21 Nigerian Companies among 75 Africa’s Fastest Growing Companies in FT Ranking 2022

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Having released its inaugural annual ranking of Africa’s Fastest Growing Companies, Financial Times’ report provides a solid glimpse at the African corporate landscape, with technology, fintech and support-service businesses adapting to a radically altered environment.

In the report, South Africa had the most companies followed by Nigeria, Kenya and Egypt. The companies were ranked by their absolute growth rate, compound annual growth rate (CAGR) and revenue, showing 2017 and 2020 revenues in millions.

The Nigerian companies among FT Ranking of Africa’s Fastest Growing Companies 2022 include:

1. AFEX Commodities Exchange Ltd.: AFEX is an agricultural commodities company with an absolute growth rate of 4289.8% and compound annual growth rate (CAGR) of 252.8% founded in 2014. The company made $31.7 million in revenue in 2020, compared to $0.8 million in 2017.     

2. Zedcrest Capital Ltd.: Founded in 2013, Zedcrest is a Financial Services company with an absolute growth rate of 1481.8% and a CAGR of 151.0%. The company had revenue of $43.5 million in 2020 compared to $3.2 million in 2017.

3. Starsight Power Utility Ltd.: Founded in 2015, Starsight is an energy-focused company which has an absolute growth rate of 1154.4% and a CAGR of 132.4%. The company made $8.9 million in revenue for the year 2020, compared to $0.8 million in 2017.

4. Kawai Technologies Ltd.: The support services company has an absolute growth rate of 535.7% and a CAGR of 85.2%. In revenues, the company made $4.9 million compared to $0.9 million in 2017.

5. West African Soy Industries Ltd.: Focusing on agricultural commodities, WASIL has an absolute growth rate of 507.7% and a CAGR of 82.5%. The company, founded in 2015, made $116.5 revenue in 2020 compared to $22.5 million in 2017.

6. Comercio Partners Ltd.: A Financial Services company founded in 2016, Comercio has an absolute growth rate of 232.4% and a CAGR of 49.2%. The company made $3.6 million revenue in 2020 compared to $1.1 million in 2017.

7. Alpha Morgan Capital Managers Ltd.: Also a Financial Services with an absolute growth rate of 196.3% and a CAGR of 43.6%, Alpha Morgan, founded in 2012, made $3.1 million revenue in 2020, compared to $1.1 million in 2017.   

8. WACOT Rice Ltd.: is an Agricultural Commodities company founded in 2014. The company has an absolute growth rate of 187.8% and CAGR of 42.2%. In 2020, WACOT made $73.1 million revenue compared to $29.8 million in 2017.  

9. Field Intelligence, Inc.: Health company with 178.7% absolute growth rate and a CAGR of 40.7%. Founded in 2015, the company made $1.7 million in 2020, compared to $0.6 million in 2017.

10. Tripple Gee & Co. Plc: Having been in operation since 1980, Tripple Gee is a support services company with an absolute growth rate of 170.1% and a CAGR of 39.3%. The company made $5.6 million revenue in 2020 compared to $2.4 million in 2017.

11. IHS Nigeria: The telecoms company, founded in 2001, has an absolute growth rate of 160.6% and a CAGR of 37.6%. In 2020, it had revenue of $1,037.6 million, far beyond its $398.1 million in 2017.   

12. FoodCo Nigeria Ltd.: A retail company with absolute growth rate of 144.9% and CAGR of 34.8%, FoodCo made $17.7 million revenue in 2020 compared to $8.5 million in 2017.   

13. Global Accelerex Ltd.: Fintech company with 121.0% absolute growth rate and CAGR of 30.3%, Global Accelerex was founded in 2013 and made revenue of $16.8 million in 2020, compared to $8.9 million in 2017.

14. Prestige Assurance Co. Plc: Prestige Assurance is an insurance company with absolute growth rate of 84.0% and CAGR of 22.5%. The company made $19.5 million in 2020, compared to $12.5 million in 2017.

15. Julius Berger Nigeria Plc: Julius Berger is a Construction company with an absolute growth rate of 70.4% and a CAGR of 19.4%. The company made $673.1 million revenue in 2020, compared to $464.0 million in 2017.

16. Genesis Food Nigeria Ltd.: The restaurants-focused company has an absolute growth rate of 54.1% and CAGR of 15.5%. The company made revenue of $24.4 million in 2020 compared to $18.6 million in 2017.

17. Courteville Business Solutions Plc: Courteville is a technology company with absolute growth rate of 50.8% and CAGR of 14.7%. The company made $4.7 million in 2020, compared to $3.7 million in 2017.

18. RT Briscoe Plc: An Automobiles company with absolute growth rate of 48.0% and CAGR of    14.0%. In revenue, Briscoe made $18.0 million in 2020, compared to $14.3 million in 2017.

19. Mutual Benefits Assurance Plc: The insurance company has an absolute growth rate of 45.5% and CAGR of 13.3%. In 2020, it made revenue of $54.1 million, compared to $43.7 million in 2017.

20. United Capital Plc: United Capital is a Financial Services company with an absolute growth rate of 44.4% and a CAGR of 13.0%. Compared to 2017, where it made revenue of $29.2 million, the company had $35.8 million in 2020.

21. Northern Nigeria Flour Mills Plc: A Food & Beverage, NNFM has an absolute growth rate of 42.2% and a CAGR of 12.4%. The company made $2,148.1 million in total revenue for 2020, compared to $1,774.6 million in 2017.