London Stock Exchange Group (LSEG) at the weekend launched a report listing the fastest growing private businesses across Africa, with Nigerian companies dominating the rankings.
The report titled “Companies to Inspire Africa” identified 343 companies in 42 African countries, where a total of 58 Nigerian companies made it to the list “of the most exciting and promising companies, including small businesses.”
Some of the Nigerian companies that made it to the list include Beloxxi Industries Limited, a biscuit manufacturer, producer of popular brand Beloxxi Cream Crackers; Interswitch, a Nigerian e-payment processer, and Mouka Limited, one of Nigeria’s largest mattress manufacturers, producing a wide range of bedding products.
Also, Sigma Pensions, which gathers, administers, and invests pension contributions on behalf of Nigerian customers, was listed among Africa’s fastest growing businesses.
The report was produced in partnership with the African Development Bank Group, CDC Group and PwC, who contributed their expertise to the report, with sponsorship from Citi, Diamond Bank and FTI Consulting.
LSEG is further planning regional events in major African cities throughout April and May 2017, according to data obtained from the British high commission in Abuja through Joe Abuku, its information and communications officer.
The data show that on April 26, an event will be hosted in Abidjan, Côte d’Ivoire, while on April 27, Lagos, Nigeria will play host.
Other events to showcase the report are scheduled for May 9 in Casablanca, Morocco; May 12 in Nairobi, Kenya; and May 29 in Johannesburg, South Africa.
The report said industry is the biggest sector to be represented in Nigeria, with 17 companies featuring on the list, closely followed by consumer services, where 11 providers have been selected, demonstrating the success of Nigeria’s efforts to diversify its economy.
Xavier Rolet, chief executive of the LSEG said “we are delighted to release the first edition of London Stock Exchange Group’s ‘Companies to Inspire Africa’ report, which follows the success of our research focused on the UK and European SMEs. For the first time ever, we have identified hundreds of Africa’s most inspirational and dynamic private companies.”
He further stressed that the report demonstrates the huge role that small and medium sized enterprises are playing as the driving force behind African economies, developing skills, creating high quality jobs and delivering growth.
The London Stock Exchange has made it a mission for over 300 years to support access to growth capital for small and large companies in all parts of the world.
“We are proud to play our part in this great economic journey by shining a light on Africa’s success stories. We are also continuing to work in partnership with African stock exchanges to help develop robust, efficient and transparent capital markets to raise finance for companies like the ones listed in this report and thousands of others to realize their potential,” said Rolet.
