LSEG Lists Proshare, BudgIT, JustFoods Among 97 Nigerian Firms In ‘Companies To Inspire Africa’ Report

The London Stock Exchange Group (LSEG), on Thursday identified 97 Nigerian firms across various sectors, including Proshare Nigeria, Just Foods and BudgIT Foundation, among 360 dynamic private businesses from across 32 countries that would inspire Africa.
While Nigeria had the highest number of featured companies in the second edition of the report celebrating Africa’s growth businesses, representing 27% featured, 22% of them are led by women, Kenya followed with 66.
Also featured from Nigeria on the list are: Interswitch Ltd, Lagos Business School, AFEX Commodities Exchange Ltd, Afriland Properties Plc and Avon Healthcare Ltd, investee companies of Tony Elumelu’s Heirs Holdings Group.
With the help of Nigeria and Kenya, the East-West African axis accounted for 130 companies from Western Africa and 147 from Eastern Africa, just as other highlights of the report said featured companies range from small entrepreneurial businesses to well-established corporations, representing seven major sectors.
Also, 23% of the companies are led by women, almost double the proportion in the 2017 report, identifying standout sectors where senior female executives are making a “big impact are healthcare & Education and Financial Services, with 39% and 31% are led by women CEOs.”
A further breakdown showed that agriculture remains an important sector for the continent accounting for 53 companies, or almost 15% of those featured; even as this year’s featured companies are creating significant employment opportunities across Africa with each company employing an average of 363 people.
The report equally reveals exceptional rates of growth amongst this year’s cohort, with average revenue Compound Annual Growth Rate (CAGR) at 46% and average employee CAGR at 25%, over three years, besides highlighting the entrepreneurial and dynamic landscape of the African private sector.
A statement by the LSEG quoted David Schwimmer, its Chief Executive as saying the “Companies to Inspire Africa’ report showcases inspirational and entrepreneurial businesses from across the African continent, representing a wide variety of industries and countries.”
He expressed particular satisfaction with the increasing influence of women in leadership roles in these fast-growing companies, currently playing a pivotal role in shaping the future of African business, transforming the continent’s economy and becoming tomorrow’s job creators.
He expressed the commitment of the LSEG to helping companies realise that potential, hence the decision to highlight and celebrate “success stories behind one of the world’s fastest growing markets.”
For UK’s International Development Secretary, Penny Mordaunt, “Africa is going through a period of enormous change. Five of the world’s fastest-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.
“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,” he stressed
The statement quoted Uyi Akpata, West Africa Regional Senior Partner, PwC, as expressing extreme honour “to partner again with London Stock Exchange Group for the second series of the ‘Companies to Inspire Africa’ report.”
Private businesses, he noted, 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. 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.
“We are also looking forward to hosting the Lagos launch, especially given Nigeria has the single largest representation with 97 of the 360 companies. We at PwC are committed to supporting private businesses and applaud London Stock Exchange Group for this initiative.”
Catriona Laing, British High Commissioner to Nigeria expressed delight at the large number of Nigerian companies featured in this year’s report, saying it “shows the innovation and talent of Nigerian business men and women, and the opportunities that the country offers for Small and Medium Enterprises. I look forward to meeting as many of these businesses as possible over the years to come. They will have a key role to play in economic development and job creation in Nigeria.”
Commenting, Proshare’s Founder and CEO, Olufemi Awoyemi noted: “This was a long way coming and the sacrifices to get here is beyond a founder and the committed staff that played a role in ensuring the service delivered on its goals”.
The report sponsored by Instinctif Partners and Stephenson Harwood, was produced in partnership with African Development Bank Group, CDC Group, PwC and Asoko Insight who contributed their insight and expertise to select the featured companies.
Also on the list from Nigeria are: Lagoon Hospitals, Leadway Assurance Ltd, MainOne Cable Company Nigeria, MeCure Industries, PZ Cussons Nigeria, Alpha Mead Group, Anadariya Farms Industries, ARM Life Plc and Asharami Synergy Plc. Others are: Co-Creation Hub, Babban Gona Farmer Services Ltd, Bankers Warehouse Group, Backbone Connectivity Network (Nigeria) Ltd; Beloxxi Industries Ltd; Ensure Insurance Plc, Esoko Networks Ltd, Farmcrowdy Ltd, Food Concepts Plc, and FSDH Merchant Bank Ltd.
Photo Source: Proshareng.com