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EY, Asoko Insight & IC Publications to Launch Africa’s First Survey of Fastest Growing Companies
A tripartite partnership is set to result in the inaugural Africa Ranking on the continent’s fastest growing companies.
The Africa Ranking is a collaboration between Asoko Insight (Asoko), Africa’s pre-eminent provider of corporate data, African Business magazine, the continent’s best-selling and most respected business monthly and EY, a global leader in assurance, tax, transaction and advisory services.
The report – the first of its kind – will provide an extensive ranking of the best performing, privately – held companies across Africa. Data submissions will be measured on three key indicators: financial performance, growth, and governance.
The Africa Ranking is set to become the ultimate reference point for the companies actually driving the region’s growth based on audited and verifiable company data.
Omar Ben Yedder, group publisher and managing director of IC Publications, the publishers of African Business, said that this report would give investors a better understanding of the make-up of Africa’s growth companies and the sectors that are performing strongly. African Business already publishes a yearly ranking of Africa’s Top 250 listed companies.
The report, to be published in February 2017, will also provide companies with global exposure, as well as a metric against which to benchmark their performance.
Rob Withagen, Asoko’s co-Founder and Managing Director, said that the Africa Ranking was both timely and relevant, given the focus from investors and corporates on ‘the missing middle’ of Africa’s private sector.
“Over the past ten years, Africa’s private sector has witnessed impressive growth in trade and investment. But the predominant focus remains on the continent’s most established corporates. The Africa Ranking will be the first pan-African initiative that identifies the progress of a much wider pool of solid, African companies for the global business and investment community to engage with,” Withagen said.
The ranking will be open to companies that have a minimal annual turnover equivalent to USD 500,000, and all companies wishing to be considered must be for – profit organizations, with their headquarters in Africa. Successful applications are selected on their year-on-year growth performance, not financial size.
Michael Lalor, EY’s Africa Business Centre Lead Partner said that, “Despite current uncertainties, the longer term outlook for economic growth and investment in Africa remains positive. However, investment opportunities are likely to be more uneven in coming years. As a truly integrated firm across the Africa region, we believe this collaboration will go one step further in supporting our view on the Africa growth narrative. There are many companies across the continent who have contributed significantly to the respective economies, and we need to continue to highlight and share these success stories locally and globally.”
Preference will be given to companies that have seen a growth in trade with other African member states and data points will also look at growth in investment in other African member states.
Each entry will be weighted so that the most important indicators have the highest impact on a company’s score.
IC Publications is one of the world’s leading sources of analysis and debate on African political and economic issues.
Through a variety of platforms and services including: magazines, digital media and international events, IC Publications delivers unparalleled coverage and cutting-edge content on the latest developments in Africa.
Asoko, on the other hand, is building Africa’s best source of privately-held company information.
They leverage local research teams, in-country partnerships and technology to build in-depth profiles on thousands of successful companies, supporting the global business community with lead generation, due diligence and research input.
EY is also a global leader in assurance, tax, transaction and advisory services.
The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over.
Accelerating artificial intelligence (AI) adoption could increase Africa’s GDP by up to 4% over the next decade, according to the International Monetary Fund (IMF).
In a report released on Tuesday, titled Africa Can Grow Faster With AI—If It Moves Now, economists from the IMF’s Africa Department say current levels of AI adoption and utilisation are expected to contribute just 0.2% to the region’s GDP over the next 10 years.
However, the report says stronger adoption, supported by the right infrastructure and policies, could raise the economic impact to about 4% by extending AI beyond today’s digitally connected firms.
Martin Schindler and other IMF economists say: “AI adoption in sub-Saharan Africa currently lags well behind every other region. If richer economies race ahead while African firms and governments lag, the productivity gap between the region and the rest of the world will only widen.”
Early signs of AI adoption are emerging across Africa, with countries including Zimbabwe, Kenya, Egypt and Nigeria developing AI strategies.
Telecommunications operators, including Vodacom, Econet, Africell and MTN, are also integrating AI into their operations and networks.
Other examples include chatbots supporting teaching and learning in Nigeria and the South African Revenue Service’s use of data analytics for targeted tax audits.
However, the IMF says AI adoption must extend beyond these early use cases to deliver meaningful economic benefits.
“For the region, AI’s main promise is not about replacing office workers, but boosting productivity across the economy—helping informal firms manage inventory, enabling farmers to increase yields, and supporting mid-sized firms to transition to formality and export readiness,” the report reads.
The IMF is urging governments to prioritise investment in reliable electricity, affordable broadband, data infrastructure and digital skills to support wider AI adoption.
Many African countries, including Zimbabwe, Kenya, Ghana, Nigeria and Cameroon, continue to face electricity shortages, while broadband services remain costly and coverage is uneven.
The Fund believes stronger investment in power, connectivity, regional data infrastructure and digital skills would help unlock AI’s economic potential.
National Population Commission (NPC) has commenced the nationwide digital registration of births and deaths under the Electronic Civil Registration and Vital Statistics (E-CRVS) system to strengthen legal identity management and improve demographic data.
Speaking at a press briefing in Lokoja on Tuesday, Mr Afolabi Yori, federal commissioner representing Kogi, said the initiative became operational nationwide on July 1, through the VitalReg platform.
Yori described the development as a landmark in Nigeria’s civil registration system, noting that it would modernise birth and death registration through a technology-driven platform that meets international standards.
He said the digital platform would improve service delivery, strengthen data integrity and ensure that every birth and death occurring in Nigeria was accurately documented and securely stored.
According to him, civil registration is more than an administrative process, as it provides reliable statistics that support public policy formulation, resource allocation and national development planning.
“Nigeria records an estimated five million births annually, yet millions of births and deaths remain unregistered.
“Birth registration coverage currently stands at about 57 per cent nationwide, while death registration remains below 20 per cent,” he said.
The commissioner said that the commission had established 4,011 functional registration centres across the country’s 774 local government areas and was working to expand the number to about 8,000.
He added that the commission was strengthening collaboration with stakeholders to improve the capacity of registration personnel and ensure prompt documentation of vital events through the VitalReg platform.
Yori said the platform would provide faster registration services, 24-hour online access, digital certificate issuance where applicable, and reduce paperwork, waiting time and unnecessary travel.
He disclosed that the platform was being operated under a Public-Private Partnership with Barnks-forte Technologies Ltd. as the commission’s technical partner to ensure system availability, cybersecurity and continuous technological improvement.
He called on parents, healthcare institutions, traditional and religious leaders, civil society organisations, development partners and the media to support the initiative by encouraging the prompt registration of births and deaths.
Earlier, Samuel Omonakpeme, director in Kogi, NPC State, described the commencement of the digital registration system as another milestone in efforts to strengthen Nigeria’s Civil Registration and Vital Statistics system.
Omonakpeme stated that the initiative aligns with the Federal Government’s digital transformation agenda and the Sustainable Development Goals, particularly Goal 16.9, which seeks to provide legal identity for all.
He appreciated the Federal Government, the leadership of the commission, UNICEF and other development partners for supporting the implementation of the initiative.
The state director also urged parents, guardians, health institutions, community leaders, religious organisations and the media to mobilise public support for the timely registration of all births and deaths.
The News Agency of Nigeria (NAN) reported that ICT personnel of the commission, led by Ehimoni Kolawole, conducted a live demonstration of the digital birth registration process using the VitalReg platform.
The demonstration showed that the registration process captures the biodata of both parents, while at least one parent must possess a valid National Identification Number (NIN) to complete the registration of a newborn.
Yola Electricity Distribution Company (YEDC) has alerted its customers to a fraudulent message circulating on social media, falsely claiming that electricity consumers can receive an additional 20 per cent bonus units when recharging their prepaid meters through unofficial channels.
In a statement issued by the company’s management on Monday, YEDC described the claim as false and urged customers to disregard the misleading information, stressing that it did not originate from the company.
According to the statement, YEDC does not offer bonus electricity units through individuals, agents, personal bank accounts, phone numbers, or social media contacts.
The company advised customers to purchase electricity tokens only through approved cashless payment platforms, including the YEDC Pay App, OPay, Interswitch, and other authorised vending channels, or to visit the nearest YEDC office for assistance.
YEDC also cautioned customers against sharing their meter details or personal information, or making payments to unauthorised persons claiming to represent the company.
The company further urged customers to rely exclusively on information disseminated through its official communication channels to avoid falling victim to fraud.
The management thanked customers for their continued cooperation and reaffirmed its commitment to serving them.
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