28 Nigerian Companies Among Africa’s Fastest-Growing in 2025

Twenty-eight Nigerian companies have earned a spot on the 2025 list of Africa’s fastest-growing businesses, an annual ranking compiled by the Financial Times in collaboration with research firm Statista.

Now in its fourth year, the list features 130 companies from across the continent, highlighting those that achieved the highest compound annual revenue growth between 2020 and 2023. The inclusion of these Nigerian firms underscores the country’s growing prominence in Africa’s business landscape, even as the continent recovers from the effects of the COVID-19 pandemic.

Omniretail Inc., PalmPay Ltd., Remedial Health Inc., Termii Inc., Bisedge Ltd., Winock Solar Nigeria Ltd., Moniepoint Inc., Evercare Hospital Lekki Ltd., Neveah Ltd., Alpha Morgan Capital Managers Ltd., BlueCamp Ltd., X3M Marketing Ideas Ltd., Chams Holding Company Plc, Transcorp Hotels Plc, Emerging Africa Capital Ltd., Nigerian Aviation Handling Company Plc, Sundry Markets Ltd., and United Capital Plc.
The Tourist Company of Nigeria Plc, Trexm Holdings, FoodCo Nigeria Ltd., Fidson Healthcare Plc, Meyer Plc, Comercio Partners Ltd., Amel International Services Ltd., Skyway Aviation Handling Company Plc, St. Nicholas Hospital Ltd., and Paga Group Ltd.

According to the ranking, Nigerian companies occupied the top three positions, with Omniretail leading the pack for the second year in a row. PalmPay secured the second spot, while Remedial Health came third. Of these, only PalmPay operates in more than three countries. Omniretail, which focuses on embedded finance and B2B commerce, currently operates in Ghana and Ivory Coast in addition to Nigeria.

Iyin Aboyeji, an investor and co-founder of Future Africa, remarked that startups don’t need to be present across multiple countries to succeed. He pointed out that many unicorn-status companies reached billion-dollar valuations by focusing primarily on the Nigerian market.

Financial technology firms made a strong showing on the list, representing roughly 20% of the total companies ranked. This further cements fintech’s role as a driver of economic growth and innovation in Africa.

To compile the list, Statista evaluated thousands of firms using publicly available data and outreach. Companies were invited to submit their verified revenue figures, and the data collection period ran from October 1, 2024, through January 31, 2025.

Omniretail, founded in 2019, reported a leap in revenue from $280,000 in 2020 to $120 million in 2023. PalmPay grew from $200,000 to $63.9 million during the same period, while Remedial Health scaled from $190,000 to $16.3 million.

Despite the successes, African startups continue to face a difficult investment climate. Ylva Lindberg, Executive Vice President at Norfund, noted that both funding availability and exit opportunities remain constrained. She attributed this to economic challenges such as currency depreciation—particularly in Nigeria, Kenya, and Egypt—along with elevated interest rates in developed markets and rising national debt levels.

“Actual risks in emerging markets are often lower than what’s perceived,” she noted. “However, when uncertainty rises, perceived risks increase, and investors tend to stay closer to home.”

Nonetheless, the strong presence of Nigerian firms in the ranking highlights the resilience and growing impact of the country’s private sector on Africa’s economic future.