- PwC, LSEG Unveil Report as Market Eyes Gains
PwC Nigeria, a professional services firm, and the London Stock Exchange Group have unveiled the inaugural ‘Companies to Inspire Africa’ report with the top 59 Nigerian companies featuring in the report.
The report is the LSEG’s celebration of some of the fastest-growing and most dynamic privately-held companies in Africa. The research project was carried out in partnership with the PwC, Africa Development Bank Group, and CDC Group, PwC said.
This is coming as financial analysts anticipate increased market activity this week amid continued investor reaction to earnings releases. With most of the earnings announcement coming in better-than-expected, the Nigerian Stock Exchange All-Share Index is expected to open the new trading week in the green.
The NSE ASI closed the past week in the green zone, much in line with expectation, after returning 2.29 per cent week-on-week to bring the year-to-date return to -4.12 per cent.
There were 38 advancers and 25 laggards, with the market turnover and volume of transactions increasing by 50.13 per cent and 63.75 per cent, accordingly.
Meanwhile, in addition to identifying 343 companies from 42 African countries as the continent’s most exciting and dynamic firms, the PwC report examined in detail, the opportunities and challenges facing the companies’ growth, while looking at the sectors and trends that would shape the future of the African economy.
The report also highlighted strong company performances and the potential for the firms to become the next corporate champions powering Africa’s future economic and social development.
Fifty-nine Nigerian companies were named in the report, representing 17 per cent of the total number of companies in the report.
“This makes Nigeria the highest concentration of high-growth companies in Africa. Industry is the biggest sector to be represented in Nigeria, with 17 companies featuring on the list, closely followed by consumer services, where 11 providers have been selected, demonstrating the success of Nigeria’s efforts to diversify its economy,” PwC said in a statement.
The co-Head of Emerging Markets Strategy, LSEG, Ibukun Adebayo, said, “The 59 businesses from Nigeria show the strong base of successful growth companies in the country, and the potential for further growth, providing a vital platform for job creation and skills development.”
Also commenting on the report, the Country Senior Partner, PwC Nigeria, Uyi Akpata, said, “We are very proud to have partnered the LSEG on this first of its kind report. The report demonstrates the huge role that small and medium-sized enterprises are playing as the driving force behind African economies: developing skills, creating high quality jobs and delivering growth.
“For us as a firm, this also demonstrates our commitment to raising awareness about the unrivalled potential and opportunities in this market while also celebrating leading businesses adding value to the economy. We are optimistic that this will serve in educating investors and introducing them to the opportunities that these companies and countries may offer.”