Nigeria Ranks High As Report Shows Countries With Fastest-Growing Companies In Africa In 2024

• About 25 companies made the list of fastest-growing firms in Africa in a report compiled by Financial Times
• The report said Nigeria came second behind South Africa, which has the highest number of companies on the list
• A Nigerian e-commerce platform, Omniretail, topped the list of 125 ranked companies in this year’s report

The Financial Times has released a new ranking of the fastest-growing companies in Africa. Many African economies are struggling to recover from the COVID-19 pandemic.

According to the report, the International Monetary Fund said Africa’s economy grew by 3.2% in 2023, lower than in Asia, where the economy grew by almost 5 percent.

Nigeria trails behind South Africa

In its expanded report on companies in Africa, FT said Nigeria ranked second with the fastest-growing companies on the continent, after South Africa, which parades the highest number of companies on the list.

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The Financial Times report said Kenya ranked third despite struggling with high public debt and biting inflation.

The report reveals the type of firms that, despite hard times, managed to grow by disrupting markets.

According to the FT report, Morocco, a newcomer, recorded 12 companies on the list of 125, up from three in the last edition.

Mauritian firms also ranked high, with nine winners against four in 2022.

South Africa ranked high with 42 companies, followed by Nigeria with 25 firms, while Kenya tied third at 12 with Morocco.

Nigerian firm ranks high

A Nigerian company, Omniretail, the B2B e-commerce platform, came tops as in previous years. 

The company reportedly helps small retailers, Kiosk owners, and market traders digitize their businesses.

An annual survey shows that venture capital investment on the continent recorded a 46% decline from 2022 at $3.5 billion from 547 deals.

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Since November 2023, venture capital firms raised over $650 million in African funding.

Guaranty Trust Bank reacts to the suspension

In reaction to its suspension, Guaranty Trust Bank said it would work with the Bank of Ghana to address the trade-related issues raised by the regulator.

The bank also said it is working with the relevant government agencies and has reached out to customers who submitted defective documentation to address the issue.

Guaranty Trust Bank concluded that it will strengthen its anti-money laundering policies and implementation to prevent future occurrences.

Source: Legit.ng