Seventeen companies from Nigeria have earned top spots on the 2025 edition of Africa’s Fastest-Growing Companies, a ranking compiled by the Financial Times in partnership with data analysis firm Statista. This list, now in its fourth consecutive year, spotlights the continent’s most dynamic businesses based on their compound annual revenue growth between 2020 and 2023.

Nigeria’s inclusion on this prestigious list underscores the country’s growing influence in Africa’s business landscape. With 28 Nigerian companies featured in total—across both the full continental list and country breakdowns—the nation trails only South Africa, which had 51 companies on the list, reaffirming both countries’ dominant roles in African enterprise development.

The ranking encompasses a variety of sectors such as fintech, e-commerce, logistics, healthcare, hospitality, advertising, and telecommunications. The criteria for selection emphasized strong financial growth, business model innovation, and resilience in the face of economic headwinds.

Omniretail, PalmPay, and Remedial Health Lead Nigeria’s Charge

At the very top of Nigeria’s high performers is Omniretail Inc., an e-commerce and retail distribution technology company. With an eye-popping growth rate of 71,818% over three years, Omniretail not only topped Nigeria’s contribution but also clinched first place in the entire African ranking. This unprecedented surge was driven by its B2B platform, which connects retailers with suppliers in real time—transforming the informal retail space in Nigeria.

Close behind is PalmPay Ltd., a digital finance platform that has carved out a niche in mobile payments and fintech services. The company recorded a remarkable 31,850% growth, fueled by its widespread mobile app adoption and aggressive market penetration strategy.

Remedial Health, another standout Nigerian company, claimed third place among local firms with a staggering 8,384% growth. It has redefined pharmaceutical distribution by providing access to quality medication for pharmacies and hospitals across Nigeria, using innovative digital ordering and delivery systems to streamline the traditionally fragmented supply chain.

Moniepoint: Fintech Powerhouse Scaling Beyond Borders

Also featured prominently is Moniepoint Inc., formerly known as TeamApt. The fintech giant has evolved from its early days in agency banking into a comprehensive business banking platform. With a compound growth rate of 1,663%, Moniepoint continues to expand its reach, now serving over 1.6 million businesses across Africa. Its success reflects the broader rise of fintech in Nigeria, a sector that has become one of the most attractive for venture capital on the continent.

Moniepoint’s transformation into a full-service financial ecosystem has been pivotal in addressing the gaps left by traditional banks, particularly in underserved regions. It offers payment processing, working capital loans, and back-office services for micro, small, and medium enterprises (MSMEs), contributing significantly to Nigeria’s digital financial inclusion goals.

Legacy Businesses Like Transcorp Hotels Still Making Strides

The list doesn’t solely celebrate startups and tech companies. Long-established firms like Transcorp Hotels Plc also made the cut, demonstrating their ability to adapt and thrive in evolving economic climates. Transcorp Hotels posted a 329.5% growth rate, a remarkable achievement for a hospitality business that had to navigate the devastating impact of the COVID-19 pandemic.

As a subsidiary of Transnational Corporation of Nigeria, Transcorp Hotels has played a crucial role in rebuilding Nigeria’s hospitality and tourism sectors, especially as international travel resumes and domestic tourism grows. The company has focused on service innovation, digital reservations, and enhanced safety protocols to regain customer trust.

Nigeria’s Economic Influence on Full Display

The prominence of Nigerian firms on this list highlights the country’s economic diversity and entrepreneurial energy. With sectors ranging from digital banking and pharmaceutical logistics to advertising and aviation, Nigeria continues to be a hotbed for innovation and high-growth business ventures.

In particular, the rise of technology-based platforms reflects the country’s youthful, tech-savvy population and increasing mobile penetration. Nigeria’s entrepreneurial ecosystem, bolstered by accelerators, incubators, and venture funding, has created fertile ground for startups to scale rapidly.

Yet, despite these impressive achievements, the growth is still concentrated in just a handful of African nations, with South Africa and Nigeria accounting for more than half the total entries. This disparity illustrates the persistent structural challenges facing many other African economies—namely inadequate infrastructure, currency instability, and inconsistent regulatory frameworks.

The Broader African Context: Growth Amid Fragmentation

According to the report, growth across Africa remains uneven, reflecting a broader fragmentation of markets. While nations like Nigeria, South Africa, Kenya, and Egypt continue to attract significant investment and produce high-growth companies, many other African economies remain underrepresented.

One key hurdle is the difficulty in scaling beyond domestic markets. Inconsistent regulations between countries, weak cross-border logistics, and fragmented payment systems hinder the ability of African businesses to expand regionally. Many companies that achieve success at home struggle to replicate that success in neighboring markets.

Additionally, currency depreciation and economic uncertainty in several countries have made planning for long-term growth difficult. This creates an environment where only the most adaptable and well-funded firms can navigate volatility successfully.

Outlook for Nigerian Companies

Looking ahead, Nigerian firms are likely to remain central to Africa’s growth narrative. The country’s large population, increasing internet connectivity, and youthful workforce provide enormous opportunities for companies that can innovate and solve real-world problems.

Government policies aimed at improving digital infrastructure, easing business regulations, and encouraging foreign investment will be critical in sustaining this momentum. However, for Nigerian businesses to scale regionally and globally, more will be needed—especially in terms of stable macroeconomic policies and cross-border collaboration.

The recognition of these seventeen Nigerian companies in the FT ranking offers a glimpse into the country’s potential. Their success stories are not just personal victories; they are case studies of resilience, innovation, and the promise of Africa’s future economy.

Key Nigerian Firms in the 2025 Africa Growth List:

• Omniretail Inc. – E-commerce and B2B logistics (71,818% growth)

• PalmPay Ltd. – Fintech and mobile payments (31,850% growth)

• Remedial Health – Pharmaceutical distribution tech (8,384% growth)

• Moniepoint Inc. – Business banking and payments (1,663% growth)

• Transcorp Hotels Plc – Hospitality and tourism (329.5% growth)

• Others: Include players in telecommunications, healthcare, advertising, and aviation sectors

These companies have not only outperformed their peers in terms of financial growth but have also contributed to reshaping Africa’s economic future. They represent a new generation of African businesses capable of thriving in uncertain environments and transforming the challenges of the continent into opportunities.