A Nigerian retail firm, Sundry Markets Limited, the owner of the Marketsquare retail chain, has been recognised as one of Africa’s top 50 fastest-growing companies for 2024 by the Financial Times.

The firm made the list alongside Amel International Services Limited, Academy Press Plc, Afex Commodities Exchange Limited and other Nigerian firms, therefore making the country with the second-highest number of firms on the list.

This recognition highlights the company’s growth trajectory and resilience amidst economic difficulties.

In a statement on Tuesday, the firm said the FT-Statista ranking showcases companies that have demonstrated exceptional growth while maintaining their competitive edge amidst significant economic pressures.

The Founder and CEO of Sundry Markets, Mr Ebele Enunwa, said in 2023, Nigeria faced a severe economic crisis marked by inflation and currency devaluation.

“Nevertheless, the country boasts the second-highest number of companies on the Financial Times list, underscoring the tenacity and innovation of Nigerian businesses.

“Sundry Markets’ inclusion in this prestigious ranking is a testament to its strategic initiatives and robust business model.

“It is a pleasure to be listed amongst the top companies across Africa for 2024. Getting listed has shown that we are moving in the right direction. From a humble beginning in 2015, we have now gained recognition across the continent”, Enunwa said in the statement.

The company, which currently operates 31 stores in 14 cities across Nigeria, has created 5,000 jobs, directly and indirectly, reinforcing its commitment to growth, innovation, and excellence in the retail industry.

According to the FT’s ranking, now in its third year comes against a background in which many economies are struggling to recover from the Covid pandemic. It lists 125 companies, ordered by the highest compound annual growth in revenues (CAGR) between 2019 and 2022.

Other Nigerian firms that made the list include, Omniretail, Moniepoint, Mycredit Investments Limited, Alpha Morgan Capital Managers Limited, Thrive Agric Limited, Bisedge Limited, The Seamless Company Limited, West African Soy Industries Limited, Veritas Homes and Properties Limited and Paga Group Limited.

The rest are United Capital Plc, Fidson Healthcare Plc, R.T Briscoe Plc, Tripple Gee & Company Plc, BUA Foods Plc, Black House Media Group Limited, Comercio Partners Limited, Wacot Rice Limited, John Holt Plc, Cutix Plc and Transcorp Hotels Plc.

“Nigeria, one of the continent’s three biggest economies, spent 2023 in economic crisis as prices spiralled upwards and the naira went into freefall. Nevertheless, it still had the second highest number of companies in our ranking of Africa’s fastest-growing, compiled in conjunction with research company Statista. South Africa, where growth has also been lacklustre, was home to the highest number,” FT said in the ranking report.