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New report sees Nigerian firms doing better than others in recession across Africa

Fresh business growth and expansion report released in partnership with PwC, Africa Development Bank (AfDB) and CDC Group has shown that about 59 Nigerian firms out of 343 companies from 42 African countries, stood stronger and more active than others even as the economy remains in recession.

The report said the figure in represents 17 per cent of the total number of firms considered during the survey period.

The report code-named ‘Companies To Inspire Africa’, was a London Stock Exchange Group’s (LSEG) celebration of some of the fastest growing and most dynamic privately held growth companies in Africa.

Presenting details of the report before capital market participants in Lagos, the co-head of emerging markets strategy, LSEG, Ibukun Adebayo, said the 59 businesses from Nigeria showed strong base and successful growth potential in the country and the good prospects for further growth.

While noting that strong growth potential of the 59 Nigerian firms provides a vital platform for job creation and skill development in Nigeria, he averred that “The report examines in details, the opportunities and challenges facing growth companies and looks at the sectors and trends that will shape the future of the African economy”.

“The report also highlights strong company performances and the potentials for these firms to become the next corporate champions powering Africa’s future economic and social development.

“Industry is the biggest sector to be represented in Nigeria, with 17 companies featuring on the list, closely followed by the consumer services, where 11 providers have been selected, demonstrating the success of Nigeria’s efforts to diversify its economy,” he added.

Country Senior Partner, PWC Nigeria, Uyi Akpata, noted that the report demonstrates the huge role that SMEs play as the driving force behind African economic growth, especially in the areas of developing skills and job creation.

Akpata said “We are proud to have partnered with LSEG on this first of its kind report. For us as a firm, this also demonstrates our commitment to raising awareness about the unrivalled potential and opportunities in this market while also celebrating leading businesses adding value to the economy.”

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