Nigeria-based OmniRetail was the fastest growing business in Africa in 2024, the FT says (Image: Getty)
A company in Nigeria has been hailed as the fastest growing in , with revenues over £100million.
E-commerce firm Omniretail made revenues just shy of £200,000 when it was founded in 2019, but by 2022 this had shot up to £110.7m, according to FT figures.
It topped a list of Africa’s fastest-growing companies last year, with a phenomenal growth rate of 66,295%, beating second place Kyosk Digital in Mauritius (41,645%) and South Africa based Resourgenix (26,441%), according to the FT.
The company was set up to remove supply chain barriers by digitising trade between distributors and manufacturers via its platform, Mplify.
Omniretail started in Nigeria, but is now in Ghana and Ivory Coast, and looking to expand across western Africa.
Deepankar Rustagi, Omniretail’s Chief Executive, told the in June last year that the firm digitises supply chains for fast-moving consumer goods (FMCGs). These include food, drinks, toiletries and beauty products.
OmniRetail operates in three countries in Africa (Image: Getty)
He explained how most of those goods are manufactured in one place and distributed across the nation, which he described as a “big challenge” when firms can’t see where stock is available and where it’s needed.
The aim of OmniRetail is to help companies see where demand exists and the places from which supplies can be sourced.
Omniretail says that its vision is to build the largest profitable network of retailers in Africa and simplify the distribution and sale of essential goods.
While the firm topped last year’s list of Africa’s fastest-growing companies, the biggest company by market cap in the continent as of February this year was Naspers.
Headquartered in Cape Town, South Africa, Naspers is a multinational tech and multimedia giant dealing in online retail, publishing and investments.
It was valued at £32.9billion ($41.56bn) in a ranking published by CEOWorld Magazine, ahead of second placed Firstrand on £17.8bn ($22.59bn).
Don’t miss… [REVEALED] [REPORT]
OmniRetail digitises supply chains (Image: Getty)
Africa overall is set to be the second fastest-growing region worldwide this year, with the African Development Bank projecting annual economic growth of 4.3% up from 3.7% in 2024.
However, Dr Alex Vines, Research Director at Chatham House’s Africa Programme, said “critical priorities” remain for the continent.
In comments posted on the thinktank’s website in January, he wrote: “Persistent poverty, scarce economic opportunities, the effects of climate change and weak governance, compounded by rising living costs, are fuelling widespread social frustration.”
Dr Vines added that voters have punished incumbent parties at the polls amid “increasing discontent” over pressures and “poor” governance.
This will prove to be a challenge for governments in Africa this year as they face elections, according to the expert.
The United Nations says Africa is poised for “modest” economic growth this year, driven by major economies including Nigeria, Egypt, and South Africa.
The global economy is expected to grow by just 2.8% in 2025, which is below the pre-pandemic average of 3.2%, according to the World Economic Situation and Prospects 2025 report released by the UN.