Nigeria shines on the Financial Times’ list of Africa’s fastest-growing companies

The Financial Times (FT) recently published a list of the fastest-growing companies in Africa, which included twenty-one Nigerian businesses that are succeeding despite all obstacles. The research included BusinessDay as a collaborator.

The FT’s ranking, which covered the period between 2017 and 2020 and included the COVID-19 epidemic as well as companies that effectively reacted to the resulting obstacles, revealed that Nigeria, with 24 companies, has the second-highest number of successful enterprises behind South Africa. With nine companies, Kenya placed third.

The countries with the largest representations, according to the Financial Times, are also the markets that have drawn the most venture capital and where unicorns (businesses valued at $1 billion or more) and would-be unicorns have multiplied.

According to the FT and research firm Statista, the best companies were evaluated based on their revenue compound annual growth rate (CAGR) between 2017 and 2020.

The company had to generate at least $100,000 in revenue in 2017, and at least $1.5 million in 2020, all of which had to be organic. It also had to be headquartered in one of the African countries and not be a subsidiary or branch office of any type.

AFEX Commodities Exchange, Zedcrest Group, Starsight Energy, Kawai Technologies, West African Soy Industries Limited, Commercio Partners, Northern Nigerian Flour Mills (NNFM), Alpha Morgan Capital Managers, WACOT Rice, Field Intelligence, and Tripple Gee & Company are among the successful Nigerian businesses.

FoodCo Nigeria, Global Accelerex, Prestige Assurance, Julius Berger Nigeria, Genesis Food Nigeria, Courteville Business Solutions, RT Briscoe Nigeria, Mutual Benefits Assurance, United Capital, and HIS Netherlands Holdco BV are among the other companies in the group.

The Nigerian Exchange Limited is home to six of Nigeria’s most successful businesses.

“This is a remarkable achievement that recognizes our efforts over the past eight years.” Despite the global pandemic’s challenges over the past two years, AFEX Commodities CEO Ayodeji Balogun stated, “we’ve worked tremendously hard to develop Africa’s commodity market.”

AFEX Commodities led the Nigerian ranking, with an average growth rate of 4,289.7% between 2017 and 2020, and was rated third in Africa. With 1,481.7 percent growth, Zedcrest Group, a company whose success has been fueled by innovation in Nigeria’s financial sector, was ranked second in Nigeria and fifth in Africa.

Adedayo Amzat, Group Managing Director of Zedcrest Group, said, “It’s a privilege to be ranked on the inaugural FT Africa’s Fastest-Growing Companies list.” “It’s a clear reflection of our leadership team, and I couldn’t be more proud of them.” We’ve had the good fortune of expanding our business across various financial verticals in recent years, and we’ll continue to explore prospects in new areas as part of our long-term growth strategy.”

He underlined the company’s commitment to using technology innovation to provide interconnected financial solutions across Africa while adhering to global best practices.

Starsight Energy grew by 1,154.4 percent to become Africa’s sixth largest company. Kawai Technologies came in second, with a growth rate of 535.6 percent over the same time period. West African Soy Industries, a company in the agriculture sector of the country, grew by 507.6 percent.

Revenue growth ranged from 170.1 percent to 232.3 percent for Commercio Partners, NNFM, Alpha Morgan, WACOT Rice, Field Intelligence, and Tripple Gee and Co. HIS Netherlands Holdco BV, FoodCo Nigeria, Global Accelerex, and Prestige Assurance all saw 80 to 160 percent increase.

Julius Berger, Nigeria’s construction behemoth, increased its income by 70.3 percent throughout the time. 54 percent for Genesis Food, 50.8 percent for Courtville, 48 percent for Briscoe, 45.4 percent for Mutual Benefits, and 44.3 percent for United Capital.

According to the British newspaper, certain corporations are missing from the list for a variety of reasons, including private companies’ refusal to divulge income numbers. The poll requires revenue figures to be certified by a CEO or other senior executive.

“From digitising informal trade to fintech and mining, the first list reflects developments on the continent,” the Financial Times stated in announcing the list of successful African companies.

Statista evaluated the officially reported revenue data of around 900 companies in Africa following the application period, noting that high-profile organizations that fit the requirements for inclusion were included to the list.

The information was gathered through research using legitimate sources such publicly available earnings pesentations, investor relations websites, and annual reports, according to the company.

The debut annual ranking of Africa’s fastest-growing companies, according to the Financial Times, presents a view of the corporate landscape in a continent where technology and support-service organizations have had to adjust to a dramatically changed environment.

The report stated that one of the most recent obstacles has been operating within the stringent limits imposed by several African nations in order to defeat COVID-19.

“In the end, the health impact has been less severe than many predicted outside of South Africa and areas of north Africa,” it stated. However, the economic effects of lockdown have been catastrophic, particularly in densely populated urban areas where many people were living on the edge.

“Many of the fastest-growing enterprises, particularly in the fintech sector, are attempting to reach Africa’s unbanked population or markets that were previously underserved or overlooked.” The health and education sectors, for example, are among those with the most room for expansion, thanks to unmet needs and rising aspirations.”

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