Egypt overtook Nigeria on the Financial Times’ latest ranking of Africa’s fastest-growing companies as Nigerian firms faced challenges linked to currency devaluation and investor uncertainty.
Egypt has overtaken Nigeria on the Financial Times’ latest ranking of Africa’s fastest-growing companies, according to CBS. The 2026 list, compiled by the Financial Times and Statista, showed Egyptian fintech company Thndr emerging as Africa’s fastest-growing business.
Nigeria placed behind South Africa, Kenya, and Egypt in the ranking by number of companies represented, with only 16 Nigerian firms making the list. Analysts linked the decline to the naira’s sharp devaluation and weakening investor confidence.
The report noted that Nigeria’s currency instability reduced the dollar value of revenues used in the ranking methodology. Lexi Novitske of Norrsken22 said, “We are putting the breaks on our Nigerian investments.”
South Africa led the rankings with 51 companies, while Kenya recorded 17 firms on the list.
NEWS NOW:
