There are 345 companies in Africa with revenues worth over $1 billion. Compare to Asia with 3,341, the United States of America and Canada, 1,585, or Europe with 2,752, it becomes clear that Africa’s companies are leaving money on the table.
Despite difficult business environment in Nigeria and other African cities, worsened by weak infrastructure, capital, shortage of skilled labour, technology, and other risks, chief executives of companies, yesterday, expressed optimism that the continent still has potential for enterprises to generate $1 billion revenue
These companies are said to have, in common, cracked code to exponential returns, fast and sustained growth, and a high return on invested capital. She said: “Comparing Nigeria to other countries, they don’t have the population that we have and the diversity. If you are coming from North America, it is usually flying one place of change. For us at Transcorp, we invest in power because we know that to get a billion dollar revenue, we need to fix our power sector, to catalyse change and skills needed in the country.
She said: “Authorities must develop means of using the continent’s asset base to promote inclusion in our economies, including the small and medium-sized enterprises and the private sector. We must be able to deal with the belief that because something is European, it is assumed better than any products from the continent.
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