Nigerian e-commerce company Omni Retail has emerged as Africa's fastest growing company, according to the latest 2024 Africa Fastest Growing Companies Rankings by the Financial Times and research firm Statista. Business Day is a collaborating partner in the research conducted by research firm Statista.
The ranking is now in its third year and comes as many economies struggle to recover from the coronavirus pandemic. It lists 125 companies with the highest compound annual revenue growth rate (CAGR) from 2019 to 2022.
“Once again, the top spot goes to a Nigerian company, this time Omni Retail. As in previous years, the winning company is a B2B e-commerce platform that helps small retailers, kiosk owners and market traders digitize their businesses. ” said the FT in its ranking report.
Further findings show that Omni Retail, which was established in 2019, recorded a revenue increase of 66,294.9% from 89.3 million naira in 2019 to 59.3 billion naira in 2022.
Moniepoint, a digital banking platform for businesses, was ranked 4th in Africa. The company’s revenue increased by 7,979.3% from N1.84 million to N148.6 million. Afex ranked 5th with turnover increasing by 5,733.1% from his 3.01 billion Naira to 176.1 billion Naira. Mycredit Investments Limited, ranked 12th, recorded a 1,719.1% increase in revenue from N3.33 billion to N60.6 billion.
Alpha Morgan Capital Managers Limited’s revenue increased by 994.8% to N5.84 billion from N553.3 million.
Other Nigerian companies on the list are Thrive Agric Limited, Bisedge Limited, The Seamless Company Limited, West African Soy Industries Limited, Sundry Markets Limited, Veritasi Homes and Properties Limited, and Paga Group Limited.
The rest are United Capital Plc, Fidson Healthcare Plc, RT Briscoe Plc, Triple Gee & Company Plc, BUA Foods Plc, Black House Media Group Limited, Comercio Partners Limited, Wacot Rice Limited, John Holt Plc, Amel International Services Limited, and Academy Press. Plc, Cutix Plc, Transcorp Hotels Plc.
“Nigeria, one of the three largest economies on the African continent, spent 2023 in an economic crisis as prices soared and the naira collapsed.” “South Africa remains the second-largest country in terms of fastest-growing companies. South Africa, which is also experiencing slowing growth, has the highest number of companies,” the report said.
The report finds that even generally more dynamic economies, such as Kenya, which, like many African countries, suffers from high public debt, are experiencing slumps as inflation eats away at disposable incomes and governments squeeze spending. He said the country is struggling to break out of a growth slump.
“This year's ranking has a wider geographical range of companies than in previous years. The big newcomer is Morocco, with 12 companies in the top 125, compared to just three last time.” the report added.
The FT also reported that Mauritius-based companies also did well with nine companies, up from four in 2022, but South Africa was on the list with 42, followed by Nigeria with 25 and Kenya tied for third with 12. It pointed out.
IMF Africa Director Abebe Selassie has acknowledged that the coronavirus pandemic is causing economic setbacks. “We are concerned about the impact the pandemic is having on poverty, especially in the most vulnerable countries.”
Still, he noted, many businesses have managed to survive and even thrive. “Much of the private sector, particularly those not directly dependent on government business, has shown remarkable resilience,” he said.
Through research in company databases and other public sources, Statista has identified thousands of African companies as potential candidates for the FT rankings.
Companies were invited to participate in the survey by mail and email. The project was promoted online and in print, and all eligible companies were able to register via his website created by Statista and the Financial Times.
The application phase lasted from October 9, 2023 to February 29, 2024. The revenue figures submitted had to be certified by the company's chief financial officer, chief executive officer, or management committee.
To be included in the list of Africa's fastest growing companies, a company must have a revenue of at least $100,000 in 2019 and a revenue of at least $1.5 million in 2022. , it had to meet criteria such as being an independent company (not a subsidiary). or branches of any kind); the company's headquarters are located in the African country, and its revenue growth from 2019 to 2022 was primarily organic (i.e. driven by “internal” stimuli).
