Nigeria has contributed 97 out of the 360 companies listed in the second edition of the London Stock Exchange Group’s Companies to Inspire Africa report.
The report, which identifies 360 companies in 32 countries in Africa, was launched on Wednesday with Kenya also contributing 66 companies.
“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, with seven major sectors represented, featured companies including small entrepreneurial businesses to well-established corporations.
According to the report, consumer services, industry and agriculture are the three biggest sectors, contributing over 50 per cent of the companies featured, while technology and telecoms, and financial services together represent over 25 per cent of firms.
Healthcare and education and renewable energy also featured 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.
According to the Chief Executive Officer, LSEG, David Schwimmer, 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.
Schwimmer 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.