Across Africa, a quiet shift is underway.
Meanwhile, Nigeria’s banks and telecom companies, long focused on domestic markets, now reach beyond borders.
For years, Nigerian firms relied on home markets.
Yet the country represents 18% of Africa’s population and a $246 billion GDP in 2024.
At the same time, intra-African trade accounts for only 14.4% of commerce, and only 11% of investments come from within Africa.
Chairman of NESG, Olaniyi Yusuf, explains: “Africa has 17% of the world’s population but only 3% of global trade.”
Therefore, this gap offers Nigerian firms a major opportunity.
Banks And Telecoms Expand
Banks lead expansion.
For instance, UBA and Access Bank operate in over 20 countries each.
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Similarly, GTCO, Zenith Bank, and First Bank steadily grow their African networks, diversifying revenue and strengthening positions against naira volatility.
Telecoms pursue growth in parallel.
Specifically, MTN Nigeria and Airtel Africa expand mobile and digital financial services in underbanked regions.
Meanwhile, Globacom and T2 Mobile (formerly 9mobile) explore similar opportunities.
Opportunities Amid Challenges
Challenges remain.
Non-tariff barriers, inconsistent regulations, and high logistics costs increase trade expenses by over 30%.
As a result, Yusuf stresses firms must develop strategies for “regional resilience,” the new currency of competitiveness.
Investors see promise.
Indeed, full AfCFTA implementation could add $450 billion to Africa’s GDP and lift 30 million people out of poverty by 2035.
Consequently, Nigerian banks and telecoms expanding early can capture markets, diversify revenue, and shape Africa’s economic future.
In short, Nigeria’s companies are no longer just domestic players—they actively drive Africa’s growth story forward.
