By Adedapo Adesanya

Six Nigerian startups have been recognised on the Financial Times’ 2024 ranking of Africa’s Fastest-Growing Companies, which features 130 high-growth firms across the African continent.

The companies are Moniepoint, OmniRetail, PalmPay, Termii, Remedial Health, and Paga.

The annual ranking published by the newspaper, produced in partnership with research company, Statista, identifies African companies with the most rapid revenue growth between 2020 and 2023.

The list benchmarks companies by compound annual growth rate (CAGR) in revenues, while also considering headcount expansion and operational resilience amid inflation, currency fluctuations, and economic headwinds across the continent.

This is a welcome development compared to 2023 when five startups namely Omniretail, Moniepoint, Thrive Agric Limited, Paga, and Zone were named on the 100-company list.

While Thrive Agric and Zone didn’t make the list; PalmPay, Termii, and Remedial Health have ascended.

This ranking serves as a boost to investors that these companies are on the right part and could help in fundraising and access to new markets.

This also comes at a period where startups on the continent are facing declining funding compounded by global uncertainties including inflation and recession fears.

This silver lining may yet serve as a catalyst to reverse the trend and make Nigeria yet again see boon when it comes to venture funding.

Business Post reports that Nigeria raised $100 million (24 per cent) out of the $460 million through deals of $100K or more (excluding exits) in Africa in the first quarter of 2025, a figure that reflects a 5 per cent dip from Q1 2024’s $486 million.

About the Companies

Moniepoint

The startup formerly known as TeamApt has had a standout year. Moniepoint recently hit unicorn status after raising $110 million from Google, VISA, and other global investors. Now operating as Moniepoint Inc., the company has grown from a B2B payments platform to a full-fledged business bank, with services spanning merchant terminals, working capital, and payroll solutions.

PalmPay

Launched in 2019 with backing from China’s Transsion Holdings, PalmPay has become a household name in Nigeria’s consumer payments space. With over 30 million registered users and aggressive offline and digital campaigns, PalmPay’s mobile wallet and bill payment services have seen exponential growth. Earlier this year, the company expanded into Ghana and introduced new features, including insurance products and virtual cards.

Paga

A pioneer in Nigeria’s fintech scene, Paga was founded in 2009 to digitize cash and simplify payments. The company has since evolved into a group structure with three core businesses: Paga Consumer, Doroki (its SME-focused platform), and PagaTech (infrastructure and APIs). It now boasts over 21 million users, a vast agent network, and integration partnerships with major banks and telcos. Paga has also expanded internationally with licenses in Ethiopia and a growing footprint across the continent.

OmniRetail

OmniRetail is a B2B e-commerce platform that enables retailers to order fast-moving consumer goods (FMCG) from manufacturers and distributors via mobile apps, with optimised logistics and embedded financing. The company, which currently operates across Nigeria, Ghana, and Ivory Coast, closed a $20 million Series A round in April 2025. The startup digitises order management for 145 manufacturers, more than 5,800 distributors, and services over 150,000 informal retailers across its operational markets.

Termii

Launched in 2017 by Emmanuel Gbolade, Ayomide Awe, and Atinuke Idowu, Termii provides communication infrastructure that helps African businesses engage and retain customers via multi-channel messaging, including SMS, voice, and email APIs. The Y Combinator-backed startup has become a critical enabler of real-time notifications and two-factor authentication across fintech, healthtech, and logistics platforms. In late 2023, Termii launched TermiiGo, a programmable voice and call masking solution that expands its suite of developer tools. The company has also seen increasing adoption among financial institutions and large consumer-facing startups across West Africa.

Remedial Health

Founded in 2021 by Samuel Okwuada and Victor Benjamin. Remedial Health is a healthtech and supply chain startup digitising the pharmaceutical distribution system in Nigeria. It provides pharmacies and patent medicine vendors with access to authentic, affordable medicines directly from manufacturers, using a mobile-first inventory and procurement platform.

In March 2024, Remedial Health raised $12 million in Series A funding led by QED Investors and Ventures Platform, marking QED’s first healthtech investment in Africa. The company has scaled rapidly by streamlining operations for over 5,000 pharmacies and hospitals across the country.

By Adedapo Adesanya

The duo of FrieslandCampina Wamco Nigeria Plc and Central Securities Clearing System (CSCS) Plc sank the NASD Over-the-Counter (OTC) Securities Exchange by 6.46 per cent on Wednesday, May 14.

The bellwethers shrank the market capitalisation of the platform by N127.15 billion to N1.840 trillion from N1.967 trillion and the NASD Unlisted Security Index (NSI) slid by 217.15 points to 3,142.64 points from the previous session’s 3,359.79 points.

FrieslandCampina Wamco Nigeria Plc, which produces Peak Milk, Three Crowns, Coast, and Nunu brands, lost N3.56 during the trading session to close at N37.74 per share compared with the previous closing value of N41.30 per share, and CSCS Plc went down by 22 Kobo to trade at N26.98 per unit versus Tuesday’s closing price of N27.20 per unit.

On the flip side, Geo Fluids Plc added 19 Kobo to close at N2.10 per share compared with the preceding day’s N1.91 per share, and Costain Plc grew by 5 Kobo to end at 60 Kobo per unit, in contrast to the previous day’s 55 Kobo per unit.

The volume of securities transacted in the midweek session slipped by 99.6 per cent to 1.7 million units from the 414.5 million units traded a day earlier, the value of transactions slumped by 94.2 per cent to N61.7 million from N1.05 billion, while the number of deals rose by a 144 per cent to 61 deals from the 25 deals recorded a day earlier.

At the close of transactions, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.7 million, the second position was taken by Geo-Fluids Plc with 266.3 million units valued at N470.5 million, and the third spot was occupied by Okitipupa Plc with 153.6 million units sold for N4.9 billion.

The most traded stock by value on a year-to-date basis was Okitipupa Plc with 153.6 million units worth N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 21.6 million units valued at N830.9 million, and Impresit Bakolori Plc with 536.9 million units sold for N524.7 million.

By Modupe Gbadeyanka

The federal government has said bold reforms, improved coordination, and a renewed focus on national priorities by the administration of President Bola Tinubu has led to a significant turnaround in the Nigerian economy.

The Minister of Budget and Economic Planning, Mr Abubakar Atiku Bagudu, in a feature interview, attributed this to the bold step taken by Mr Tinubu to tackle the economic challenges faced by the country.

The feature interview is for an upcoming TV documentary marking President Tinubu’s second anniversary.

Mr Bagudu said the Renewed Hope Agenda of the current government was working and winning over investors at home and abroad, reaffirming the government’s commitment to the economic reforms.

“Mr President confronted Nigeria’s economic realities with bold and necessary choices—tough as they might be—and those measures are now yielding results,” he stated, noting that the reform-driven economy has seen four consecutive quarters of GDP growth, exchange rate stability, and a resurgence in private sector confidence.

“We have seen four quarters of successive economic growth, stability in foreign exchange, and appreciation by Nigerians and the international community. Rating agencies have consistently appreciated what we are doing,” Mr Bagudu stated, adding that foreign and domestic investors have responded positively to the government’s economic agenda, particularly agriculture, energy, and infrastructure.

“We have seen investors from Brazil, Belarus, and Saudi Arabia increasingly entering our agricultural space. The world economic community and multilateral institutions are putting more faith in our economy,” he noted.

According to the Minister, this renewed interest stems from the administration’s commitment to credibility, transparency, and structural change.

“Investors want to see good policy—can I get paid back? Are the numbers credible? Is the environment transparent? That’s why they appreciate when they see quarterly GDP growth,” he said.

“For the first time in 25 years, Nigeria is refining oil. Mr President was courageous enough to allow crude sale in naira to our refiners. This is a testament to his belief in our economy,” he added.

The Minister described removing fuel subsidies and unifying the foreign exchange market as transformative decisions restoring fiscal sanity.

“We were losing 5 per cent of our GDP on fuel subsidy—money going to just a few,” he said, noting that, “Mr. President took the courageous step to end it.”

“The foreign exchange reform removed uncertainty and favouritism. We now have a fair market—willing buyer, willing seller—which has generated revenue growth and boosted private sector confidence,” he remarked.

Mr Bagudu said the 2024 and 2025 budgets balance fiscal responsibility and strategic investment in priority sectors, noting that, “We have increased spending in health, education, infrastructure, security, and technology. The 2024 budget achieved significant deficit reduction, and more importantly, it showed that we are serious—and the markets believed us.”

He emphasised President Tinubu’s respect for the rule of law, even in managing inherited debt and Central Bank financing, saying “Mr President inherited N22.7 trillion in Ways and Means financing, but he insisted on respecting the Central Bank’s independence. That discipline is earning us credibility globally.”

The Minister credited the Presidential Economic Coordination Council and the Economic Management Team—led by President Tinubu and Coordinating Minister for the Economy, Wale Edun—with ensuring coherent, results-driven governance.

“This is teamwork. The President is the chief coordinator. He understands the global economic context, and the private sector respects him. We’re not just doing government-to-government coordination—the private sector is part of this reform effort,” he stated.

While acknowledging that the reforms may feel challenging in the short term, Bagudu likened the process to a necessary fitness regimen.

“Our economy is like a body going to the gym. It might feel painful now, but the muscles of progress are forming. Mr President is saying: ‘I’m ready to take the pain so our children and grandchildren will inherit a more prosperous Nigeria.’ This isn’t just economic reform—it’s a moral responsibility,” Mr Bagudu added.