Nigeria Dominates Africa’s Most Inspiring Businesses’ Ranking

• Nigeria Dominates Africa’s Most Inspiring Businesses’ Ranking

A list identifying and celebrating Africa’s most inspiring businesses is made of up of 97 Nigerian firms, which accounted for 27 per cent of the total, the highest among countries surveyed in the region.

The second edition of the ‘Companies to Inspire Africa’ report, which was launched in Lagos yesterday, was published by the London Stock Exchange Group with support from PwC and other partners.

Some of the Nigerian companies listed in the report included: Renmoney, Tizeti, Paystack, Olori Cosmetics, BudgIT Foundation, among others.

Country Senior Partner at PwC Nigeria, Uyi Akpata, said PwC was honoured and excited to partner with the LSE to identify companies on the continent who, despite difficult business climates, continue to thrive and deliver consistent growth.

“We reiterate our support to private companies and helping them create value,” Akpata said.

Co-Head Emerging Markets at LSE, Ibukun Adebayo, said the LSE compiled the list to put a spotlight on Africa’s private sector successes, present the listed companies additional investment opportunities and facilitate partnerships and collaborations.

Also, according to the LSE’s Chief Executive, David Schwimmer, “We publish this report as it is our belief that these firms, and high-growth firms like them, are crucial to the future of the African economy.”

Adebayo, noted that the firms listed in the first edition of the report have already started to see significant progress, pursuing IPOs, issuing bonds and expanding across borders.

British Deputy High Commissioner to Nigeria, Harriet Thompson, said the UK was committed to the success of the Nigerian – and in extension African – economy, thus its endorsement of the report.

The report was first announced in January, but has just been launched in Lagos.

There are 360 companies from 32 different African countries on the list. The companies boast an average compound annual growth rate of 46 percent. On average, each firm employs over 350 people, with an average compound annual employee growth rate of 25 percent.

The list of companies cuts across several sectors. Customer Services, Industry and Agriculture were the three biggest ones, accounting for over 50 percent of the companies featured. Technology and Telecoms, and Financial Services together represent over 25 percent of firms, while Healthcare & Education and Renewable Energy also feature strongly.

About 23 per cent of the senior executives of the companies featured were female, a near doubling from 12 percent in the first edition.

The event was attended by the Ogun State Governor, Dapo Abiodun; Chief Executive of the Nigerian Stock Exchange, Oscar Onyema; former Minister of Industry, Trade and Investment, Okechukwu Enelamah and Executive Secretary at the Nigerian Investment Promotion Commission, Yewande Sadiku.

In his keynote speech, Governor Abiodun highlighted the significance of the report, noting that it will stimulate more investment into Nigeria and Africa.