The London Stock Exchange Group, on the 16th of January released the ‘Companies to inspire Africa 2019’ Report. The report uses hard data to identify and celebrate some of Africa’s most dynamic growth businesses, selecting both small entrepreneurial businesses and well-established corporations.
This is the second edition and it was as extensive, if not more than the first. The report picked out 360 companies from 32 countries with 7 major sectors identified, they recorded exceptional growth in comparison to last year’s as the Compound Annual Growth Rate was 46%.
Nigeria takes the largest share of selected companies with 97, Kenya followed up as it was represented by 66 companies this year. It was reported that the fastest growing sector is Financial Service which recorded a revenue growth rate of 70% and then Renewable Energy which was pegged at 66%.
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Consumer Service was the most represented sector as it made up 79 companies, a huge change as only 20 Consumer Service Organizations made the list last year. This goes to show how much growth Africa has seen in sub-sectors like Consumer Goods, Food and Beverages, Leisure and Tourism, Media and Retail in recent years.
Agriculture was also not left out as it accounted for over 15% on the list, with 53 Agric-based companies featured. Pertaining to employment, the companies contribute a lot to the economy, employing an average of 363 people. A very interesting thing to note was that 23% of the Companies are led by woman, almost a hundred percent increase on the figures recorded in 2017.
The report was collated in partnership with African Development Bank Group, CDC Group, PwC and Asoko Insight. The report in itself was sponsored by Instinctif Partners and Stephenson Harwood.
You can read the full report here.
