AS PwC unveils companies to inspire Africa Report
Stories by Moses Nosike
Ogun State Governor, Dr. Dapo Abiodun; his Lagos state counterpart, Babajide Sanwo-Olu who was represented by Mr Ope George, DG Lagos State Public Private Partnership Office; Immediate Past Minister of Industry, Trade and Investment, Okechukukwu Enelamah; Chief Executive of the Nigerian Stock Exchange, Oscar Onyema and West Africa Regional Senior Partner, PwC Nigeria, Uyi Akpata, recently in Lagos took turn to canvass the importance of functional public private partnership (PPP) in building a sustainable economy.
The political and business leaders spoke in Lagos at an event organised to celebrate ‘the London Stock Exchange Group (LSEG)’s Companies to inspire Africa Report 2019 in Lagos.
Others who emphasised the importance of private businesses especially small and medium enterprises as growth catalysts for the economy at the event were the Deputy British High Commissioner to Nigeria, Harriet Thompson, who delivered a message from the UK government; Executive Secretary/Chief Executive Officer, Nigeria Investment and Promotion Commission, Yewande Sadiku; Advisory partner/ Chief Executive, PwC Nigeria, Dr. Andrew Nevin and Director, Co-Head Emerging Markets, International Market Unit, LSEG, Ibukun Adebayo.
The speakers urged public and private sector participants to find ways to synergize their strengths to speed up the country’s economic growth and reduce poverty.
The report, which features 97 Nigerian companies out of the 360 on the list, identifies and celebrates some of Africa’s most inspiring growth businesses. This research project was carried out with the support of PwC, the Africa Development Bank Group, Asoko Insight, CDC Group and Instinctif Partners.
According to the report, Nigeria has the single largest representation with 97 companies featured, building on its leading position established in the previous report with strong representation from the industry and technology & telecom sectors. Nigerian companies showed exceptional growth rates with a CAGR of 47% in revenue and average employee CAGR of 23% over a three-year period.
Looking at the executive leadership of the firms, 22% of the local companies featured in the documents are led by women.
Speaking on the report Akpata said: “We are extremely honored to partner once again with LSEG for the Lagos launch of the second edition of the “Companies to Inspire Africa” report. It is particularly worthy to note that Nigeria made a strong showing in the report demonstrating the strong entrepreneurial drive and the opportunities the Nigerian market presents.
“Growing a private business can be demanding and exhilarating. Initiatives like this that celebrates success stories does not only expose the companies to greater opportunities but also serves to encourage other entrepreneurs, starting new businesses or scaling existing ones in the region.
“We at PwC are committed to supporting private businesses and it’s been our pleasure to host and celebrate these 97 companies here in Lagos along with the other partners on the project”
Commenting on the report, David Schwimmer, CEO, LSEG, noted: “London Stock Exchange Group’s ‘Companies to Inspire Africa’ report showcases inspirational and entrepreneurial businesses from across the African continent, representing a wide variety of industries and countries. It is particularly encouraging to see the increasing influence of women in leadership roles in these fast-growing companies, playing a pivotal role in shaping the future of African business.
“These high growth companies have the potential to transform the African economy and become tomorrow’s job creators. At LSEG, we are committed to helping companies realise that potential and we are pleased to highlight and celebrate the company success stories behind one of the world’s fastest growing markets.”