January 26, 2024 at 4:50 AM #12174The African MonetaristMemberLagos, Nigeria
The trajectory of
the future is
The trajectory of the future is distinctly African, as evidenced by the remarkable economic landscape on the continent. A noteworthy statistic underscores this trend, revealing that a total of 345 companies in Africa boast annual revenues exceeding $1 billion each. The combined revenues of these companies surpass an impressive $1 trillion. What makes this narrative particularly compelling is the fact that approximately 230 out of these 345 companies are homegrown enterprises, originating in African countries, and often founded by local entrepreneurs.
Further analysis reveals that 52 of the continent’s billion-dollar-plus companies are state-owned enterprises, representing the diversity of economic structures across Africa. Notably, 70 percent of their collective revenues are concentrated in just six subsectors, encompassing: oil and gas, mining, retail and consumer goods, financial services, manufacturing, and telecommunications.
Diversity remains a key theme when examining data at both the country and city levels. Africa’s large companies exhibit significant variation, with South Africa hosting approximately 40 percent of the 345 companies—a notable share relative to its GDP. Among the 147 large companies headquartered in South Africa, 118 are homegrown, while the remainder are foreign-owned. This suggests an opportunity for expanding the corporate footprint in other African countries.
In essence, the data underscores the boundless potential for growth across Africa. The robust presence of homegrown enterprises, coupled with the diversity in economic structures and sectors, paints a picture of a continent poised for sustained economic development and expansion. Africa’s future is not a singular narrative but a tapestry of opportunities and growth potential waiting to be realized.
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