Small entrepreneurial businesses through to well-established corporations in Nigeria and Kenya made up 45 percent of the 360 African companies identified in the London Stock Exchange Group’s ‘Companies to Inspire Africa’ report released on Wednesday.
The report is aimed at identifying and celebrating some of Africa’s most dynamic growth businesses, some which have an average revenue Compound Annual Growth Rate (CAGR) of about 46 percent.
“Africa is going through a period of enormous change. Five of the world’s fasting-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,” said International Development Secretary, Penny Mordaunt.
“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,” Mordaunt added.
The report, which is in its second edition was presented at the Companies to Inspire #Africa conference held in London with partners such as the African Development Bank, Asoko Insight, CDC Group and PwC, as well as sponsors Instinctif Partners and Stephenson Harwood.
“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,” said David Schwimmer, CEO, LSEG.
“These high growth companies have the potential to transform the African economy and become tomorrow’s job creators,” Schwimmer added.
Commenting on the report, Uyi Akpata, West Africa Regional Senior Partner, PwC, stated that private businesses are 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,” Akpata said. “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.”
There were 97 Nigerian companies on the list which also has 66 Kenyan companies. LSE noted that the companies in the report are creating significant employment opportunities across Africa with each company employing an averageof 363 people.
The report will also be launched in Lagos, Nigeria’s economic capital.