These are the sectors with the most Nigerian companies in the FT ranking

Fintech, financial services and insurance, professional, scientific and technical services, and logistics and transport are the top sectors with the most Nigerian companies on the FT 2024 Africa’s fastest-growing list.

Other sectors include agriculture, forestry and fishing, retail and food and beverage.

The latest ranking by the Financial Times (FT) and Statista, a research company in which BusinessDay was a partner in the study, is now in its third year. It lists 125 companies ranked by highest compound annual revenue growth (CAGR) from 2019 to 2022.

The list shows that the largest number of companies are from the fintech, financial services and insurance industries – seven, followed by two companies providing professional, scientific and technical services as well as logistics and transport.

Read also: Meet the 25 fastest growing Nigerian companies

Agriculture, forestry and fishing, retail and food and beverage also had two companies respectively.

“Nigeria, one of the continent’s three largest economies, plunged into economic crisis in 2023 as prices skyrocketed and the naira plummeted,” the FT said in a ranking report.

Nevertheless, it said it still had the second-highest number of companies in our ranking of Africa’s fastest-growing companies, compiled in partnership with research firm Statista, and that South Africa, where growth was also weak, was home to the largest number of enterprises.

“Even generally more dynamic economies such as Kenya – which, like many African countries, struggles with high public debt – has struggled to emerge from the doldrums of low growth as inflation eats into disposable incomes and the government clamps down on spending.”

Companies were invited to participate in the survey by post and e-mail. The project was advertised online and in the press, allowing all eligible businesses to register via websites set up by Statista and the Financial Times. The application phase lasted from October 9, 2023 to February 29, 2024.

Here you will find more details about sectors

Fintech, financial services and insurance

Companies in the fintech, financial services and insurance sectors include Moniepoint In., Afex Commodities Exchange Limited, Mycredit Investments Limited, Alpha Morgan Capital Managers Limited, Paga Group Limited, United Capital Plc and Comercio Partners Limited.

According to the latest GDP report from the National Bureau of Statistics (NBS), the share of the finance and insurance sector increased to 26.53% in 2023. with 16.36 percent in 2022

Read also: Nigeria Omniretail tops the fastest-growing companies in Africa

Professional, scientific and technical services

The two companies, which are Thrive Agric Limited and Tripple Gee & Company Plc, operate in the professional, scientific and technical services sector.

This sector consists of companies whose employees offer specific specialized skills and knowledge to customers. Most industries grouped in this sector have production processes that are almost completely dependent on the qualifications of employees.

Last year, this sector increased slightly to 2.43%. with 2.28 percent in 2022

Logistics and Transport

Bisedge Limited and John Holt Plc operate in the logistics and transport sector.

Logistics and transportation is a set of processes related to the production, storage, inventory, delivery and distribution of specific goods or services.

It is an integral part of the entire supply chain and involves proactive procedures to move products safely and efficiently from manufacturers to sellers to end users or consumers.

Transport services slowed to 4.16%. in 2023 from 5.55 percent in the previous year.

Agriculture, forestry and fishing

The two companies, West African Soy Industries Limited and Wacot Rice Limited, operate in the agriculture, forestry and fisheries sectors.

The agricultural, forestry and fishing industry included economic activities related to the cultivation of plants, animal husbandry, the cultivation and harvesting of timber, and the harvesting of fish and other animals from farms or their natural habitats. This activity also includes auxiliary services related to the above-mentioned production activities.

The agricultural sector slowed to 1.13% from 1.18%, forestry increased by 1.77% from 1.62% and fishing contracted to 1.36% from 0.47%.

Retail sales

Sundry Markets Limited and RT Briscoe Plc. come from the retail industry. It consists of all companies that sell goods and services to consumers. There are many different types of retail and stores around the world, including grocery, general merchandise, discount stores, independent stores, department stores, electrical and specialty stores.

However, the trade sector covering wholesale and retail slowed to 1.66%. with 5.13 percent

Read also: The role of venture capital firms in pioneering sustainability in the technology sector

Food and drinks

BUA Foods Plc and Amel International Services Limited operate in the food and beverage sector. Includes restaurants, coffee shops, coffee shops, fast food outlets, pubs, delis, food manufacturing facilities, caterers, food transportation services and more. Work in this industry may involve packing, preparing, transporting and serving food or beverages.

Food, beverages and tobacco fell to 3.03% from 3.86%.