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.
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.
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.
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.
Since November 2023, venture capital firms raised over $650 million in African funding.
TimesNow.com.ng reported that the 2024 World’s Best Banks survey has been released with four Nigerian banks listed among the best in Africa.
The survey published by Global Finance, a monthly financial magazine, showed that UBA, GTBank, Access Bank, and Zenith Bank in Burkina Faso and Sierra Leone, Gambia, Ghana, and Nigeria, respectively, made the list.
It added that banks are resilient rather than collapsing. Some are even reporting earnings that break records, and the local currency crises in Nigeria and Egypt have been disastrous.
Source: TimesNow.com.ng
