BrandArena: Financial Times: Sundry Markets Recognized as Africa's 50 Fastest Growing Companies 2024

Thursday 27 June 2024

Financial Times: Sundry Markets Recognized as Africa's 50 Fastest Growing Companies 2024

Sundry Markets Limited, owners of Marketsquare, a leading indigenous retail chain in Nigeria, has been recognized as one of Africa's top 50 fastest-growing companies for 2024 by the Financial Times.

The FT-Statista ranking highlights companies that have demonstrated exceptional growth, even amidst economic hardships. While many African economies grapple with post-pandemic recovery, Sundry Markets stands out for its ability to overcome both pandemic challenges and the continent's broader economic struggles.

In its third edition, the report identifies Nigeria, Africa's third-largest economy, as experiencing a 2023 economic crisis marked by inflation and currency devaluation. Despite these difficulties, Nigeria boasts the second-highest number of companies on the FT's list.

The International Monetary Fund (IMF) reports Africa's overall economic growth in 2023 at 3.2%, lagging behind Asia's near 5% growth. This disparity is further amplified when considering Africa's rapid population expansion.

In his delight about the company's listing, Sundry Markets' Founder and CEO, Mr. Ebele Enunwa, said, "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. From a humble beginning in 2015 and now, we have gained recognition across the continent. Sundry Markets has employed direct and indirect 5,000 people pan Nigeria.

This accolade from the Financial Times underscores Sundry Markets' commitment to growth, innovation, and excellence, reinforcing its position as a leading player in Africa's retail industry.

Sundry Market currently has 31 stores located across 14 cities in Nigeria.

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