The recently completed BUA Gypsum Plaster plant is Nigeria’s largest plaster (gypsum powder) production facility, which is set to boost local production and bridge the ever-increasing demand for plaster whilst reducing reliance on product imports into Nigeria.

Speaking on this achievement, Abdul Samad Rabiu, Chairman of BUA Group, said that the commencement of plaster production at the 2,400 tons/day gypsum plaster plant aligns with BUA’s vision to improve the value chain and enhance capacity in the various industries it operates.

 “The commencement of production at BUA Gypsum Plaster Ltd. marks a significant milestone in our mission to support Nigeria and West Africa’s infrastructure development.

‘’With a production capacity of 2,400 tons per day, this facility is poised to serve the housing and construction sectors and go a long way in reducing the reliance on imported gypsum plaster products”, Rabiu said.

Furthermore, in line with BUA’s continued commitment to quality and enhanced customer satisfaction, BUA Gypsum Plaster Ltd also invites interested companies and distributors to register for product and distribution access.

Distribution will only be open exclusively to registered companies, who must complete their registration by December 31, 2024.

As part of its exclusive launch promotion, BUA has introduced an offering (ex-factory price) of N8,000 per bag for those distributors who register by December 31, 2024.

According to BUA, this exclusive pricing presents an opportunity to empower partners to embrace local manufacturing while enjoying outstanding value.

Companies interested in registration or seeking further information are encouraged to contact BUA’s specialised plaster sales department at plastersales@buagroup.com

The ranking, now in its third year comes against a background in which many economies are struggling to recover from the COVID-19 pandemic. It listed 125 companies, ordered by the highest compound annual growth in revenues (CAGR) between 2019 and 2022.

The Nigerian firms are;

1. OmniRetail
2. Moniepoint Inc
3. AFEX Commodities Exchange Limited
4. Mycredit Investments Limited
5. Alpha Morgan Capital Managers Limited
6. Thrive Agric Limited
7. Bisedge Limited
8. The Seamless Company Limited
9. West African Soy Industries Limited
10. Sundry Markets Limited
11. Veritas Homes and Properties Limited
12. Paga Group Limited
13. United Capital Plc
14. Fidson Healthcare Plc
15. T Briscoe Plc
16. Tripple Gee & Company Plc
17. BUA Foods Plc
18. Black House Media Group Limited
19. Comercio Partners Limited
20. Wacot Rice Limited
21. John Holt Plc
22. Amel International Services Limited
23. Academy Press Plc
24. Cutix Plc and
25. Transcorp Hotels Plc.

“Nigeria, one of the continent’s three biggest economies, spent 2023 in economic crisis as prices spiraled upwards and the naira went into free-fall. Nevertheless, it still had the second highest number of companies in our ranking of Africa’s fastest-growing, compiled in conjunction with research company Statista.

“South Africa, where growth has also been lacklustre, was home to the highest number,” FT said in the ranking report.

Even generally more dynamic economies, such as Kenya — which, like many African countries is labouring under high public debt — struggled to get out of the low growth doldrums as inflation gnawed at disposable income and the government squeezed expenditure.

“This year, our ranking has a wider geographical spread of companies than before. The big newcomer is Morocco, with 12 companies in the top 125against just three last time,” the report added.

FT noted that Mauritian domiciled companies also did well with nine winners, against four in 2022 and South Africa had 42 companies in the list, followed by Nigeria’s 25, while Kenya tied third at 12.

“Again, it was a Nigerian company — this time Omni retail — 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 digitize their business.”

Through research in company databases and other public sources, Statista identified thousands of companies in Africa as potential candidates for the FT ranking.

The companies were invited to participate in the research by post and email. The project was advertised online and in print, allowing all eligible companies to register via the websites created by Statista and the Financial Times.

The application phase ran from October 9, 2023, to February 29, 2024. The submitted revenue figures had to be certified by the chief financial officer, chief executive, or an executive committee of the company.

Further findings from the ranking show that Omni retail, founded in 2019, topped the list, posting a 66,294.9 percent increase in revenue from N89.3 million in 2019 to N59.3 billion in 2022.

Monipoint Inc, a digital banking platform for businesses, was ranked second; the firm’s revenue grew by 7,979.3 percent to N148.6 million from N1.84 million.

AFEX ranked third with a 5,733.1 percent growth in revenue to N176.1 billion from N3.01 billion.

It was followed by Mycredit Investments Limited which recorded a 1,719.1 percent increase in revenue from N3.33 billion to N60.6 billion.

Alpha Morgan Capital Managers Limited’s revenue rose by 994.8 percent to N5.84 billion from N553.3 million.