Financial Times has recognised Sundry Markets Limited, a Nigerian retail firm as one of Africa’s top 50 fastest-growing companies in 2024.
Sundry Markets Limited are the owners of Marketsquare, an indigenous retail chain of supermarkets in Nigeria.
In a statement, the London-based newspaper, said its recognition of Sundry Markets Limited is a sign of the company’s growth amid the economic challenges faced by many African economies, adding that, the FT-Statista ranking celebrates companies that have demonstrated significant growth despite the post-pandemic recovery struggles and broader economic difficulties across the continent.
In lieu of this, Financial Times in its third edition, reportedly highlighted Nigeria as third-largest economy, which has been contending with inflation and currency devaluation since 2023, adding that despite these economic headwinds, Nigeria boasts the second-highest number of companies on the FT’s list, with Sundry Markets being a key player among them.
Expressing his delight, the Chief Executive Officer of Sundry Markets, Ebele Enunwa, stated, “It is a pleasure to be listed amongst the top companies across Africa for 2024. Getting listed has shown that we are moving in the right direction. Since our humble beginning in 2015, we have gained recognition across the continent. Sundry Markets has employed direct and indirect 5,000 people in Nigeria.”
Nigeria and of course, the whole of Africa has in the last few years, witnessed a surge in number of start-ups and small or medium scale businesses thereby, increasing the number of young Africans becoming either self-employed or self-dependent.
The post-covid realities which hit the continent hard have been a major factor impacting the operation of such business enterprises with many, struggling to survive and keep their businesses equally afloat.
Sadly, the removal of oil subsidy by Nigeria’s President, Bola Ahmed Tinubu upon assuming office in 2023, made the situation even worse as inflation has become the order of the day across various sectors in the country.
With Marketsquare’s performance according to Financial Times, it is hoped that many other young or emerging businesses will be able to decipher dynamics to keep their businesses running smoothly and prospering in a long run.
