Nigeria’s business resilience shines in FT’s Africa growth rankings

• Omniretail, Palmpay,Remedial Health lead growth wave

Onome Amuge

The Financial Times’ ranking of Africa’s Fastest-Growing Companies compiled in collaboration with Statista, recently analysed the compound annual growth rate (CAGR) of African companies between 2020 and 2023, offering a retrospective yet insightful view of Africa’s burgeoning businesses. While South Africa leads in overall numbers, Nigeria also had a strong representation within the top tier, reflecting its vibrant and resilient business ecosystem.

This is as a cohort of indigenous Nigerian companies demonstrated exceptional growth, securing prominent positions in the  FT’s latest iteration of the ranking. Despite broader economic challenges, these ten Nigerian enterprises have not only thrived but have also set a blistering pace, showcasing the nation’s potential across diverse sectors.

Business A.M.,in an analysis of the ranking, spotlights the top ten Nigerian companies that have made a significant mark on the continental growth chart:

Top 10 fastest-growing Nigerian companies and how they fared in the African domain

Sectoral strengths and growth drivers

The composition of Nigeria’s top performers reveals key growth sectors within the economy:

E-commerce dominance: Omniretail Inc’s 795.9 per cent compound annual growth rate (CAGR) reflected the transformative power of e-commerce in reaching Nigeria’s vast consumer market. The company’s revenue rise from a modest $0.28 million in 2020 to $120.15 million in 2023 highlights the rapid adoption of online retail which saw the company ranked the fastest growing startup during the reviewed period.

Fintech revolution: The strong presence of fintech players like PalmPay (583.6% CAGR) and Moniepoint Inc (160.3% CAGR), alongside Alpha Morgan Capital Managers Ltd (104.3% CAGR), showcased the ongoing disruption and expansion within Nigeria’s financial services sector. The FT ranking is considered a testament that these companies are leveraging technology to provide accessible and innovative financial solutions.

Healthcare innovation: Remedial Health Inc’s  339.1 per cent CAGR in the pharmaceuticals and cosmetics sector points to the growing demand for efficient healthcare supply chains and pharmaceutical accessibility across the nation.

Technological advancement: Termii Inc’s 207.8 per cent CAGR in the media and telecommunications space reflects the increasing integration of technology in communication and information dissemination.

Logistics and infrastructure: Bisedge Ltd’s 180.0 per cent CAGR in logistics and transportation reflects the critical need for and growth within the infrastructure supporting Nigeria’s expanding economy.

Energy transition: Winock Solar Nigeria Ltd’s 160.5 per cent CAGR in the energy and utilities sector signals the growing importance and adoption of renewable energy solutions within the country.

Healthcare expansion: Evercare Hospital Lekki Ltd’s 145.6 per cent CAGR demonstrates the increasing investment and demand for quality healthcare services in Nigeria.

Resource sector resilience: Neveah Ltd’s 118.1 per cent CAGR in the metals and mining sector indicates the continued significance and growth potential within Nigeria’s natural resource industries.

Driving growth amidst challenges

The impressive growth rates of these Nigerian companies, as highlighted by the Financial Times ranking, underscore their ability to operate effectively despite economic headwinds and capitalise on emerging opportunities. 

According to analysts, their success stories provide valuable insights into the dynamics of the Nigerian market and the potential for innovation and expansion across various sectors. 

As these companies continue on their growth trajectories, they are seen as not only contributing significantly to Nigeria’s economic landscape but also serving as beacons of entrepreneurial success on the African continent.

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