, attracting foreign investment, and creating jobs across the continent.
He said discussions at this year’s forum highlighted the urgent need for African businesses to embrace regional integration, collaboration, and long-term expansion strategies.
“Africa cannot achieve its full economic potential with thousands of weak and fragmented businesses operating in silos. What the continent needs are strong institutions and large corporations that can survive beyond their founders, scale across borders, attract global capital, and compete with the best companies around the world.”
Why It Matters
Africa remains home to millions of small and medium-sized businesses, many of which struggle with limited access to finance, unstable infrastructure, regulatory bottlenecks, and restricted cross-border trade opportunities.
Economic analysts say stronger African-owned corporations could help reduce dependence on foreign multinationals while accelerating industrial growth and regional trade.
Afolabi noted that entrepreneurship remains essential to Africa’s economy but said the continent must move beyond “subsistence and lifestyle businesses” towards enterprises with stronger governance structures and innovation capacity.
“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.”
The African Continental Free Trade Area agreement, which officially began trading in 2021, aims to create a single African market by reducing trade barriers among member states.
Push for Regional Expansion
Afolabi said governments, banks, and private sector institutions across Africa must create policies that support business scalability through improved infrastructure, easier access to funding, favourable regulations, and stronger intra-African trade systems.
He added that SIFAX Group’s long-term strategy is tied to supporting the implementation of AfCFTA through investments in logistics, ports, transportation, and digital finance services across Africa.
Industry observers say logistics and transport infrastructure remain central to the success of regional trade integration under AfCFTA, particularly in West and East Africa where cross-border trade delays continue to affect businesses.
Industry Perspectives
Business experts attending the forum noted that African firms often struggle to scale due to fragmented markets, currency instability, and inconsistent regulations between countries.
Some economists argue that regional economic integration could help African businesses compete more effectively with global corporations from Europe, Asia, and North America.
The Africa CEO Forum has increasingly focused on strategies for strengthening African private sector competitiveness amid global economic uncertainty and rising trade realignments.
What’s Next?
Analysts say the success of AfCFTA and Africa’s industrial ambitions will depend on whether governments can implement reforms that encourage investment, improve infrastructure, and reduce barriers to regional commerce.
For companies like SIFAX Group, the focus is expected to remain on logistics expansion, trade facilitation, and building cross-border business networks that align with Africa’s broader economic integration goals.
Business
NESCAFÉ Next Level Promo Rewards 41,000 Nigerians, Boosts Young Entrepreneurs
More than 41,000 Nigerians have received rewards through the NESCAFÉ Next Level Promo, with four consumers winning business grants, professional equipment and entrepreneurship training aimed at helping them grow their businesses.
The nationwide campaign, organised by Nestlé Nigeria under its NESCAFÉ brand, ran from April to June 2026 and attracted more than 240,000 entries. Participants purchased promotional sachets of NESCAFÉ Original 3-in-1, entered unique codes and competed for airtime, cash prizes and business support.
The four grand winners were selected from different parts of Nigeria, highlighting the nationwide reach of the campaign.
They are Yusuf Najimdeen from Plateau State, Jennifer Sunday from Kaduna State, Nwojiji Chukwu Emeka from Ebonyi State and Ani Ikechukwu Olalanya from Lagos State.
Each winner received a business grant, professional tools suited to their trade—including software development, make-up artistry, photography and fashion design—and access to specialised masterclasses to strengthen their entrepreneurial skills.
Why it matters
Small businesses remain a major source of employment and income in Nigeria, but many entrepreneurs struggle to access finance, equipment and training.
Corporate-backed initiatives that combine financial support with skills development are increasingly being used to encourage entrepreneurship, particularly among young Nigerians facing limited employment opportunities.
While promotional campaigns are often designed to reward customer loyalty, programmes that provide business development support can have a longer-term economic impact by helping beneficiaries expand their enterprises.
Nestlé says campaign supports consumer aspirations
Wassim Elhusseni, Managing Director and Chief Executive Officer of Nestlé Nigeria Plc, said the promotion reflected the company’s commitment to creating value beyond selling products.
“At Nestlé, our purpose is to enhance the quality of life for everyone, today and for generations to come. While we deliver on this purpose through the nutritious, high quality products we provide, we also strive to create meaningful value for our consumers and the communities we serve. The NESCAFÉ Next Level Promo is one of the ways we express this commitment, rewarding the loyalty and trust of our consumers while supporting their aspirations with opportunities that can make a lasting difference.”
Jean-Pierre Duplan, Category Lead, Coffee, Nestlé Nigeria, said the campaign recognised the ambitions of many consumers.
“At NESCAFÉ, we understand that behind every cup is someone pursuing a goal, building a business or working towards a better future. The NESCAFÉ Next Level Promo was designed to reward the loyalty of our consumers while providing meaningful support that empowers them to take the next step in their entrepreneurial journey. It reflects our belief that when ambition is supported with the right opportunities, great things can happen.”
Winner: ‘I never imagined it would change my life’
Jennifer Sunday, one of the grand prize winners from Kaduna State, said buying a single sachet of NESCAFÉ unexpectedly transformed her business prospects.
“When I bought a sachet of NESCAFÉ, I never imagined it would change my life. Today, I have received a business grant, a professional make-up kit and the opportunity to learn from industry experts through a masterclass. This experience has given me hope and renewed my confidence to keep building my business. I sincerely thank NESCAFÉ for this incredible opportunity.”
Expert perspective
Business development specialists say access to finance alone is often insufficient for small businesses to thrive. Combining funding with mentorship, professional training and industry exposure can improve the chances of business survival and growth.
Analysts also note that consumer promotions tied to entrepreneurship are becoming more common as brands seek to build stronger relationships with customers while contributing to economic development.
Industry and public perspective
Marketing experts say campaigns that offer practical business support rather than one-off cash prizes are likely to leave a stronger impression on consumers and enhance brand loyalty.
For aspiring entrepreneurs, initiatives that provide equipment, training and networking opportunities may be more valuable than financial rewards alone, particularly in sectors where start-up costs are high.
Inside the Agbara factory
As part of the programme, the grand winners toured Nestlé Nigeria’s Agbara Factory, where they observed the production processes and quality standards involved in manufacturing NESCAFÉ products.
The visit gave the winners an opportunity to understand how the coffee brand is produced while strengthening consumer confidence in the manufacturing process.
What’s next
Nestlé Nigeria said the conclusion of the promotion marks another step in its broader youth empowerment strategy.
The company said the campaign complements its My Own Business (MYOWBU) initiative, which provides aspiring entrepreneurs with business skills, confidence and opportunities to establish sustainable enterprises.
If expanded, initiatives that combine consumer engagement with entrepreneurship support could provide additional opportunities for young Nigerians seeking to build successful businesses.
Business
Rite Foods Wins National Sustainability Award for Clean Energy, Eco-Friendly Manufacturing
Rite Foods Limited has been recognised with two honours at the National Sustainability Achievement Awards 2026, earning national recognition for its commitment to sustainable manufacturing and clean energy.
The company received awards for Best Food Processing Carbonated Drink Formulation and Clean Energy Company of the Year 2026, following recommendations by the awards’ Technical Committee.
The recognition comes at a time when businesses across Nigeria are facing growing pressure to reduce carbon emissions, improve energy efficiency and adopt environmentally responsible production methods.
Why it matters
Manufacturing remains one of Nigeria’s largest contributors to economic growth but is also among the sectors facing increasing expectations to balance industrial expansion with environmental protection.
Awards recognising sustainable business practices are becoming more significant as investors, consumers and regulators pay closer attention to Environmental, Social and Governance (ESG) standards and the United Nations Sustainable Development Goals (SDGs).
Organisers of the National Sustainability Achievement Awards, ESG Impact Consulting Limited, said winners were selected based on measurable achievements in environmental stewardship, business impact and contributions towards sustainable development.
Company says sustainability drives every decision
Reacting to the recognition, the Managing Director of Rite Foods Limited, Seleem Adegunwa, said the awards reflect the company’s long-term commitment to responsible manufacturing.
“This recognition inspires us to continue raising the bar in responsible manufacturing, innovation, and sustainable business practices. At Rite Foods, sustainability is not simply an initiative, it is a guiding principle that shapes our operations, our investments, and our vision for the future.”
Adegunwa said the company would continue investing in cleaner technologies, efficient use of resources, operational excellence and community-focused initiatives designed to create long-term value.
According to the company, sustainability is integrated into every stage of its operations, from production processes and energy management to product innovation and stakeholder engagement.
Industry perspective
Environmental and sustainability analysts say Nigerian manufacturers that invest in energy-efficient technologies and responsible production methods are increasingly positioning themselves for long-term competitiveness.
They note that businesses embracing ESG principles often enjoy stronger investor confidence, improved operational efficiency and greater consumer trust, particularly as sustainability becomes more important in global supply chains.
What this means for consumers
For consumers, the recognition signals increased attention to safer production processes, efficient manufacturing and environmentally conscious business practices.
Industry observers also say continued investment in sustainable production could encourage innovation while helping reduce waste and improve resource management across Nigeria’s food and beverage sector.
Recognition adds to growing list of awards
The latest recognition adds to a series of recent honours received by Rite Foods.
The company was recently named Best Foods and Beverage Brand at the Global Brands Awards organised by the UK-based Global Brands Magazine.
Its Managing Director, Seleem Adegunwa, was also recognised as Industrialist of the Year 2025 by Vanguard Media Limited for his leadership and contributions to Nigeria’s fast-moving consumer goods (FMCG) industry.
What’s next?
With sustainability becoming a major benchmark for manufacturers worldwide, industry analysts expect more Nigerian companies to increase investments in renewable energy, cleaner production technologies and environmentally responsible operations.
For Rite Foods, the latest awards reinforce its ambition to remain a leading indigenous manufacturer while aligning business growth with environmental responsibility.
Expert View
A sustainability policy analyst says awards alone are not enough to measure environmental performance but can encourage companies to strengthen transparency, improve reporting standards and invest in cleaner production technologies.
The analyst adds that continued progress will depend on measurable reductions in emissions, efficient resource use and independent sustainability reporting.
Industry/Public Perspective
Manufacturers say recognitions that promote sustainability encourage healthy competition and could accelerate wider adoption of green technologies across Nigeria’s manufacturing sector, particularly as energy costs continue to rise.
Business
Fidelity Bank Joins $3bn SNEPCo Finance Scheme to Boost Indigenous Oil, Gas Contractors
Nigeria’s indigenous oil and gas contractors are set to benefit from improved access to financing after Fidelity Bank Plc joined a new $3 billion Contractor Finance Facility launched by Shell Nigeria Exploration and Production Company Limited (SNEPCo) alongside nine other commercial banks.
The financing programme, unveiled in Lagos, is expected to provide contractors executing projects for SNEPCo with access to credit in both naira and US dollars, helping them finance projects, improve delivery timelines and expand local participation in Nigeria’s energy industry.
Why it matters
Limited access to affordable financing has long been one of the biggest challenges facing indigenous oil and gas contractors in Nigeria.
Many local firms struggle to secure loans because of the size and risks associated with energy projects, often delaying contract execution and limiting local participation despite Nigeria’s local content policy.
Industry analysts say structured financing backed by existing contracts and guaranteed payment arrangements could encourage banks to lend more confidently while enabling contractors to compete for larger projects.
The initiative also supports the objectives of Nigeria’s local content policy by helping more Nigerian-owned companies participate in the country’s oil and gas value chain.
Fidelity Bank pledges continued support
Speaking during the Memorandum of Understanding signing ceremony, Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, reaffirmed the bank’s commitment to financing Nigeria’s strategic energy sector.
“On behalf of the board and management of Fidelity Bank Plc, we want to thank Shell Nigeria Exploration and Production Company Limited for enrolling us for this contractor finance facility. At Fidelity Bank, we are committed to ensuring that we provide financing that is needed to help Nigeria maximise its oil and gas assets.
“As we all know, the oil and gas industry is a major contributor to the GDP of Nigeria and it is very critical that we have the financing required to get projects up and running.
“We have supported the oil industry significantly and we commit to continue to support contractors and the entire ecosystem.”
The bank said its participation aligns with its long-standing strategy of supporting key sectors of the Nigerian economy through structured financing.
According to Fidelity Bank, it has previously financed major energy infrastructure projects, supported indigenous companies operating in the liquefied petroleum gas (LPG) segment and backed several local content development initiatives.
SNEPCo explains how the facility works
SNEPCo Managing Director Ronald Adams said the financing arrangement was designed to strengthen implementation of the Nigerian Oil and Gas Industry Content Development Act.
According to him, the participating banks provide capital while SNEPCo contributes project contracts and payment domiciliation arrangements that reduce lending risks.
He added that contractors are expected to deliver quality project execution, creating a financing structure built on shared accountability between all parties.
Expert perspective
Energy finance experts say contractor financing remains one of the most important tools for increasing indigenous participation in Nigeria’s petroleum industry.
They note that reducing financing constraints could help local companies purchase equipment, mobilise personnel more quickly and execute projects without prolonged delays, ultimately improving productivity across the sector.
Economists also say stronger financing for indigenous firms could increase local value retention, create employment opportunities and stimulate investment across Nigeria’s broader economy.
Industry reaction
Stakeholders within Nigeria’s oil and gas industry have welcomed the initiative, describing it as a practical solution to one of the sector’s longstanding financing challenges.
They believe the combination of bank financing, secured contracts and payment guarantees could improve contractors’ access to working capital while strengthening confidence among financial institutions.
What it means for Nigeria
Nigeria continues to encourage greater local participation in its oil and gas industry through reforms aimed at increasing domestic ownership and capacity.
Industry observers say improved financing could accelerate project delivery, strengthen local content development and contribute to national energy security by enabling indigenous firms to execute more complex contracts.
What’s next?
Following the signing of the Memorandum of Understanding, eligible indigenous contractors executing projects for SNEPCo are expected to begin accessing financing under the facility.
Banks participating in the programme are expected to work with contractors to structure funding based on project requirements, contract values and repayment arrangements tied to project payments.
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