The London Stock Exchange Group launched the 2nd edition of its Companies to Inspire Africa Report, on Wed 16 Jan, identifying dynamic growth businesses in Africa to build an information database and showcase them to a global audience. Many speakers expressed sympathies after a terror attack in Nairobi on 15 Jan.
International Development Secretary, Penny Mordaunt MP, said the positive African launch was uplifting after the previous night’s “depressing” vote in Parliament: “Five of the world’s fastest-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 (see speech here)
“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.”
David Schwimmer, CEO of LSEG, said: “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.”
He highlighted LSE’s role as a huge centre for African businesses and governments to raise capital. Successes include hosting bond issuances for Nigeria, Egypt, Angola and Ghana, and in November 2018 Quantum Terminals (liquid gas storage, cleaner fuel for households) from Ghana succeeded in the first local-currency bond to list in London.
He also mentioned the ELITE programme, an international network for growth and funding options, which has enrolled over 90 companies with 20,000 employees in 8 African countries. The programme was launched in 2016 with the Casablanca Stock Exchange and has expanded across West Africa with support from CSE and the Bourse Régionale des Valeurs Mobilières (BRVM).
About the report
The report is a 144-page book with great infographics and photos, put together by LSEG and Wardour.
It includes inputs by President Uhuru Kenyatta of Kenya and Prime Minister Theresa May of UK, plus many other key leaders working in Africa. It highlights a good number of exciting companies across Africa including innovative farming and even drones for agriculture, top consumer goods services and the size of the growing consumer goods market, many dynamic companies with women leaders, fintech, better banking and other financial services, healthcare, education, industry, renewable energy and technology and telecoms.
Partners to the report who helped with the selection and research are Asoko Insight and PwC. It was sponsored by African Development Bank, CDC Group, Instinctif Partners and Stephenson Harwood.
The 360 companies were selected from 4,000 nominations by LSEG’s partners, development finance institutions, venture capitalists, private equity firms, impact investors. Research partner Asoko Insight nominated some and helped with data collection and company information, according to CEO Rob Withagen. To be included a company had to be active and privately owned, with headquarters and primary operations in Africa. It must have demonstrated growth over last 3 years measured in: revenues, number of employees, operational output or geographical expansion. It needed to be audited by a recognized auditor and individual company or consolidated group annual revenue must not exceed $1bn for the years 2015-2017. It includes 97 Nigerian companies, 66 from Kenya, 31 Ugandan and 23 South African
The report is also launching in Lagos.
A comprehensive searchable database of the report, along with a downloadable PDF of the publication is available at www.lseg.com/inspireafrica.
London Stock Exchange Group has a long history of supporting the development of African capital markets and investment in African companies. To learn more, click here.
