Dangote Group, Globacom, GTB Drive African Economy

Dangote Group, Globacom and Guaranty Trust Bank have been listed among six Nigerian companies driving amalgamation of economic activities in Africa.

The listing was done by Boston Consulting Group (BCG) in its report entitled, ‘Pioneering One Africa: African Corporations Trail-blazing across the Continent.

A statement issued by Globacom in Lagos on Thursday, said other companies mentioned also included United Bank for Africa and Jumia Nigeria.

“BCG identified 150 companies blazing the trail toward a more integrated Africa. They consist of 75 Africa-based companies and 75 multinational companies that have established impressive track records in Africa and are contributing to further integration of the continent.

“The African pioneers come from 18 countries on the continent including South Africa, Morocco; Kenya, Nigeria, Egypt, Côte d’Ivoire, Mauritius, Tanzania, and Tunisia.

“The multinational companies also listed in the report are mainly from France, United Kingdom and U.S, while the rest are from China, India, Indonesia, Qatar, and the UAE,’’ the statement said.

According to the statement, economic integration on the continent is gathering momentum, with the listed companies driving the process.

“BCG highlighted eight factors that explain how these companies are making their impacts felt on the continent. These include active expansion of footprint across African countries, building strong African brands and using local innovation,’’ it said.

It also identified investment in local talents and development of people advantage, building local ecosystems and facilitating movement of people, goods, and information among the factors.

“Fragmentation in Africa is 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.

“ 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,” the statement quoted BCG’s Senior Partner and Co-author of the report, Patrick Dupoux, as saying