AfDB partners African Hidden Champions to further regional industrialisation


The African Development Bank (AfDB) has partnered with African Hidden Champions (AHC) to support its efforts to promote the growth of African businesses and assist their transformation into global champions.

African Hidden Champions, co-founded by Africa Foresight Group (AFG) and the German Investment Corporation (DEG), identifies African firms involved in developing capacity for global leadership in their sector. It assists firms in their growth journeys by telling their stories, exposing them to new markets and networks, and providing technical assistance.

According to Dr. Abdu Mukhtar, Director of Industrial Development at the Bank, the African Development Bank is proud to become a partner of the African Hidden Champions initiative, which perfectly fits our strategy of driving and financing Africa’s industrial development.

He stated that the initiative would receive $390,000 for its activities in order to expand and cover new sectors and markets within Africa, as well as to provide more benefits and assistance to AHC members.

The African Hidden Champions initiative has established itself as a leading international platform for highlighting and connecting Africa’s most promising businesses.

In September 2022, executives and founders from the first cohort of African Hidden Champions gathered outside Frankfurt, Germany, for an inaugural summit to discuss how Africa’s fastest-growing and most inspiring businesses could forge a path to global success.

Roland Siller, CEO of DEG, stated that the African Hidden Champions are setting new standards for business excellence on the continent with their remarkable achievements and unwavering commitment to growth, and that it is an honour to work with the African Development Bank to expand the Africa Hidden Champions initiative and empower more companies to realise their potential and transform the African business landscape.

“It’s a privilege to collaborate with the African Development Bank to expand the Africa Hidden Champions initiative and empower more companies to realize their potential and transform the African business landscape.”

Yasmin Kumi, CEO of AFG and Co-Founder of AHC, spoke of the initiative’s future transformative impact on Africa’s private sector, saying it is time to change the narrative on African business and expose how big multinational companies are growing from within Africa, challenging their peers in global markets, and bolstering Africans’ pride in their homegrown businesses.

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