Fastest Growing Companies in Africa: OmniRetail, 24 Others Top FT 2024 List

The latest ranking by the Financial Times and research firm Statista highlights twenty-five Nigerian companies as the fastest growing in Africa, showcasing a surprising economic buoyancy amid global challenges.

The 2024 ranking marks the third year of identifying high-performing businesses across the continent. It lists 125 companies, organised based on their highest compound annual growth rate (CAGR) in revenue from 2019 to 2022.

Despite Nigeria grappling with economic instability in 2023 – characterised by escalating inflation and a plummeting naira – the country continues to be a stronghold of entrepreneurial success.

Nigeria stands as the second most represented country in this year’s list of fastest growing companies in Africa, trailing only South Africa, a nation similarly struggling with slow growth rates.

What FT said About the List

“Nigeria, one of the continent’s three biggest economies, spent 2023 in economic crisis as prices spiralled upwards and the naira went into freefall.

Nevertheless, it still had the second highest number of companies in our ranking of Africa’s fastest-growing. South Africa, where growth has also been lacklustre, was home to the highest number.”

The Financial Times highlighted that companies based in Mauritius performed well, with nine making the list, up from four in the previous year. South Africa led with 42 companies, Nigeria followed with 25, and Kenya was third with 12 companies included.

“Again, it was a Nigerian company — this time Omniretail — that came top. As in previous years, the winning business is a B2B e-commerce platform that helps small retailers, kiosk owners, and market traders digitise their business,” the publication added.

The 25 Nigerian Companies on the List

1. Omniretail – Spearheading the list with an incredible revenue growth of 66,294.9%, this B2B e-commerce platform is revolutionising how small retailers operate.

2. Moniepoint – A digital banking platform that saw its revenue surge by 7,979.3%.

3. Afex Commodities Exchange Limited – Recorded a growth of 5,733.1% in the commodities sector.

4. Mycredit Investments Limited – Finance company with a growth of 1,719.1%.

5. Alpha Morgan Capital Managers Limited – Achieved nearly tenfold revenue increase at 994.8%.

6. Thrive Agric Limited – Notable for its impact in the agricultural sector.

7. Bisedge Limited – Specialises in technology solutions.

8. The Seamless Company Limited – Innovator in consumer services.

9. West African Soy Industries Limited – A leader in agricultural processing.

10. Sundry Markets Limited – A key player in the retail market.

11. Veritas Homes and Properties Limited – Expanding rapidly in real estate.

12. Paga Group Limited – Enhancing financial accessibility through mobile payments.

13. United Capital Plc – A stalwart in financial services.

14. Fidson Healthcare Plc – A leading pharmaceutical company.

15. R.T Briscoe Plc – Specializes in automobile and equipment.

16. Tripple Gee & Company Plc – Engaged in manufacturing and printing.

17. BUA Foods Plc – Dominates the food production industry.

18. Black House Media Group Limited – A dynamic media and communications firm.

19. Comercio Partners Limited – Focuses on investment and asset management.

20. Wacot Rice Limited – Central to the rice production chain.

21. John Holt Plc – A diversified conglomerate.

22. Amel International Services Limited – Provides essential services across sectors.

23. Academy Press Plc – Pioneers in the printing industry.

24. Cutix Plc – Manufactures a wide range of electrical products.

25. Transcorp Hotels Plc – A leading name in hospitality and tourism.

ALSO READ: OmniRetail: How Deepankar Rustagi is Digitally Unifying Africa’s Supply Chain

IMF Reacts

Abebe Selassie, head of the IMF’s Africa department, commented on the pandemic’s severe impact on the continent’s economy but highlighted the remarkable resilience of the private sector.

“Much of the private sector, particularly those not reliant on government contracts, has shown incredible resilience,” Selassie stated.

This list of the fast growing companies in Africa proves the innovative capabilities and strategic adaptations that have allowed these companies to not only survive but thrive.

The prominence of Nigerian companies on this list not only underscores the potential within the Nigerian market but also reflects the broader adaptability and entrepreneurial spirit of its business sector.