In a report fore-worded by Kenyan President Uhuru Kenyatta, LSE
identifies 360 fast growing businesses across Africa selected from 32 countries with majority being from Nigeria and Kenya
A new report by the London Stock Exchange (LSE) has pointed the immense potential exhibited by Kenyan and Nigerian companies in shaping the future of Africa.
The second edition of its ‘Companies to Inspire Africa’ report, identifies and celebrates some of Africa’s most dynamic growth businesses. The 2019 report identifies a new cohort of fast growing and dynamic 360 private businesses across Africa selected from 32 countries.
Nigeria and Kenya lead the way as the countries with the most companies featured in the report. 23% of the companies are led by women, almost double the proportion reported in 2017.
The report is fore-worded by President Uhuru Kenyatta, Kenya’s president who spent some time last year visiting the London bourse. In his comments, President Uhuru acknowledges the presence of many Kenyan companies in the report shows the emerging strength of African entreprenuership.
“It gives me great pleasure to support London Stock Exchange Group’s Companies to Inspire Africa initiative, now in its second iteration, that tells Africa’s remarkable story of entrepreneurial leadership to a global audience,” President Uhuru said. “Entrepreneurship is at the heart of Kenya’s vibrant economy, propelling investment, job creation and growth. Companies to Inspire Africa showcases Kenya’s mercantile spirit, vision and
capacity to produce world-class innovation.”
The East-West African axis dominates this year’s Report with 130 companies from Western Africa and 147 from Eastern Africa.
The report 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, and the report is sponsored by Instinctif Partners and Stephenson Harwood.
London Stock Exchange Group has a long history of supporting the development of African capital markets and investment in African companies.
International Development Secretary, Penny Mordaunt, who was part of the high powered team that launched the report noted that Africa is going through a period of enormous change.
” Five of the world’s fasting-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.”
Some of the Kenyan companies listed includes Cellulant, Mkopa Solar, Bean Interactive, Wananchi Group, Twiga Foods and Karibu homes.
The fastest growing sectors are Financial Services and Renewable Energy with revenue growth rates of 70% and 66% respectively. Consumer Services is the most represented sector with 79 companies from 20 countries this year, reflecting the growth of sub-sectors such as Consumer Goods, Food & Beverages, Leisure & Tourism, Media and Retail, and the growing middle class in Africa.