African entrepreneurs, others seek functional public private partnership
Speaking in Lagos at an event organised by PwC to celebrate the 97 African companies featured in London Stock Exchange Group (LSEG)’s Companies to inspire Africa Report 2019, the Deputy British High Commissioner to Nigeria, Harriet Thompson, said SMEs are the heart line of any country’s economy and should be given adequate space to grow. She noted that Nigeria is the largest economy in Africa and called on its entrepreneurs to expand their services across its borders and create new markets in the continent.
Others speakers including, Executive Secretary/Chief Executive Officer, Nigeria Investment and Promotion Commission, Yewande Sadiku; Advisory partner/Chief Executive, PwC Nigeria, Andrew Nevin and Director, Co-Head Emerging Markets, International Market Unit, LSEG, Ibukun Adebayo, urged public and private sector to synergize to speed up the country’s economic growth and reduce poverty.
The report, which features 97 Nigerian companies of the 360 listed, identifies and celebrates some of Africa’s most inspiring growing 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 of 97 companies with strong representation from technology and telecom sectors.
The report revealed that Nigerian companies showed exceptional growth rates with a CAGR of 47 percent in revenue and an average employee CAGR of 23 percent over a three-year period. It further disclosed that women head 22 percent of the local companies featured.