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Nigerian growth companies lead representation in LSEG’s ‘Companies to Inspire Africa 2019’ report

  • 2019 report identifies a new cohort of fast growing and dynamic private businesses across Africa
  • 360 companies selected from 32 countries
  • 97 Nigerian companies included in the report: largest representation of companies featured, constituting 27% of the featured firms in the report.
  • Strong emphasis on Industry and Technology & Telecoms in Nigeria, with just under half of their companies coming from these sectors
  • Exceptional growth rates for Nigerian firms reflected in featured CAGR of 47% revenue CAGR and average employee CAGR of 23% over 3 years
  • 22% of Nigerian companies in the report are led by women

 

Today, London Stock Exchange Group launches the second edition of its ‘Companies to Inspire Africa’ report, identifying and celebrating some of Africa’s most dynamic growth businesses. David Schwimmer, CEO, London Stock Exchange Group was joined by International Development Secretary, Penny Mordaunt to welcome guests including the CEOs of featured companies, African government representatives, Africa-focused investors and trade groups to the Group’s London headquarters. Also, in attendance were official partners to the report, the African Development Bank, Asoko Insight, CDC Group and PwC, together with sponsors Instinctif Partners and Stephenson Harwood.

International Development Secretary, Penny Mordaunt, said:

“Africa is going through a period of enormous change. Five of the world’s fastest-growing economies are African and by 2050 a quarter of the world’s population will live there. This growth presents unique opportunities for us all.

“The Companies to Inspire Africa report highlights the leading private companies operating in Africa, which have the most inspiring stories and the strongest growth potential

“By combining African-led ambition with British expertise we can unlock investment and create more jobs for Africa and the UK. This is a win for Africa and a win for the UK.”

David Schwimmer, CEO, LSEG, 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.”

Uyi Akpata, West Africa Regional Senior Partner, PwC, said:

“We are extremely honoured to partner again with London Stock Exchange Group for the second series of the ‘Companies to Inspire Africa’ report. At PwC, we view private businesses as a critical catalyst to job creation, economic growth, and innovation. Initiatives such as this help expose these companies to a global audience, and we hope will lead to further collaboration across border with London-based investors and strategic partners. It is also great to see the public sector represented here. It is an important testament to their commitment to supporting the private sector and continuing to drive improvements in ease of doing business.

We are also looking forward to hosting the Lagos launch, especially given Nigeria has the single largest representation with 97 of the 360 companies. We at PwC are committed to supporting private businesses and applaud London Stock Exchange Group for this initiative.

Catriona Laing, British High Commissioner to Nigeria said:

“I am delighted to see that a large number of Nigerian companies feature in this year’s Companies to Inspire Africa (CTIA) report. This shows the innovation and talent of Nigerian business men and women, and the opportunities that the country offers for Small and Medium Enterprises. I look forward to meeting as many of these businesses as possible over the years to come. They will have a key role to play in economic development and job creation in Nigeria.”

 The 2019 report in numbers:

  • The 2019 report identifies 360 companies from 32 countries across the African Continent with 7 major sectors represented.
  • Revealing exceptional rates of growth amongst this year’s cohort, with average revenue Compound Annual Growth Rate (CAGR) at 46% and average employee CAGR at 25%, over three years, the report highlights the entrepreneurial and dynamic landscape of the African private sector.
  • Companies featured include small entrepreneurial businesses through to well-established corporations
  • Nigeria (97) and Kenya (66) led the countries represented in the report this year
  • Nigeria further built on its leading position established in the 2017 Report with strong representation from the Industry and Technology & Telecom sectors
  • The East-West African axis dominates this year’s Report with 130 companies from Western Africa and 147 from Eastern Africa
  • 23% of the companies are led by women, almost double the proportion in the 2017 report: Standout sectors where senior female executives are having a big impact are Healthcare & Education and Financial Services, with 39% and 31% are led by women CEOs
  • Agriculture remains an important sector for the continent with 53 companies, almost 15% of those featured
  • The companies in this year’s report are creating significant employment opportunities across Africa with each company employing an average of 363 people

The report was produced in partnership with African Development Bank Group, CDC Group, PwC and Asoko Insight who contributed their insight and expertise to select the featured companies, and the report is sponsored by Instinctif Partners and Stephenson Harwood.

A comprehensive searchable database of all the companies along with a downloadable PDF of the publication is available online at www.lseg.com/inspireafrica.

London Stock Exchange Group has a long history of supporting the development of African capital markets and investment in African companies. To learn more, click here.

 

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