Twenty-five Nigerian companies have emerged as the fastest-growing companies in Africa in the Financial Times ranking of the country’s fastest-growing businesses.
In the lead is Omniretail, a notable Nigerian payment startup, raked in 139.88m in revenue, while Afex Commodities Exchange, a commodities brokerage, amassed a staggering $415 million.
The lineup of 125 companies showcased in this year’s collection exhibited a varied geographical spread. South Africa led the pack with 42 participants, trailed closely by Nigeria with 25, and both Kenya and Morocco contributed 12 companies each.
Among the notable Nigerian firms featured are Omniretail, Moniepoint, Afex Commodities Exchange Limited, Mycredit Investments Limited, Alpha Morgan Capital Managers Limited, Thrive Agric Limited, Bisedge Limited, The Seamless Company Limited, West African Soy Industries Limited, Sundry Markets Limited.
Others on the list are: Veritas Homes and Properties Limited, and Paga Group Limited. Additionally, United Capital Plc, Fidson Healthcare Plc, R.T Briscoe Plc, Tripple Gee & Company Plc, BUA Foods Plc, Black House Media Group Limited, Comercio Partners Limited, Wacot Rice Limited, John Holt Plc, Amel International Services Limited, Academy Press Plc, Cutix Plc, and Transcorp Hotels Plc round out the list.
The list is organized based on their compound annual revenue growth between 2019 and 2022. This annual ranking, now in its third iteration, comes amidst the backdrop of global economic struggles stemming from the Covid pandemic.
Despite Nigeria grappling with economic challenges in 2023, including soaring prices and currency devaluation, it clinched the second-highest number of companies in the ranking of Africa’s fastest-growing, compiled by Statista in collaboration with the Financial Times.
South Africa, another economy experiencing lackluster growth, claimed the highest number of companies on the list.
Here are the Nigerian companies on the list:
1. Omniretail
2. Moniepoint
3. Afex Commodities Exchange Limited
4. Mycredit Investments Limited
5. Alpha Morgan Capital Managers Limited
6. Thrive Agric Limited
7. Bisedge Limited
8. The Seamless Company Limited
9. West African Soy Industries Limited
10. Sundry Markets Limited.
11. Veritas Homes and Properties Limited
12. Paga Group Limited
13. United Capital Plc
14. Fidson Healthcare Plc
15. R.T Briscoe Plc
16. Tripple Gee & Company Plc
17. BUA Foods Plc
18. Black House Media Group Limited
19. Comercio Partners Limited
20. Wacot Rice Limited
21. John Holt Plc
22. Amel International Services Limited
23. Academy Press Plc
24. Cutix Plc
25. Transcorp Hotels Plc
