Nigerian Company, Neveah Ranks High in Financial Times Africa’s Fastest-Growing Companies
- Financial Times has released its annual ranking of the fastest-growing companies in Africa.
- The newspaper released its ranking on May 4, 2023, and saw several Nigerian companies cut.
- Among the list is a Nigerian export company, Neveah Limited, which ranked higher than prominent firms on the list
The Financial Times, a leading world business newspaper and renowned digital publication, has released its annual ranking list of Africa's fastest-growing Companies.
The ranking listed Neveah Limited, an indigenous commodities export company, ahead of several top African brands. Neveah ranked high on the list of leading renowned companies like Julius Berger, Dangote PLC, MTN, Sterling Bank, and Flour Mills, amongst action was released on Tuesday, May 2, 2023.
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Neveah records annual growth.
The firm was ranked 18 on the list of FT/Statista 2023 Africa’s Fastest-growing Companies on the list. Known for commodities export, the organization prioritizes delivering quality products at great prices. According to Financial Times and Statista, the compound annual growth rate (CAGR) in revenue from 2018 to 2021 was a significant criterion for listing.
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In five years, Neveah recorded a Compounded Annual Growth Rate (CAGR) of 68% and 176% on revenue and profitability, respectively. It has also registered an N10 billion commercial paper with FMDQ Exchange in 2021, raised N14.96 billion, and repaid N14.54 billion.
According to Neveah’s CEO, Ibidapo Lawal, the company accomplished the feat by taking calculated risks and constant business and human development into practices.
Lawal said:
“This great feat has been achieved through an ability to take calculated risks, consistent business and human development, and our commitment to best practices. We hope to achieve greater milestones as we build a world-class commodities export firm, but this ranking shows how far we have come in the last nine years.”
Neveah exports to African countries and beyond
The company is an indigenous export firm in Nigeria, dealing in agricultural commodities, base metals, and minor metals.
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It exports to over 15 countries in Europe and Asia, with its primary markets spanning across America.
Working closely with select suppliers for its materials, it will provide its global customers with the best products at the most affordable prices in 2022. Neveah was awarded Sectoral Exporter of the Year by the Nigerian Export Promotion Council (NEPC).
Nigeria missing as IMF lists seven fastest-growing economies in Africa in 2023
Recall that Legit.ng reported that according to the International Monetary Fund (IMF), Africa’s economic recovery had been abruptly interrupted. Still, in 2021, activities bounced back and lifted GDP growth in the continent to 4.7 percent.
Growth in 2022 is expected to decline by more than one percent to 3.6 percent as global slowdown, tighter financial conditions, and a surprising recovery in global inflation spiral into Africa already weighted down by a series of economic shocks.
The World Bank said 29 out of the 33 countries in Africa with verifiable data had 5 percent inflation in July, while 17 countries were in double digits.
Source: Legit.ng
