Nigeria is making waves in the African startup ecosystem, with five Nigerian startups securing top spots on the Financial Times’ 2025 list of Africa’s fastest-growing companies. The country claims 28 positions on the prestigious list, second only to South Africa’s 51.
The rankings, compiled in collaboration with Statista, are based on the compound annual growth rates (CAGR) of companies between 2020 and 2023. This list shines a light on emerging companies that may not yet be household names but are making significant strides in shaping Africa’s business landscape.
At the top of the list is Omniretail, a B2B e-commerce and embedded finance platform. Omniretail experienced an astounding 795.9% CAGR, with its revenue skyrocketing from $0.28 million in 2020 to $120.15 million in 2023. Operating in Nigeria, Ghana, and Côte d’Ivoire, the company has revolutionized the relationship between manufacturers and informal retailers, bridging gaps and driving innovation.
PalmPay, a digital wallet and payments platform, took the second spot with an impressive 583.6% CAGR. The company’s growth in revenue from $0.2 million in 2020 to $63.9 million in 2023, alongside an exponential increase in employees from 87 to over 1,000, demonstrates its remarkable expansion.
In third place was Remedial Health, a pharmaceutical company that grew its revenue by 339.1%, jumping from $0.19 million to $16.3 million. The company also expanded its workforce significantly, from 6 employees in 2020 to 300 in 2023.
Moniepoint, a Nigerian fintech, secured its place on the list with a stellar 1,663.4% CAGR, growing its revenue from $15 million to $264.51 million in just three years. The company also expanded its workforce from 216 to 1,686 during the same period.
The dominance of Nigeria and South Africa is evident, with these two countries accounting for 79 of the 130 companies listed. This reflects the entrepreneurial strength of Africa’s two largest economies but also underscores the challenges faced by startups from smaller African nations in scaling up across borders.
According to Stéphane Bacquaert, managing partner at Adenia, operating across different African countries can be tricky due to fragmented markets, different currencies, and varying legal environments. Despite these hurdles, Nigeria, with its large and diverse market, offers the scale needed for startups to thrive.
While fintech companies represent nearly 20% of the list, Nigerian fintech startups, including PalmPay and Moniepoint, continue to dominate the sector, which has received the bulk of investment on the continent in recent years.
Despite challenges such as currency depreciation, rising global interest rates, and macroeconomic instability, Nigerian startups remain resilient. Ylva Lindberg, Executive VP of Norfund, highlighted the tenacity of Nigerian entrepreneurs, noting that the country’s entrepreneurial spirit is formidable. This resilience is evident in companies like Omniretail, which is addressing systemic issues such as lack of finance and distribution access for microenterprises.
The challenges faced by African startups are clear, with some high-profile companies, including Gro Intelligence and Jumia, facing difficulties or scaling back operations. However, as Greg Schwebig, CEO of Africaworks, pointed out, African startups are adapting by focusing on resilience and localization, proving that, despite tough conditions, innovation continues to thrive on the continent.
The full ranking will be officially published on June 5, 2025, offering further insights into the rapid growth of African businesses and the entrepreneurial spirit driving the continent forward.
