Nigeria Emerges Highest Concentration of High Growth Companies in Africa
Nigeria has emerged as the country with highest concentration of high growth companies in Africa. This was contained in the inaugural ‘Companies To Inspire Africa’ report.
‘Companies to Inspire Africa’ report is a London Stock Exchange Group’s (LSEG) celebration of some of the fastest growing and most dynamic privately owned companies in Africa.
The report, carried out in partnership with PWC, Africa Development Bank Group and CDC Group named 59 Nigerian firms out of 343 companies from 42 African countries, representing 17 per cent of the total number of firms in the report.
Addressing capital market participants at the launch of the report in Lagos at the weekend, the co-head of emerging markets strategy, LSEG, Ibukun Adebayo, said the 59 businesses from Nigeria showed strong base and successful growth potential in the country and the prospects for further growth.
According to him, strong growth potential of these Nigerian firms provides a vital platform for job creation and skill development in Nigeria.
“The report in details, the opportunities and challenges facing growth companies and looks at the sectors and trends that will shape the future of the African economy.
“The report also highlights strong company performances and the potentials for these firms to become the next corporate champions powering Africa’s future economic and social development.
“Industry is the biggest sector, with 17 companies featuring on the list, closely followed by the consumer services, where 11 providers have been selected, demonstrating the success of Nigeria’s efforts to diversify its economy,” he added.
The Country Senior Partner, PWC Nigeria, Uyi Akpata, pointed out that the report demonstrates the huge role SMEs play as the driving force behind African economic growth, especially in the areas of developing skills and job creation.
He expressed optimism that the report would educate investors, introducing them to opportunities that these companies may offer in a near future. He added that “PWC is proud to have partnered with LSEG on this first of its kind report. For PWC as a firm, this also demonstrates our commitment to raising awareness about the unrivalled potential and opportunities in this market while also celebrating leading businesses adding value to the economy.”