ADVERTISEMENT

10 fastest growing Nigerian firms in Africa 2024

Of the 125 companies that made it to the list this year, 42 were South African companies, 25 were Nigeria, while Kenya and Morocco had 12 companies each.

10 fastest growing companies in Africa in 2024

The latest ranking of the fastest-growing companies in Africa in 2024 has showcased some Nigerian companies that have emerged as leaders in their respective sectors.

Out of the 125 companies that made it to the list this year, 42 were South African companies, 25 were Nigeria, while Kenya and Morocco had 12 companies each.

The ranking published by the Financial Times and research firm Statista is based on the compound annual growth rate (CAGR) in revenue between 2019 and 2022 and analysed the firms’ economic growth after recovering from the COVID pandemic.

ADVERTISEMENT

Here are the 10 top Nigerian-owned companies listed in the report:

Established in 2019, OmniRetail came top of the list as the fastest-growing company in Africa.

The firm is a B2B e-commerce startup and grew its revenues by 772.39% to $139.8 million in 2022.

ADVERTISEMENT

Moniepoint is the second Nigerian company on the list but ranked fourth in Africa as the fastest-growing company.

Established in 2015, Moniepoint, a financial services company grew its income from $1.84 million in 2019, to $148.7 million in 2022 with a compound annual growth rate of 332.31%.

Afex, a commodities brokerage firm came in as the third Nigerian company but ranked in fifth place in Africa.

Afex was established in 2014. The firm grew its revenue from $8.38 million in 2019, to $415.54 million in 2022 with a compound annual growth rate of 287.82%

ADVERTISEMENT

The parent company of Nigeria’s popular fintech firm, Fairmoney came in as the fourth Nigerian company on the list but was ranked in 12th position in Africa.

Faimoney was established in 2017. The firm grew its revenue from $9.25 million in 2019, to $142.93 million in 2022 with a compound annual growth rate of 163%.

The fifth Nigerian company on the list is Alpha Morgan Capital Managers Ltd. The firm which was established in 2012 was ranked 16th in Africa. Alpha Morgan grew its income from $1.48 million in 2019, to $13.79 million in 2022 with a compound annual growth rate of 122.5%.

ADVERTISEMENT

ThriveAgric, a scientific and technical services company was recorded as the sixth Nigerian company on the list and ranked 18th in Africa. The firm was established in 2016 and grew its revenue from $8.1 million in 2019, to $73.26 million in 2022 with a compound annual growth rate of 120.01%.

Bisedge Ltd, a logistics and transportation firm was established in 2016. The company is the seventh Nigerian company on the list and ranked 19th in Africa, It grew its profits to $3.14 million in 2022 and has a compound annual growth rate of 117.33%.

ADVERTISEMENT

The Seamless Company Ltd, an IT and software company is the eighth Nigerian company on the list and is ranked 24th in Africa. Seamless HR was established in 2019 and grew its revenue to $2.62 million in 2022. The firm has a compound annual growth rate of 100.06%

West African Soy Industries Ltd., also known as Wasil, is an agricultural processing firm and was established in 2015. Wasil is the ninth Nigerian company on the list and is ranked 31st in Africa.

Wasil grew its profits from $53.6 million in 2019, to $248.71 in 2022 and has a compound annual growth rate of 76.09%.

ADVERTISEMENT

Sundry Markets Ltd. is the 10th Nigerian company on the list and ranked 45th in Africa. Sundry Markets is the operator of Marketsquare shopping mall and was established in 2014.

Marketsquare grew its profits from $39.6 million in 2019, to $128.42 million in 2022. It has a compound annual growth rate of 56.3%.

According to the Financial Times report, Nigeria had the second-highest number of companies in the ranking. The firms have been commended for achieving such significant revenue growth despite the COVID-19 pandemic and the threatening economic climate in the country.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Exploring Crypto day trading for beginners

Exploring Crypto day trading for beginners

OPay reaffirms prohibition of cryptocurrency, virtual assets trading on its platform

OPay reaffirms prohibition of cryptocurrency, virtual assets trading on its platform

Best Online Poker Sites Australia: Play Poker online for real money

Best Online Poker Sites Australia: Play Poker online for real money

Poultry farmers lament egg price hike amid scarcity and expensive feed

Poultry farmers lament egg price hike amid scarcity and expensive feed

Illegal loan apps change strategy as FCCPC delists 47

Illegal loan apps change strategy as FCCPC delists 47

Vesti partners Future Awards Africa to invest $250,000 in talented youth

Vesti partners Future Awards Africa to invest $250,000 in talented youth

Global economy to stabilise in 2024, but slower than pre-COVID levels - World Bank

Global economy to stabilise in 2024, but slower than pre-COVID levels - World Bank

Top 10 banks in ESG ranking for financial institutions

Top 10 banks in ESG ranking for financial institutions

Guinness Nigeria witnesses ownership shift as Diageo sells shares to Tolaram

Guinness Nigeria witnesses ownership shift as Diageo sells shares to Tolaram

ADVERTISEMENT
ADVERTISEMENT