Seven companies in Nigeria are part of the top 20 fastest growing companies for the year 2024 according to a list compiled by the British Media Company, Financial Times.
The report, which examined over 100 companies across the continent, considered various parameters including sectors, years of establishment, number of employees, and compound annual growth rates to rank the companies.
In addition, the report also covered sectors such as e-commerce, food and beverages, manufacturing, energy and utilities, and real estate, among others.
The top-ranking firms include companies from Nigeria, Mauritius, South Africa and Egypt.
The report noted:
“Nigeria, one of the continent’s three biggest economies, spent 2023 in economic crisis as prices spiraled upwards and the naira went into freefall.
“Nevertheless, it still had the second highest number of companies in our ranking of Africa’s fastest-growing, compiled in conjunction with research company Statista. South Africa, where growth has also been lacklustre, was home to the highest number.
“Even generally more dynamic economies, such as Kenya — which, like many African countries is labouring under high public debt — struggled to get out of the low-growth doldrums as inflation gnawed at disposable income and the government squeezed expenditure.”
Nigerian companies in the top 20
According to the report, seven companies from Nigeria made the top 20 list while over 30 Nigerian companies made the 125 companies list.
Notably, the report stated that Nigeria has the second-highest number of companies on the list, indicating the dominance of the West African country in the economic landscape of the continent.
Nigerian companies captured include sectors such as e-commerce, fintech, logistics and transportation as well as the service sector.
Even though Nigeria’s agricultural sector contributes more to the Gross Domestic Product (GDP), no company from the sector makes the top twenty of the list.
The seven companies ranked in the top twenty of the list are:
- Omniretail Inc.
- Moniepoint Inc.
- Afex Commodities Exchange Ltd.
- Alpha Morgan Capital Managers Ltd.
- Mycredit Investments Ltd. (Fair Money).
- Thrive Agric Ltd.
- Bisedge Ltd.
Methodology and insights
According to the report, the 2024 ranking features a broader geographical spread of companies compared to previous years.
The report noted that Morocco made a significant entry with 12 companies in the top 125, a substantial increase from just three in the previous ranking.
In addition, it highlighted that companies domiciled in Mauritius also showed strong performance, with nine winners compared to four in 2022.
It also emphasized that South Africa led with 42 companies on the list, followed by Nigeria with 25. Kenya also made a notable showing, tying with Morocco at 12 companies.
Methodologically, the report said the ranking is ordered by the highest compound annual growth in revenues (CAGR) between 2019 and 2022.
Criteria for inclusion in the list
Moreover, Financial Times said that to be included in the list of Africa’s fastest-growing companies, a company had to meet the following criteria:
- Revenue of at least US$100,000 generated in 2019 (1);
- Revenue of at least US$1.5mn generated in 2022 (1);
- An independent company (not a subsidiary or branch office of any kind);
- Headquartered in an African country (2);
- Revenue growth between 2019 and 2022 that was primarily organic (ie “internally” stimulated).