Seven Nigerian companies have been recognized among the top 20 fastest growing companies in Africa for 2024, according to a report by the British media outlet, Financial Times.
The comprehensive report evaluated over 100 companies across Africa, using criteria such as sector, year of establishment, employee count, and compound annual growth rates to determine the rankings.
This year’s analysis spanned various industries including e-commerce, food and beverages, manufacturing, energy and utilities, and real estate.
Despite Nigeria’s economic challenges in 2023, the nation showcased significant business growth, earning the second-highest number of companies on the list. South Africa led with the most entries, while Nigeria followed closely, outperforming other large economies on the continent.
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The Nigerian companies highlighted in the top 20 are:
1. Omniretail Inc.
2. Moniepoint Inc.
3. Afex Commodities Exchange Ltd.
4. Alpha Morgan Capital Managers Ltd.
5. Mycredit Investments Ltd. (Fair Money)
6. Thrive Agric Ltd.
7. Bisedge Ltd.
Overall, more than 30 Nigerian companies were featured among the 125 fastest-growing firms, emphasizing the country’s robust economic presence. The report noted that although Nigeria’s agricultural sector is a significant GDP contributor, none of its companies made it to the top 20.
Methodologically, the rankings were based on the highest compound annual growth rates (CAGR) in revenues from 2019 to 2022. Companies had to meet specific criteria, including generating at least $100,000 in revenue in 2019 and $1.5 million in 2022, being independent entities, and having organic revenue growth.
Morocco and Mauritius also showed strong performances with increased entries compared to previous years, while South Africa led the list with 42 companies, followed by Nigeria’s 25.
This year’s report underscores a broader geographical distribution of high-growth companies across the continent, highlighting the dynamic and evolving business landscape in Africa.
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