Scale or Fail: The Main Lessons from the Africa CEO Forum 2026

The Africa CEO Forum, held in Kigali on 14–15 May 2026, delivered a direct message: African companies must grow beyond national borders if they are to compete in a more fragmented global economy.

The theme, “Scale or Fail: Why Africa Must Embrace Shared Ownership,” reflected the challenges facing the continent. Development assistance is declining, international capital has become more selective, and major economies are increasingly protecting strategic industries. In this environment, Africa’s fragmented markets make it harder for local companies to grow, raise capital and compete internationally.

The Forum brought together more than 2,800 participants from over 77 countries, including business leaders, investors, policymakers and eight heads of state and government. Agreements and partnerships worth nearly US$2 billion were announced or signed during the event.

These figures show the Forum’s growing influence. More importantly, they highlight a shift in Africa’s economic debate: the continent must do more than attract foreign capital. It must also mobilise its own resources, share risks and build regional businesses capable of competing internationally.

Why the Forum Matters

Founded in 2012 by Jeune Afrique Media Group and organised with the International Finance Corporation (IFC), the Africa CEO Forum has become one of the continent’s leading platforms for dialogue between governments, investors and businesses.

Its value comes from bringing decision-makers into the same room. Business leaders can explain what prevents them from investing or expanding, while governments can present reforms and projects directly to potential partners.

The Forum also encourages participants to look beyond national markets. Many African companies perform well at home but face different regulations, currencies, tax systems and licensing requirements when entering neighbouring countries. These barriers increase costs and prevent successful businesses from reaching regional scale.

Kigali’s main argument was that African integration must become a business strategy rather than remain a political aspiration.

Shared Ownership as a Growth Model

The Forum presented shared ownership as a practical way to build stronger companies and more connected markets. It focused on three areas.

• The first was shared equity. African banks, pension funds, insurers and corporations should invest more actively in businesses and projects outside their home countries. A successful company in Nigeria, Kenya, Morocco or South Africa should be able to raise capital from investors across the continent.

• The second was shared infrastructure. Transport corridors, electricity networks, ports, data centres and payment systems should be designed to serve regional markets rather than individual countries.

• The third was shared frameworks. Greater alignment of commercial laws, technical standards and financial regulations would make cross-border investment faster, safer and less expensive.

• This approach does not require countries to abandon their national interests. It recognises that cooperation can create greater long-term value than protecting small and disconnected domestic markets.

  
  

What Was Discussed in Kigali

• Mobilising African Capital

One of the main questions was why African projects often struggle to secure long-term financing while substantial African capital remains invested in low-risk instruments or outside the continent.

Pension funds, insurance companies and banks manage significant resources. However, regulatory restrictions, currency risks and a shortage of well-prepared projects often prevent this money from reaching infrastructure and expanding businesses.

Participants called for stronger capital markets, better project preparation and financial products that reduce risk for long-term investors.

Local-currency finance received particular attention. Companies earning revenue in African currencies can face serious pressure when they borrow in dollars or euros. A sharp depreciation can make repayment far more expensive even when the underlying business remains profitable.

• Regional Infrastructure and Trade

The Forum examined how regional infrastructure could connect producers, suppliers and consumers across the continent.

Discussions covered transport corridors, ports, electricity interconnections, logistics networks and digital infrastructure. The priority was not simply to build large projects, but to ensure that those projects support trade and industrial development across several countries.

This is closely connected to the African Continental Free Trade Area (AfCFTA). The agreement offers access to a much larger market, but its potential will remain limited unless customs procedures, payment systems, transport links and product standards become easier to navigate.

• Industrialisation

Africa continues to export raw materials while importing many of the manufactured products made from them. Speakers therefore stressed the need for more local processing and production in sectors such as agriculture, minerals, pharmaceuticals, energy and construction.

Natural resources alone do not create broad prosperity. Their economic value increases when they are supported by reliable energy, modern logistics, technical skills and competitive local industries.

• Technology and Artificial Intelligence

The use of artificial intelligence (AI), automation and smart industrial systems was another major topic.

These technologies can improve productivity, safety and access to services. At the same time, they raise questions about data ownership, foreign technology dependence, cybersecurity and employment.

The debate was therefore not simply about adopting new technology. It was about developing local skills and ensuring that African businesses retain meaningful control over their data and digital infrastructure.

• Agriculture and Food Security

Although agriculture is one of Africa’s largest sources of employment, it still receives a limited share of commercial lending.

The Forum discussed how banks, insurers, technology companies and development institutions could support complete agricultural value chains. Financing is needed not only for farming but also for storage, processing, packaging, transport and market access.

Treating agriculture as an industry rather than a subsistence activity would improve food security, create jobs and reduce dependence on imports.

• The Role of Government

Investors need predictable policies, enforceable contracts and confidence that regulations will not change without warning. Governments, in return, need companies that create jobs, pay taxes and invest for the long term.

A recurring message in Kigali was that global pressure should encourage Africa to rely more confidently on its own capabilities. Africans themselves must take primary responsibility for putting the continent’s resources to productive use.

The Main Agreements

The deals announced in Kigali gave practical meaning to the Forum’s theme.

The West African Development Bank, known by its French name Banque Ouest Africaine de Développement (BOAD), and IFC signed reciprocal euro and CFA-franc financing facilities worth up to €600 million.

IFC will provide long-term euro financing to support lending in energy, agriculture, transport, urban development and small and medium-sized enterprises (SMEs). BOAD will provide IFC with CFA-franc resources for projects in the eight countries of the West African Economic and Monetary Union (WAEMU).

This arrangement should make it easier to finance regional projects in local currency and reduce their exposure to exchange-rate movements.

Access Bank and IFC also announced an approximately US$500 million local-currency framework for SMEs, housing, agriculture and infrastructure.

Baobab Group and IFC introduced a risk-sharing facility of up to US$100 million. It is intended to expand credit for underserved businesses, with particular attention to companies led by women.

Several agreements focused on Rwanda. ELSEWEDY ELECTRIC and the Rwanda Development Board agreed to cooperate on smart-meter manufacturing, electric-vehicle charging, solar energy, battery storage and the Kigali Special Economic Zone.

Groupe Duval announced a US$100 million real-estate investment, while new hospitality investments were also presented.

Rwanda and Benin established an investment corridor covering agriculture, tourism, aviation and energy. Equity Group announced partnerships related to agricultural finance, youth employment and digital payments.

What Must Happen Next

The announcements from Kigali were substantial, but signing an agreement is only the beginning. The real test will be whether financing is disbursed, projects are completed and businesses create measurable economic value.

Future Forums should report clearly on earlier commitments. Useful indicators would include the number of projects completed, jobs created, SMEs financed and cross-border investments made.

Governments must also accelerate the practical implementation of AfCFTA. Companies will not experience Africa as a single market while they continue to face lengthy customs procedures, incompatible regulations and expensive cross-border payments.

The private sector has responsibilities as well. Companies seeking regional or international capital must improve governance, financial reporting and project preparation. Investors cannot be expected to support businesses that lack transparency or a clear growth strategy.

After Kigali: Turning Commitments into Action

The Africa CEO Forum 2026 marked a change in the continent’s economic conversation. The focus was no longer limited to attracting foreign investors. It extended to how Africa can mobilise its own capital, build regional infrastructure and develop companies capable of competing internationally.

External investment and expertise will remain important. But Africa will negotiate from a stronger position when it has larger businesses, connected markets and institutions that can turn ambition into credible projects.

Kigali showed that progress is possible. Nearly US$2 billion in announced agreements is a meaningful result. Yet the Forum’s success will ultimately be judged outside the conference hall—through functioning infrastructure, growing businesses, deeper regional trade and sustainable employment.

Africa already has ambition, talent and opportunity. Its next challenge is to connect them at scale.

That is the meaning behind the Forum’s warning and its promise:

Scale, or fail.