Business leaders across different industries have called for expansion strategies and investment incentives to unlock growth opportunities in Africa’s fast-moving consumer goods sector.
This was disclosed at the Francophone Africa Business Summit on Thursday. The summit brought together senior policymakers, investors, legal experts, and business leaders from economic powerhouses such as Nigeria, Ivory Coast, Cameroon, Senegal, and beyond
Despite the evident opportunity for strong regional brands, only a handful have managed to establish themselves beyond their home borders.
Paul Odunaiya, chief executive officer of Wemy Industries Limited, said the diversification into other markets mitigates business volatility, recognising the varying strengths of products across different countries.
Mike Ojeme, chief executive officer of Mikado Group, while acknowledging the formidable challenges, underscored the opportunities awaiting those willing to navigate the complexities of the African market.
“The challenges are real but the opportunities are huge,” he said.
Princess Funmilayo, managing director of FAE Limited, said the African Continental Free Trade Area was the best thing that happened to her company, however, there are still sentiments around the quality of products being produced in Africa.
“We shouldn’t be biased in Africa based on the quality,” she said.
She added that corruption is another challenge faced in the continent and there is a need for a solution to address that.
She noted that there is a need for a lot of investment when it comes to shipping across the African continent adding that it was more expensive to move goods to African countries and cheaper to move to London or England.
“Let’s have some incentives that will encourage people to invest and trade cheaper,” she said.
Martin Ngoutchet, managing director of Ngoutchet Group, shares insights into the distribution challenges in Cameroon, emphasising the importance of broadening horizons for market success.
“The success of the market is based on mastery of it,” he said.
