Corporate strategy for SDG achievement in Africa: opportunities, challenges, and managerial insights

Abstract

This study explores the opportunities and challenges facing African businesses in contributing to the achievement of the United Nations Sustainable Development Goals within the frameworks of Agenda 2030 and Agenda 2063, against a context of persistent poverty, inequality, environmental degradation, and institutional limitations. A systematic literature review guided by the PRISMA approach was conducted using peer-reviewed articles published between 2000 and 2023 and sourced from major academic databases, with rigorous screening, data extraction, and bias assessment procedures applied. The findings identify five dominant themes shaping SDG engagement in Africa, namely the integration of SDGs into business strategy, challenges and opportunities confronting firms, multi-stakeholder partnerships, SDG reporting and measurement practices, and SDG finance and investment mechanisms. The review reveals that although African firms are increasingly aligning business strategies with environmental, social, and governance principles and contributing to SDG outcomes through innovations in financial inclusion, renewable energy, agriculture, and social investment, progress remains constrained by short-term strategic orientations, weak institutional capacity, limited access to sustainable finance, fragmented partnerships, and inconsistent reporting practices. While partnerships and innovative financing instruments such as green bonds and blended finance demonstrate strong potential to accelerate SDG progress, their effectiveness is undermined by regulatory weaknesses, high transaction costs, and capacity gaps. Overall, the study concludes that African businesses can play a transformative role in advancing the SDGs if sustainability goals are embedded within core business models, supported by robust governance frameworks, context-sensitive measurement systems, inclusive partnerships, and financing structures that incorporate indigenous knowledge systems and prioritize long-term sustainable development over short-term gains.