A cross-section of experts, including Lagos State governor, Babajide Sanwo-Olu, his Ogun State counterpart, Dr. Dapo Abiodun, immediate past Minister of Industry, Trade and Investment, Okechukukwu Enelamah; Chief Executive of the Nigerian Stock Exchange, Oscar Onyema, and West Africa Regional Senior Partner, PwC Nigeria, Uyi Akpata, have impressed on government at all levels the need to explore public private partnership (PPP) in order to build a sustainable economy.
The thought leaders spoke at an event organised to mark ‘the London Stock Exchange Group (LSEG)’s Companies to inspire Africa Report 2019 in Lagos.
Sanwo-Olu, who was represented by the Director-General, Mr. Ope George, DG Lagos State Public Private Partnership Office, said the PPP model was key to infrastructural development.
Others who emphasised the importance of private businesses especially small and medium enterprises as growth catalysts for the economy at the event were the Deputy British High Commissioner to Nigeria, Harriet Thompson, who delivered a message from the UK government; Executive Secretary/Chief Executive Officer, Nigeria Investment and Promotion Commission, Yewande Sadiku; Advisory partner/ Chief Executive, PwC Nigeria, Dr. Andrew Nevin and Director, Co-Head Emerging Markets, International Market Unit, LSEG, Ibukun Adebayo.
The speakers urged public and private sector participants to find ways to synergise their strengths to speed up the country’s economic growth and reduce poverty.
The report, which features 97 Nigerian companies out of the 360 on the list, identifies and celebrates some of Africa’s most inspiring growth businesses. This research project was carried out with the support of PwC, the Africa Development Bank Group, Asoko Insight, CDC Group and Instinctif Partners.
According to the report, Nigeria has the single largest representation with 97 companies featured, building on its leading position established in the previous report with strong representation from the industry and technology & telecom sectors. Nigerian companies showed exceptional growth rates with a CAGR of 47% in revenue and average employee CAGR of 23% over a three-year period.
Looking at the executive leadership of the firms, 22% of the local companies featured in the documents are led by women.
Speaking on the report Akpata said: “We are extremely honored to partner once again with LSEG for the Lagos launch of the second edition of the “Companies to Inspire Africa” report. It is particularly worthy to note that Nigeria made a strong showing in the report demonstrating the strong entrepreneurial drive and the opportunities the Nigerian market presents.”
Commenting on the report, David Schwimmer, CEO, LSEG, noted: “London Stock Exchange Group’s ‘Companies to Inspire Africa’ report showcases inspirational and entrepreneurial businesses from across the African continent, representing a wide variety of industries and countries. It is particularly encouraging to see the increasing influence of women in leadership roles in these fast-growing companies, playing a pivotal role in shaping the future of African business.”
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