Proving that growth and prudence can co-exist

After nearly a century in Africa, how do you balance optimism and prudence – Africa’s attractive long-term growth prospects and the political, regulatory, and operational challenges often listed as concerns?

We approach Africa with a principle of “constructive realism”. Optimism is grounded in data: Africa’s youth population, entrepreneurial energy, and food market growth are unmatched. We temper this with rigorous risk assessments and local partnerships that help us navigate regulatory and operational complexities.

Our CSV (Creating Shared Value) strategy ensures that our investments are not only commercially viable but also socially and environmentally sustainable.

In more recent history, what significant changes have you seen in Africa’s investment landscape, and which have had the greatest impact on your business decisions?

Africa’s investment landscape has evolved from fragmented and risk-heavy to being increasingly coordinated and opportunity rich. We’ve seen the rise of regional trade agreements, digital infrastructure expansion, and growing industrialisation. One of the most impactful shifts has been the emergence of innovative financial instruments and de-risking mechanisms, which are reshaping investor confidence and enabling long-term commitments.

For Nestlé, this has meant moving from cautious engagement to strategic expansion, especially in markets like Zimbabwe, where collaboration with the government unlocked manufacturing potential. Policy intent is an important factor in addition to macroeconomics, infrastructure, and partnership potential.

Zimbabwe’s Ministry of Industry facilitated the installation of our fourth roller dryer, which boosted our production by 35% and

supported the government’s localisation policy. When governments and businesses align on shared goals, even challenging markets can become strategic hubs.

Which trends promise substantial new investment opportunities on the continent?

Regional manufacturing hubs, digital commerce, and food system transformation show the most promise. We’re preparing by investing in infrastructure, upskilling local talent, and deepening stakeholder engagement. With over R500 million invested in Southern Africa, it isn’t just about technical upgrades, but also about strategic moves to strengthen supply chain resilience and regional trade.

What lessons from Nestlé’s Africa for Africa strategy could benefit other investors?

The strategy prioritises local sourcing, talent, and innovation. It’s a shift from extractive to regenerative models. When you invest in communities, they reciprocate through loyalty, productivity, and innovation. This builds resilience and relevance, especially in markets where trust and impact matter as much as profit.

What role do you, as co-chair of the B20 Sustainable Food Systems & Agriculture Task Force, see private sector investors playing in bolstering food systems across the continent?

Private sector investors must transition from transactional to transformational roles, investing in local value chains, supporting smallholder farmers, and co-creating policy frameworks that drive scale and sustainability.

The task force’s B20 work demonstrates that when businesses commit to shared KPIs and collaborate with governments, we can unlock systemic change.