97 NIGERIAN FIRMS LISTED AMONG COMPANIES TO INSPIRE AFRICA
The London Stock Exchange Group, on Wednesday, launched the second edition of its ‘Companies to Inspire Africa’ report, with Nigeria having the single largest representation. Nigeria and Kenya led the countries represented in the report, with 97 and 66 firms respectively.
“Nigeria further built on its leading position established in the 2017 report with strong representation from the industry and technology and telecoms sectors,” the LSEG said in an emailed statement.
The report, which identifies 360 companies from 32 countries across the African continent with seven major sectors represented, featured companies including small entrepreneurial businesses through to well-established corporations.
Consumer services, industry and agriculture are the three biggest sectors, between them making up over 50 per cent of the companies featured. Technology and telecoms, and financial services together represent over 25 per cent of firms, while healthcare and education and renewable energy also feature strongly.
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.
The Chief Executive Officer, LSEG, David Schwimmer, said the firms listed in last year’s report had already realised significant progress and achievements in the last 12 months in a variety of ways, including pursuing IPOs and issuing bonds to grow, while some had also undertaken cross-border expansion, both within the African continent and globally.
He said, “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. At LSEG, we are committed to helping companies realise that potential and we are pleased to highlight and celebrate the company success stories behind one of the world’s fastest growing markets.”
The report was produced in partnership with African Development Bank Group, CDC Group, PwC and Asoko Insight, and the report is sponsored by Instinctif Partners and Stephenson Harwood. The West Africa Regional Senior Partner, PwC, Uyi Akpata, said, “We are extremely honored to partner again with London Stock Exchange Group for the second series of the ‘Companies to Inspire Africa’ report. At PwC, we view private businesses as a critical catalyst to job creation, economic growth, and innovation.
“Initiatives such as this help expose these companies to a global audience, and we hope will lead to further collaboration across border with London-based investors and strategic partners. It is also great to see the public sector represented here. It is an important testament to their commitment to supporting the private sector and continuing to drive improvements in ease of doing business.”