Taking the lead position ahead of Kenya and thirty-one other Sub-Saharan countries, Nigerian firms dominated the London Stock Exchange Group’s (LSEG) ‘Companies to Inspire Africa’ report.
Ahead of Kenya that had 66 firms among the listed 360 companies operating within and across the African continent, Nigeria was represented by 97 companies. The firms highlighted in the report include small enterprises and established corporations operating in seven major sectors.
The report revealed that companies listed last year went on to record significant progress and achievements which included pursuing IPOs and issuing bonds to grow. It also noted that some companies had successfully become multinationals by expanding into other countries within one year.
Companies in the healthcare, education and renewable energy industry were listed in the report. However, technology, telecommunications and financial services represented over 25 percent of the firms noted in the report. Consumer services, industry and agriculture are the three biggest sectors, making up 50 percent of the companies featured.
The West Africa Regional Senior Partner, Pricewaterhouse Cooper (PwC), Uyi Akpata, who spoke on the purpose of the report, said the ‘Companies to Inspire Africa’ report serves as a publicity platform, an intermediary between African firms and the global audience. He noted that it is an initiative to expose the companies listed to a foreign market, London-based investors and strategic partners.
The Chief Executive Officer of LSEG, David Schwimmer said the “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”.
Some of the Nigerian companies listed include 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.
According to Schwimmer, “these high-growth companies have the potential to transform the African economy and become tomorrow’s job creators”.
The report was produced in partnership with African Development Bank Group, Commonwealth Development Corporation (CDC) Group, PricewaterhouseCoopers (PwC) and Asoko Insight, and is sponsored by Instinctif Partners and Stephenson Harwood.