It’s 2015, and by now even latecomers among multinational corporations have decided to include African countries in their emerging market portfolios. However, many companies are not making the most of the Sub-Saharan Africa opportunity because of misconceptions about what it takes to succeed in the region.

Sub-Saharan Africa refers to countries below the Sahara desert, such as Kenya, Angola, Nigeria and South Africa. (Many companies separate their Sub-Saharan Africa and North Africa operations because of strong cultural, economic, and linguistic differences between the two regions.)

Leveraging a combination of economic analysis and forecasting, on the ground interviews with policymakers, and a dialogue with executives responsible for Africa strategy and operations, we have identified the seven most prevalent myths that skew companies’ perceptions of doing business in Sub-Saharan Africa–and what executives can do to overcome them.

Myth #1: There is no competitive urgency to build a presence in Sub-Saharan Africa.

Sub-Saharan Africa is already a competitive market place. Whenever I travel to an African city, I marvel at the dynamism of business activity taking place on the ground. Asian companies dominate many sectors, while African companies are expanding their footprint and market-leading Western multinationals are also prominent. All are vying for a share of the continent’s growing consumer class and government spending.

As Sub-Saharan Africa continues its strong growth trajectory, competition will only intensify. Executives should build step-by-step long-term expansion plans, but avoid delaying entry as securing market share will become increasingly difficult.

Myth #2: Sub-Saharan Africa’s growth is all about natural resources and consumer spending.

The popular perception is that many African markets are all about energy. But, for example, our research found that oil and gas only made up 11% of Nigeria’s GDP in 2014, compared with 20% for construction.

Many companies are attracted to African markets because of fast-growing consumer spending–but greater purchasing power is also driving economic diversification. Consumer demand for new products and services is creating opportunities across a wide range of sectors. For example, as they want better public services and infrastructure, investment in industries such as healthcare and construction accelerates.

Myth #3: Fast economic growth means quick returns.

Many executives hope to compensate for sluggish growth in the Eurozone by making quick returns in Africa. While Africa’s economy is on track to be worth $3 trillion by 2025 (from $1.3 trillion today), benefiting from Sub-Saharan African growth is a long-term game. The region’s development will likely span several decades. Executives should commit to the region knowing that while top-line growth is likely to be strong, bottom-line returns on investment will take years to materialize.

For example, GE is already reaping the rewards of its long-term approach. It has been present in Sub-Saharan Africa for many decades and established local offices to advise governments of countries that are in the early stages of development on infrastructure projects, such as building railways and hospitals. This required a large upfront investment, but it has generated demand for the company’s products.

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