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Seven Nigerian Companies Ranked Among Africa’s Fastest Growing by Financial Times

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Seven Nigerian companies have made it to the top 20 fastest-growing companies for 2024, according to a list compiled by the British media company Financial Times. The report, which evaluated over 100 companies across the continent, used various parameters, including sectors, years of establishment, number of employees, and compound annual growth rates to rank the companies.

The report covered e-commerce, food and beverages, manufacturing, energy and utilities, and real estate. The top-ranking firms include companies from Nigeria, Mauritius, South Africa, and Egypt.

The report highlighted that Nigeria, despite experiencing an economic crisis in 2023 with rising prices and a falling naira, still had the second highest number of companies on the list of Africa’s fastest-growing, compiled with research company Statista. South Africa led with the highest number of companies on the list.

The report further noted that even dynamic economies like Kenya struggled with low growth due to high public debt, inflation affecting disposable income, and government spending constraints.

Nigerian Companies in the Top 20

According to the report, seven Nigerian companies made the top 20 list, while over 30 Nigerian companies made the list of 125 fastest-growing companies. This highlights Nigeria’s significant presence in the economic landscape of the continent.

The Nigerian companies in the top 20 are from sectors such as e-commerce, fintech, logistics, transportation, and services. Despite the agricultural sector’s substantial contribution to Nigeria’s GDP, no company from this sector made the top 20.

The seven Nigerian companies ranked in the top 20 are:

  • Omniretail Inc.
  • Moniepoint Inc.
  • Afex Commodities Exchange Ltd.
  • Alpha Morgan Capital Managers Ltd.
  • My Credit Investments Ltd. (Fair Money)
  • Thrive Agric Ltd.
  • Bisedge Ltd.

Methodology and Insights

The 2024 ranking features a broader geographical spread of companies compared to previous years. Morocco notably increased its presence with 12 companies in the top 125, up from three in the last ranking. Companies from Mauritius also performed well, with nine winners compared to four in 2022.

South Africa led the list with 42 companies, followed by Nigeria with 25. Kenya tied with Morocco, each having 12 companies on the list.

The ranking is based on the highest compound annual revenue growth (CAGR) between 2019 and 2022.

Criteria for Inclusion

To be included in the list of Africa’s fastest-growing companies, a company had to meet the following criteria:

  • Revenue of at least $100,000 was generated in 2019.
  • Revenue of at least $1.5 million generated in 2022.
  • An independent company (not a subsidiary or branch office).
  • Headquartered in an African country.
  • Revenue growth between 2019 and 2022 was primarily organic (internally stimulated).

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