23% of Women Leads Standout Companies in Africa- LSEG
London Stock Exchange Group (LSEG) in the second edition of its ‘Companies to Inspire Africa 2019′ report said that Nigeria and Kenya led other African countries with 97 and 66 companies respectively, representing the largest thus far.
The report which was produced in partnership with African Development Bank Group (AfDB), CDC Group, PwC and Asoko stated that the 2019 report identifies 360 companies from 32 countries across the African Continent with 7 major sectors represented.
The report highlights the entrepreneurial and dynamic landscape of the African private sector, thus revealing the exceptional rates of growth amongst this year’s cohort, with average revenue Compound Annual Growth Rate (CAGR) at 46 percent and average employee CAGR at 25 percent, over three years.
International Development Secretary, Penny Mordaunt, said “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. By combining African-led ambition with British expertise we can unlock investment and create more jobs for Africa and the UK. This is a win for Africa and a win for the UK.”
Companies featured include small entrepreneurial businesses through to well-established corporations. It states that Nigeria further built on its leading position established in the 2017 Report with strong representation from the Industry and Technology & Telecom sectors.
However, the East-West African axis dominates this year’s Report with 130 companies from Western Africa and 147 from Eastern Africa.
According to the report, “the companies in this year’s report are creating significant employment opportunities across Africa with each company employing an average of 363 people.”
Uyi Akpata, West Africa Regional Senior Partner, PwC, said “We are extremely honored to partner again with London Stock Exchange Group for the second series of the ‘Companies to Inspire Africa’ report. 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.
It is also great to see the public sector represented here. It is an important testament to their commitment to supporting the private sector and continuing to drive improvements in ease of doing business.
It added that 23 percent of these companies are led by women, almost double the proportion in the 2017 report. Further stating that standout sectors where senior female executives are having a big impact are Healthcare & Education and Financial Services, with 39 per cent and 31 percent are led by women CEOs.
David Schwimmer, CEO, LSEG, said, “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.”
Agriculture remains an important sector for the continent with 53 companies, almost 15 percent of those featured.