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.
10 fastest growing Nigerian firms in Africa 2024
Here are the 10 top Nigerian-owned companies listed in the report:
1. OmniRetail
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.
2. Moniepoint
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%.
3. Afex Commodities Exchange Ltd.
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%
4. Mycredit Investments Ltd.
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%.
5. Alpha Morgan Capital Managers Ltd.
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%.
6. Thrive Agric Ltd.
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%.
7. Bisedge Ltd.
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%.
8. The Seamless Company Ltd.
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%
9. West African Soy Industries Ltd.
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%.
10. Sundry Markets Ltd.
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.