Twenty-five Nigerian companies have been recognized in the Financial Times and Statista ranking of the fastest-growing companies in Nigeria.
The third annual ranking lists 125 companies based on the highest compound annual growth rate (CAGR) in revenues between 2019 and 2022.
Statista conducted extensive research using company databases and public sources to identify thousands of potential candidates across Africa. Companies were invited to participate through mail and email, with the project also promoted online and in print. Eligible companies registered via dedicated websites created by Statista and the Financial Times.
The application period ran from October 9, 2023, to February 29, 2024. Revenue figures submitted had to be certified by a senior executive, such as the chief financial officer, chief executive, or an executive committee member.
According to BusinessDay, here are some of the table toppers:
Omniretail Inc
Leading the list of Nigeria’s fastest-growing companies is Omniretail Inc, a B2B e-commerce startup founded in 2019 by Deepankar Rustag.
The company’s revenue skyrocketed by 66,294.9 percent, from N89.3 million in 2019 to N59.3 billion in 2022. Additionally, Omniretail’s employee base expanded by 8,045 percent, growing from 11 employees in 2019 to 896 in 2022.
Moniepoint Inc
Moniepoint Inc, formerly known as TeamApt, is a prominent Nigerian fintech company founded by Tosin Eniolorunda in 2015. The company’s revenue increased dramatically by 7,979.4 percent, rising from $1.84 million in 2019 to $148.66 million in 2022. Its a go-to online bank for many entrepreneurs.
Thrive Agric Ltd
Thrive Agric Ltd, an agricultural technology company, was founded in 2016 by Uka Eje, with Ayodeji Arikawe as co-founder and CTO, and Olurotimi Arigbede as CFO. The company has seen substantial growth, with its revenue surging by 964.9 percent from N2.9 billion in 2019 to N31.8 billion in 2022. Thrive Agric also expanded its workforce from 30 employees in 2019 to 223 in 2022.
Bisedge Ltd
Founded in 2016 by Segun Olumuyiwa, Bisedge Ltd is a green logistics services provider in Nigeria. The company demonstrated significant growth, with revenues climbing from N129 million in 2019 to N1.3 billion in 2022.
The Seamless Company Ltd
SeamlessHR, a Human Resource technology company, was founded by Emmanuel Okeleji in 2018. The company aims to enhance business productivity and success through cutting-edge technology solutions. SeamlessHR’s revenue rose by 700.7 percent, from N138 million in 2019 to N1.11 billion in 2022.
West African Soy Industries Ltd
West African Soy Industries Ltd (WASIL) operates a state-of-the-art soybean crushing plant located in Sagamu, Ogun State. The plant was founded in 2015 by Mahendra Vaidh, the managing director.
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