BudgIT, 96 Nigerian companies make LSE ‘Companies to Inspire Africa’ list

BudgIT, a civil society organisation, was among the Companies to Inspire Africa list announced by the London Stock Exchange on Wednesday.

The report considered 360 companies from 32 countries with activities in seven major sectors.

The companies featured include small businesses to well-established corporations and 97 of them were of Nigerian descent. Kenya followed closely with 66 companies.

In terms of regions, East Africa had 147 companies on the list while West Africa had 130 companies.

Companies recognised from Nigeria includes BudgIT, Farm Crowdy, Wakanow, Venia Group, Tizeti Network, System Specs, Swift Networks, Seven-Up Bottling Company Plc, RenMoney MFB, PZ Cussons Nigeria Plc, Proshare Nigeria, Paystack Payments, MAX.ng.

Others are MainOne Cable Company Nigeria Ltd, Leadway Assurance Company Ltd, Lagos Business School, Pan-Atlantic University, Ladol Integrated Logistics Free Zone Enterprise, Jumia, Interswitch Ltd, Hi Nutrients International Ltd,FSDH Merchant Bank Ltd, Filmhouse Ltd and De Flight Medics Ltd, Bankers Warehouse Plc,Avon Healthcare Ltd, AFEX Commodities Exchange Ltd and AACE Food Processing and Distribution Ltd.

Commenting on the list, David Schwimmer, CEO, LSEG, said: “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.

“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.”

Uyi Akpata, West Africa regional senior partner at PwC, said: “At PwC, we view private businesses as a critical catalyst to job creation, economic growth, and innovation. Initiatives such as this help expose these companies to a global audience, and we hope will lead to further collaboration across border with London-based investors and strategic partners.

“We are also looking forward to hosting the Lagos launch, especially given Nigeria has the single largest representation with 97 of the 360 companies. We at PwC are committed to supporting private businesses and applaud London Stock Exchange Group for this initiative.”

23% of the companies are led by women, almost double the proportion in the 2017 report. Standout sectors where senior female executives are having a big impact are Healthcare & Education and Financial Services, with 39% and 31% are led by women CEOs.

Of all the companies featured, 53 of them were into Agriculture.

The report was produced in partnership with African Development Bank Group, CDC Group, PwC and Asoko Insight.