The 31st Nigerian Economic Summit (NES), a platform for policy dialogue between government and
business leaders, held in Abuja from October 6 – 8, 2025. During one of the plenary sessions on
Wednesday, October 8, titled: “Titans on the Move: Africa’s Multinationals,” Dr Ernest Ndukwe (OFR),
Chairman of MTN Nigeria, urged African governments to open borders and dismantle barriers that hinder
the free movement of people, capital, and expertise across the continent.

“Telecoms has become the backbone of Africa’s integration,” Dr Ndukwe told delegates. “Expanding
into new markets is not optional for African companies; it is the beginning of sustainable growth.
To achieve this, we must ease the movement of resources and expertise.”
Dr Ndukwe drew on MTN’s journey of over 2 decades expanding across Africa, as an example of how
disciplined governance, merit-based recruitment and a long-term strategy can sustain multinational
growth. He emphasised that predictable policies and regional cooperation will help African companies
reduce transaction costs, establish stronger value chains and compete globally.

The panel brought together leaders from technology, finance and FMCG sectors who echoed the call for
deeper regional integration. The session was moderated by Cecilia Akintomide, Chairperson of the UN
Sanitation and Hygiene Fund, who also highlighted the need for regulatory alignment and public-private
partnerships, stressing that Africa cannot afford to operate in fragmented silos. “Collaboration across
borders is essential if we are to unlock the scale needed to achieve sustainable development
goals,” she said.

Girish Sharma, MD/CEO of Guinness Nigeria Plc, emphasised the importance of local capacity in
expansion, noting that multinational growth must be grounded in an understanding of cultural and
consumer diversity. “Success is not only about capital flows, but also about adapting business
models to the realities of each market,” he said.

Olugbenga Agboola, CEO of Flutterwave, described payments as the “circulatory system” of African
trade, lamenting that fragmented payment systems still force businesses to route funds through indirect
channels. He called for interoperable frameworks that would allow seamless transactions across borders,
thereby accelerating trade under the African Continental Free Trade Area (AfCFTA).
Together, the panellists agreed that AfCFTA represents a game-changing opportunity to reshape Africa’s
economic future. They concluded that opening borders, harmonising regulations and maintaining strong
governance structures will be decisive in transforming African firms into global competitors and ensuring
inclusive regional growth.