{"id":135523,"date":"2026-01-22T13:27:45","date_gmt":"2026-01-22T18:27:45","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/why-africa-needs-scale-to-compete\/"},"modified":"2026-01-22T18:15:41","modified_gmt":"2026-01-22T23:15:41","slug":"why-africa-needs-scale-to-compete","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/why-africa-needs-scale-to-compete\/","title":{"rendered":"Why Africa needs scale to compete"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a094daf26924'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Why Africa needs scale to compete<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regional-analysis\/\" rel=\"category tag\">\n                    Regional Analysis\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"801\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Johannesburg-aerial-view1.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Johannesburg city view\" title=\"Johannesburg city view\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a094daf31f94'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">January 22, 2026<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a094daf34f5f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--has-bg-color\"\n    style=\"background-color:#e6f3ff;border-radius: 16px 16px 16px 16px;\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card-text-black\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #e6f3ff;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\" style=\"color: #000000\">KEY TAKEAWAYS<\/div>\n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Africa\u2019s economic potential depends on integrating fragmented markets, with regulatory alignment, trade reform, and infrastructure development offering opportunities to boost competitiveness, according to experts at the Africa Business Summit hosted by Bloomberg in Johannesburg.<\/span><\/li>\n<li><span data-contrast=\"none\"> Trade, financial, andpaymentsintegration can lower transaction costs, improve cross-border commerce, and support regional value chains across manufacturing, resources, and services.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"none\"> Investment in infrastructure, fintech, and AI enables African economies to move beyond extraction, strengthen intra-African trade, and capture more value from processing, manufacturing, and exports.<\/span><\/li>\n<\/ul>\n<p>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a094daf38593'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"none\">Africa has\u00a0size,\u00a0people\u00a0and\u00a0natural\u00a0resources\u00a0on its side,\u00a0but\u00a0many observers agree\u00a0that\u00a0its markets\u00a0<\/span><span data-contrast=\"none\">must\u00a0<\/span><span data-contrast=\"none\">integrate to achieve meaningful scale, rather than\u00a0operating\u00a0in isolation.<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">At Bloomberg <strong>Africa Business Summit<\/strong> event in Johannesburg in November<\/span><span data-contrast=\"none\">, business leaders\u00a0and policymakers<\/span><span data-contrast=\"none\">\u00a0discussed the steps\u00a0required<\/span><span data-contrast=\"none\">\u00a0before the continent\u00a0could\u00a0meet\u00a0its potential.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Africa\u00a0is home to\u00a0some of\u00a0the\u00a0<\/span><span data-contrast=\"none\">world\u2019s fastest-growing economies<\/span><span data-contrast=\"none\">,\u00a0with large\u00a0mineral reserves and\u00a0<\/span><span data-contrast=\"none\">rapidly modernizing cities\u00a0generating pent-up demand<\/span><span data-contrast=\"none\">. But\u00a0<\/span><span data-contrast=\"none\">from\u00a0tariffs to infrastructure gaps and regulatory mismatches, the region\u00a0is\u00a0<\/span><span data-contrast=\"none\">often viewed by investors<\/span><span data-contrast=\"none\">\u00a0as\u00a0a\u00a0fragmented commercial environment.\u00a0According to\u00a0<\/span><span data-contrast=\"none\">Jeremy Awori,\u00a0Group CEO\u00a0at\u202fEcobank<\/span><span data-contrast=\"none\">, without deeper\u00a0integration,\u00a0Africa\u00a0will continue to compete at a disadvantage,\u00a0regardless of\u00a0the strength of\u00a0its individual markets.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">He says: \u201cWe operate in 34 countries across the continent, and each has its own legal framework, its own regulations and its own approach to things, but there is room to adopt the mindset of Pan-Africanism.&#8221;<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u201cWe need to create regional markets at scale that are attractive enough for investors to come in and consider us as 1.5 billion consumers, then they will invest in things like value-added manufacturing, as opposed to just the export market for the developed world,\u201d he adds.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a094daf3a65b'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Discover more with Bloomberg newsletters<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2181639999803722765\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a094daf3eef1'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW225118510 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW225118510 BCX0\" data-ccp-parastyle=\"heading 2\">Payments<\/span><span class=\"NormalTextRun SCXW225118510 BCX0\" data-ccp-parastyle=\"heading 2\">\u00a0infrastructure and cross-border trade<\/span><\/span><span class=\"EOP SCXW225118510 BCX0\" data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:120}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"none\">Modernization in Africa presents opportunities not only in large infrastructure projects but also in simplifying everyday cross-border transactions.<\/span><span data-contrast=\"none\">\u00a0Ecobank\u00a0is working\u00a0with\u00a0Afrexim\u00a0to develop\u00a0payment mechanisms for small traders, some of\u00a0who\u00a0are forced to physically carry cash across borders\u00a0to conduct transactions.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u201cYou see the people moving across the border,\u201d says\u00a0Mene,\u00a0focusing on the example of\u00a0Ghana and Togo.\u00a0\u201cThere are many, especially women, but\u00a0they&#8217;re\u00a0carrying cash.\u00a0Why aren&#8217;t we paying digitally? Why\u00a0don\u2019t we have\u00a0tap\u00a0and\u00a0pay?&#8230;\u00a0So,\u00a0when we think about infrastructure, we need to think about payments, effective cheap mechanisms to enable that.\u201d<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Notably,\u00a0<\/span><span data-contrast=\"none\">the share of adults making electronic payments to businesses rose by 7 percentage points to reach 20% between 2021 and 2024, underscoring\u00a0growing demand for solutions that reduce friction in everyday transactions.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1411\" height=\"598\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Africa-blog-2-i1.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Digital Payments Rise Across Sib-Saharan Africa\" title=\"Digital Payments Rise Across Sib-Saharan Africa\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Africa-blog-2-i1.png 1411w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Africa-blog-2-i1.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Africa-blog-2-i1.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Africa-blog-2-i1.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Africa-blog-2-i1.png 192w\" sizes=\"auto, (max-width: 1411px) 100vw, 1411px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW206184934 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW206184934 BCX0\">On the whole, McKinsey estimates that total fintech revenues could reach as much as\u00a0<\/span><span class=\"NormalTextRun SCXW206184934 BCX0\">$47 billion<\/span><span class=\"NormalTextRun SCXW206184934 BCX0\">\u00a0by 2028, up from\u00a0<\/span><span class=\"NormalTextRun SCXW206184934 BCX0\">$10 billion<\/span><span class=\"NormalTextRun SCXW206184934 BCX0\">\u00a0in 2023.<\/span><\/span><span class=\"EOP SCXW206184934 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1415\" height=\"855\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Africa-blog-2-i2.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Fintech revenue in Africa poised to grow three to four times by 2028\" title=\"Fintech revenue in Africa poised to grow three to four times by 2028\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Africa-blog-2-i2.png 1415w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Africa-blog-2-i2.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Africa-blog-2-i2.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Africa-blog-2-i2.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Africa-blog-2-i2.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Africa-blog-2-i2.png 179w\" sizes=\"auto, (max-width: 1415px) 100vw, 1415px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW93498639 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW93498639 BCX0\" data-ccp-parastyle=\"heading 2\">Integration as economic upside\u00a0<\/span><\/span><span class=\"EOP SCXW93498639 BCX0\" data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:120}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"none\">Greater integration at Africa\u2019s borders offers significant economic upside.\u00a0Aligning tariffs, streamlining customs processes, and improving transport networks could materially lower the cost of moving goods across the continent. Ecobank\u2019s Awori points to the scope for gains even in basic trade flows, where\u00a0more efficient ports and rail systems could unlock faster, cheaper commerce.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u201cSmall differences make material change.\u00a0Take the rail network:\u00a0if\u00a0you&#8217;ve\u00a0got\u00a0a standard\u00a0gauge railway,\u00a0that\u00a0might be a\u00a0one-meter\u00a0track. But if the\u00a0next\u00a0door\u00a0country decides to take a\u00a00.8-meter\u00a0track, the two cannot connect,\u201d\u00a0says Awori.\u00a0<\/span><span data-contrast=\"none\">Aligning standards would allow networks to connect seamlessly,<\/span><span data-contrast=\"none\">\u00a0cutting transfer\u00a0times,\u00a0and reducing costs for businesses.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Wamkele\u00a0Mene, General Secretary at the\u00a0<\/span><span data-contrast=\"none\">The\u00a0<\/span><span data-contrast=\"none\">African Continental Free Trade Area (AfCTA)<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">points\u00a0to\u00a0this as a significant investment case needed to make this happen.<\/span><span data-contrast=\"none\">\u00a0\u201cThe infrastructure deficit\u00a0is between $120 and\u00a0$150\u00a0billion\u00a0annually. There is\u00a0a high cost\u00a0of transport and\u00a0logistics\u00a0and\u00a0the inability for\u00a0business persons\u00a0to move freely across the continent.\u201d<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Financial integration offers similar potential.\u00a0With\u00a043 currencies across the continent, deeper coordination through intra-African policies and trade agreements could\u00a0simplify transactions and support cross-border trade.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Mining leaders also see\u00a0opportunity\u00a0in\u00a0infrastructure investment.\u00a0<\/span><span data-contrast=\"none\">Africa holds\u00a0around 30% of the world\u2019s known mineral\u00a0resources, yet\u00a0attracts\u00a0about 10% of global exploration spending.\u00a0<\/span><span data-contrast=\"none\">Richard Stewart, CEO\u00a0at\u00a0Sibanye Stillwater,\u00a0<\/span><span data-contrast=\"none\">says that gap highlights\u00a0the potential to capture more value not only from extraction, but from processing, manufacturing, and exports.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">He explains:\u00a0\u201c[We have]\u00a0a\u00a0lot of the critical minerals that\u00a0we&#8217;re\u00a0going to need for the\u00a0[energy]\u00a0transition, whether\u00a0it&#8217;s\u00a0copper, whether\u00a0it&#8217;s\u00a0graphite, whether\u00a0it&#8217;s\u00a0lithium, we have resources across Africa in all of these.\u00a0We have an incredible geology that\u00a0hasn&#8217;t\u00a0yet been properly explored.\u201d<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW31920386 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW31920386 BCX0\" data-ccp-parastyle=\"heading 2\">Building value across Africa<\/span><\/span><\/h2>\n<p><span data-contrast=\"none\">What is good for coordination is good for jobs and for\u00a0the\u00a0treasury. Taxing the extraction of raw materials is one thing, but\u00a0if Africa can keep more of its processing and manufacturing\u00a0on the\u00a0continent,\u00a0<\/span><span data-contrast=\"none\">countries\u00a0stand to benefit.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u00a0\u201cWhen\u00a0you tax raw materials, the tax revenue is\u00a0a\u00a0pittance compared to when you tax finished goods,\u201d says\u00a0<\/span><span data-contrast=\"none\">Samaila Zubairu, President\u00a0and\u00a0CEO\u00a0of\u00a0Africa Finance Corporation\u00a0(AFC).<\/span><span data-contrast=\"none\">\u00a0He adds that this leads to more revenue generating opportunities, by\u00a0identifying\u00a0and taxing more of\u00a0the\u00a0materials being mined.\u00a0\u201cWhen you do the processing on the continent, you can identify all the other rare earths and other minerals that are associated with the rich ore bodies that we have.\u201d<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Financial markets\u00a0are another indicator of\u00a0how\u00a0a more integrated Africa\u00a0could spread wealth around the continent.\u00a0Leila Fourie, CEO at Johannesburg Stock Exchange\u00a0points\u00a0out that South Africa\u00a0saw\u00a0R127 billion\u00a0(<\/span><span data-contrast=\"none\">about\u00a0$6.5 billion)<\/span><span data-contrast=\"none\">\u00a0in net bond inflows\u00a0in 2025\u00a0and added R5 trillion to its market\u00a0capitalization\u00a0<\/span><span data-contrast=\"none\">(roughly\u00a0$260 billion)<\/span><span data-contrast=\"none\">.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u201cIntra-African trade\u00a0will continue to uplift\u00a0[South Africa\u2019s]\u00a0GDP, she says.\u00a0\u201cThe African Continental Free Trade Agreement will unlock trade between our local countries, across sectors, but largely manufacturing,\u00a0resources and, of course, our exports.\u201d<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Sticking with South\u00a0Africa,\u00a0Daniel\u00a0Mminele,\u00a0Chairman\u00a0at Nedbank Group,\u00a0says\u00a0investors increasingly\u00a0recognize\u00a0\u201ca much more joined-up South African effort\u201d around reforms and collaboration between public and private sectors. Extending across borders could unlock more affordable\u00a0financing,\u00a0especially for\u00a0infrastructure, where project size often exceeds what any single national market can sustain.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span class=\"TextRun SCXW16270990 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW16270990 BCX0\">I<\/span><span class=\"NormalTextRun SCXW16270990 BCX0\">mprovements to South Africa\u2019s electricity system\u00a0<\/span><span class=\"NormalTextRun SCXW16270990 BCX0\">could\u00a0<\/span><span class=\"NormalTextRun SCXW16270990 BCX0\">also\u00a0<\/span><\/span><span class=\"TextRun SCXW16270990 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW16270990 BCX0\">deliver spillover benefits<\/span><\/span><span class=\"TextRun SCXW16270990 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW16270990 BCX0\">\u00a0for\u00a0<\/span><span class=\"NormalTextRun SCXW16270990 BCX0\">neighboring<\/span><span class=\"NormalTextRun SCXW16270990 BCX0\">\u00a0countries interconnected through the Southern African Power Pool. Similarly, better\u00a0<\/span><span class=\"NormalTextRun SCXW16270990 BCX0\">logistics<\/span><span class=\"NormalTextRun SCXW16270990 BCX0\">\u00a0performance in one\u00a0<\/span><span class=\"NormalTextRun SCXW16270990 BCX0\">market<\/span><span class=\"LastReplacedFindHitThemed SCXW16270990 BCX0\">\u00a0<\/span><\/span><span class=\"TextRun SCXW16270990 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW16270990 BCX0\">can<\/span><span class=\"NormalTextRun SCXW16270990 BCX0\">\u00a0support regional supply c<\/span><\/span><span class=\"TextRun SCXW16270990 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW16270990 BCX0\">hains and\u00a0<\/span><span class=\"NormalTextRun SCXW16270990 BCX0\">lower costs<\/span><span class=\"NormalTextRun SCXW16270990 BCX0\">\u00a0for manufacturers and exporters.<\/span><\/span><span class=\"EOP SCXW16270990 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW93218798 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW93218798 BCX0\">Progress\u00a0<\/span><span class=\"NormalTextRun SCXW93218798 BCX0\">towards harmonizing African economies<\/span><\/span><span class=\"EOP SCXW93218798 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"none\">Discussion of Africa\u2019s potential is long-standing,\u00a0but\u00a0<\/span><span data-contrast=\"none\">a combination of\u00a0new approaches, expanded agreements, and improved coordination is beginning to deliver measurable progress.\u00a0<\/span><span data-contrast=\"none\">AFC\u2019s\u00a0Zubairu\u00a0<\/span><span data-contrast=\"none\">points to a critical shift in who is shaping development decisions.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u201cWe are processing minerals for jobs for our people,\u201d he says. \u201cThe\u00a0time is different now because Africans are leading development. And because Africans are leading development, we understand all the levers we\u00a0must\u00a0pull to get things done.\u201d<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The example of\u00a0the rise of\u00a0digital\u00a0payments\u00a0between 2021 and 2024 shows how quickly markets can\u00a0adapt\u00a0to\u00a0new solutions\u00a0related\u00a0to fintech.\u00a0<\/span><span data-contrast=\"none\">Fintech is\u00a0earmarked as a major\u00a0area\u00a0for advancement. Another one is AI.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u201cWhat Africa has struggled\u00a0with, and we see this with our companies, is expanding from one market to another, reaching different community groups.\u00a0AI has a huge role to play in plugging fragmented markets together to allow businesses to\u00a0operate\u00a0much more efficiently,\u201d\u00a0says\u00a0<\/span><span data-contrast=\"none\">Lexi Novitske, General Partner at Norrsken22.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">That\u00a0does\u00a0not\u00a0mean\u00a0building foundational models,\u00a0rather\u00a0leveraging\u00a0open-source\u00a0models to build local solutions and drive growth. Importantly, for\u00a0Novitske,\u00a0<\/span><span data-contrast=\"none\">this\u00a0approach also creates an opportunity to capture unique data sets<\/span><span data-contrast=\"none\">, which\u00a0are not yet\u00a0available to the rest of the world.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Private sector champions are pushing beyond their home markets. Companies in e-commerce, finance, consumer\u00a0goods,\u00a0and telecoms report entering several new African markets over the past year, reflecting their confidence in wider regional demand.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW249138451 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW249138451 BCX0\">Looking ahead<\/span><\/span><span class=\"EOP SCXW249138451 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"none\">Fragmentation continues to\u00a0weigh on\u00a0competitiveness, but political coordination, trade reforms, and regulatory convergence offer pathways for change.\u00a0AfCFTA\u00a0protocols require customs reforms, digital systems, infrastructure connections, and regulatory alignment to work in practice. Many countries are still in the\u00a0early stages\u00a0of enabling the agreement\u2019s full potential, leaving significant scope for progress.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">\u201cThe legal foundation is there through the\u00a0AfCFTA,\u201d says Mene. \u201cThere are\u00a0very positive\u00a0and compelling success stories of stability, economic growth, and innovation. We\u00a0have got\u00a0to focus on those positive aspects and attributes of our continent.\u201d<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><em>Insights in this article are based on panels and fireside discussions at the Africa Business Summit event organized by Bloomberg in Johannesburg in November 2025.<\/em><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a094daf46f23]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed\" data-anchor='row-6a094daf46f23'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3>Related Content<\/h3>\n\n<\/div>\n\n\n<\/div><div\n    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