Nigerian firms dominated the London Stock Exchange Group’s (LSEG) ‘Companies to Inspire Africa’ report, taking pole position ahead of Kenya and thirty-one other Sub-saharan countries.
Nigeria was represented by 97 companies, ahead of Kenya that had 66 firms among the listed 360 companies operating within and across the African continent. Among these firms include small enterprises and established corporations operating in seven major sectors.
“Nigeria further built on its leading position established in the 2017 report with strong representation from the industry and technology and telecoms sectors.”
According to the report, companies listed last year went on to record significant progress and achievements which included pursuing IPOs and issuing bonds to grow. Another notable achievement by some firms included expansion into multinational status, making in-roads into other African countries and globally within one year.
Sectors represented in the LSEG report
While companies in healthcare, education and renewable energy industry are duly represented, Technology, telecoms, and financial services together represented over 25 per cent of the firms, while consumer services, industry and agriculture are the three biggest sectors, making up 50 per cent of the companies featured.
Notable Nigerian companies listed
Some of the Nigerian firms listed are Kian Smith Trade & Co Limited, which is building the country’s first gold refinery; FSDH Merchant Bank Limited; Ladol Integrated Logistics Free Zone Enterprise; Jumia; Asharami Synergy Plc, BudgIT Foundation; Interswitch Limited; Ensure Insurance Plc; Lagos Business School, Pan-Atlantic University; North-South Power Company Plc; Leadway Assurance Company Limited; Farmcrowdy Limited and Venia Group.
Purpose of the report
The West Africa Regional Senior Partner, Pricewaterhouse Cooper (PwC), Uyi Akpata said the ‘companies to inspire Africa report’ serves as a publicity platform, an intermediary between African firms and the global audience. It is an initiative that exposes these companies to a foreign market, London-based investors and strategic partners.
Meanwhile, Chief Executive Officer of LSEG, David Schwimmer said inspirational and entrepreneurial businesses from across the African continent are represented in the report, adding that, LSEG’s objective is to help the listed companies realise their potential and celebrate their success as well.
“London Stock Exchange Group’s ‘Companies to Inspire Africa’ report showcases inspirational and entrepreneurial businesses from across the African continent, representing a wide variety of industries and countries.
“It is particularly encouraging to see the increasing influence of women in leadership roles in these fast-growing companies, playing a pivotal role in shaping the future of African business.
“These high-growth companies have the potential to transform the African economy and become tomorrow’s job creators.”
The report was produced in partnership with African Development Bank Group, Commonwealth Development Corporation (CDC) Group, PricewaterhouseCoopers (PwC) and Asoko Insight, and its sponsored by Instinctif Partners and Stephenson Harwood.