African family businesses outperform global peers, PwC report finds

The survey, which included 79 family businesses from East, West, and Southern Africa, revealed that 66 percent of respondents achieved single-digit or double-digit sales growth in the past year, exceeding the global average of 57 percent. This performance highlights the resilience of family-owned businesses amidst economic volatility, regulatory reforms, geopolitical tensions, and evolving stakeholder expectations. Esiri Agbeyi, the Africa Family Business Leader at PwC Nigeria, noted that African family businesses have established a solid foundation for future expansion through disciplined strategies and a focus on technology and AI.

The report indicates that 53 percent of respondents anticipate steady growth over the next two years, while 27 percent plan for faster expansion, reflecting a balanced approach to opportunities and long-term sustainability. Regional economic priorities vary, with West African businesses focusing on fiscal stability and infrastructure, Southern African firms addressing energy constraints, and East African businesses driving digital transformation and innovation. PwC identified five key success factors: purpose, agility, long-term capital deployment, reputation management, and strategic tax planning.

Although 87 percent of businesses have a defined purpose, less than half communicate it externally