Despite repeated pledges from African leaders to shift from raw material exports toward industrial production, manufacturers across the continent continue to face steep headwinds. High import duties on raw materials, expensive and unreliable electricity, poor roads, congested ports, and high financing costs all erode competitiveness. This reality is evident in FT-Statista’s 2026 list of fastest-growing companies, which is overwhelmingly made up of fintech and IT firms and includes only a handful of manufacturing companies. Nevertheless, advocates argue that manufacturing remains critical for creating large-scale employment and reducing dependence on raw commodity exports. One of them, entrepreneur Daniel Yu, points to countries such as Tanzania as emerging manufacturing destinations. Over the past few years, the country’s wages have become competitive and port operations have improved. Yu argues that Africa can replicate successes seen in countries like Bangladesh if conditions improve in other countries across the continent.
Financial Times
