International business strategist Fatimah Bamisedun has called on African small and medium enterprises (SMEs) to adopt global mindsets and form strategic partnerships to boost their chances of thriving beyond local borders.

Speaking on the high failure rate of SMEs on the continent, Bamisedun warned that many businesses do not survive past their early years.

“We live in a world where many businesses die within their first one to three years. Others fail by five years, and only a few manage to survive to the ten-year mark,” she noted.

“African SMEs must consider mergers and acquisitions and strategic partnerships to build stronger businesses with robust systems and capabilities that can scale beyond borders on a regional and global level.”

Her remarks come as data from the Nigerian Bureau of Statistics reveals that nearly 80% of Nigerian SMEs fail within five years of establishment.

According to Bamisedun, this bleak trend can be reversed through collaborative systems that support long-term growth and reduce business vulnerability.

Despite the challenges, Bamisedun—who consults at Anre Solutions—highlighted the resilience and ambition among Nigerian businesses expanding into global markets, particularly in Finance, Media, Entertainment, and Technology.

She also referenced Nigeria’s mergers and acquisitions market, which hit a decade-high in 2024, with projected deals reaching $140 million in 2025, according to Statista.

However, she cautioned that global expansion must be approached strategically.

“Branding, scalable processes and systems, understanding regulatory frameworks, and developing strategic partnerships are essential for any SME aiming to expand beyond its home market,” she said.

“Scaling a local business internationally has a broad range of opportunities. There are so many avenues beyond exporting. We cannot rely on exports alone. True global integration means building presence, partnerships, and production across borders,” she added.

Bamisedun emphasised the importance of understanding trade agreements such as the African Continental Free Trade Area (AfCFTA), the African Growth and Opportunity Act (AGOA), and the EU’s Economic Partnership Agreements.

“A product that’s competitively priced in Nigeria may become unviable abroad due to tariffs and trade wars,” she explained.

She cited global models like ALDI’s international strategy and the expansion of Nigerian banks as examples for SMEs to learn from.

She also commended the global rise of Nigerian entertainment brands and encouraged more sectors to follow suit.

“When a Nigerian business internationalises, it doesn’t just grow profits, it grows Nigeria,” Bamisedun said. “Every franchise opened abroad, every product on a foreign shelf, every strategic joint venture, is a win for our economy, our identity, and our resilience.”

She specifically urged Nigerian fast-food companies to explore global franchising.

“McDonald’s could scale globally from a single outlet. Franchising beyond Africa is not just possible, it’s necessary for long-term relevance and profitability.”

Concluding her call to action, Bamisedun stressed that global readiness is imperative.

“Now is the best time as global migration surges. With the right strategy, the next wave of global business leaders could well emerge from Africa’s growing network of ambitious entrepreneurs.”