Despite operating in a challenging economic landscape, Nigerian companies have shown extraordinary resilience and innovation, topping the Financial Times’ 2025 ranking of Africa’s fastest-growing companies. Compiled in partnership with research firm Statista, the annual ranking highlights 130 businesses across the continent with the highest compound annual growth rate (CAGR) between 2020 and 2023.
What’s most striking in this year’s list is that the top three companies are all Nigerian, underscoring Nigeria’s emergence as a powerhouse for entrepreneurial success in Africa’s fragmented and competitive business environment.
Leading the charge is Omniretail, an embedded finance and B2B commerce platform. The company achieved an extraordinary CAGR of 795.9%, with revenues soaring from $0.28 million in 2020 to $120.15 million in 2023. For the second consecutive year, Omniretail clinched the top spot, thanks to its rapid expansion and innovation in serving micro and small businesses with critical access to finance and distribution. Operating beyond Nigeria in Ghana and Ivory Coast, the firm exemplifies how tech-enabled models can solve longstanding supply chain challenges for informal retailers.
In second place is PalmPay, a mobile payments and financial services platform. With a CAGR of 583.6%, PalmPay’s revenue grew from $0.2 million in 2020 to $63.9 million in 2023. While headquartered in Nigeria, PalmPay has expanded operations into more than three countries, offering user-friendly digital wallets, bill payments, and merchant tools that have quickly made it a household name across West Africa. PalmPay’s success illustrates the growing demand for digital financial inclusion and the scalability of fintech solutions across borders, even within Africa’s fragmented regulatory landscape.
In third place is Remedial Health Inc., a health technology company providing inventory, software, data, and financing solutions to healthcare providers. The firm recorded a CAGR of 339.1%, with revenues increasing from $0.19 million in 2020 to $16.3 million in 2023. Remedial Health’s platform enhances pharmaceutical supply chains, ensuring efficient and profitable operations for pharmacies and healthcare providers in Nigeria.
These achievements reinforce the view that Nigeria remains a fertile ground for business growth, even amid macroeconomic instability and currency fluctuations.
Nigeria and South Africa Dominate the Rankings
More broadly, over half of the 130 companies in the 2025 list hail from just two countries: Nigeria and South Africa. South Africa contributed 51 companies while Nigeria had 28. Together, they accounted for 79 entries, reflecting both the size of their economies and their depth of entrepreneurial talent. This regional concentration, however, also highlights the difficulty smaller African countries face in scaling businesses across borders. Fragmented markets, inconsistent regulations, and currency disparities make regional expansion a logistical and financial challenge.
Still, experts like Iyin Aboyeji, co-founder of Future Africa, argue that companies don’t necessarily need to pursue pan-African expansion to achieve unicorn status. He points out that multiple billion-dollar firms have been built within Nigeria alone, a sentiment echoed by investors who remain focused on large, high-growth domestic markets.
Navigating a Tough Investment Climate
The rankings also underscore the mixed fortunes of African start-ups in recent years. While companies like Omniretail continue to raise significant capital—Norfund recently co-led a $20 million funding round—others have struggled. Market leaders like Jumia have pulled back expansion efforts, and former fintech darlings such as Gro Intelligence have gone bust. The current global investment environment—with rising interest rates, currency depreciation, and limited exits—has made fundraising more difficult.
Yet many investors, including development finance institutions like British International Investment and Norfund, remain bullish on Africa’s long-term potential. “The entrepreneurial spirit in Nigeria is formidable,” said Ylva Lindberg of Norfund. “There’s a sense that anything is possible.”
Africa’s Fintech Dominance Continues
Fintech remains the leading sector in the FT-Statista list, representing about 20% of the total entries. Nigeria, Egypt, Kenya, and South Africa alone account for 90% of all fintech funding on the continent in 2024. This further cements Nigeria’s status as a continental leader in financial innovation and digital services.
Looking Ahead
While the road to growth is not without obstacles, Nigeria’s dominance at the top of Africa’s fastest-growing companies list sends a powerful message: despite volatility, Nigerian entrepreneurs are building high-impact, high-growth businesses that are not only solving local problems but also inspiring a new wave of regional and global interest.
The full FT-Statista report is set for release on June 5, 2025, and will offer further insights into the 130 companies that are reshaping Africa’s business landscape. But the early takeaway is clear: Nigeria’s top companies aren’t just growing fast — they’re setting the pace for the continent.
