Layer3 has been listed as one of the fastest growing Nigerian private companies. AllWorld Network, in partnership with The Tony Elumelu Foundation, announced the winners of the Nigeria Fast Growth 50 (Nigeria50), a ranking of 50 of the fastest growing private (non-listed) companies in Nigeria. The Nigeria50 broke AllWorld records, with each company growing at an average 100% a year on revenues of $9 million USD, and as a group they have created 6,600 jobs, and if they continue growing, will create thousands more in the next few years. The Nigeria50 offer a glimpse into the country’s vast potential for entrepreneurs, and the impact entrepreneurs are having in addressing the country’s problems from malnutrition to job creation and employee training.
Companies were invited to compete for a spot on the Nigeria50, and those with the fastest revenue growth between 2009 and 2011 made the inaugural ranking. Thousands of emails were sent to companies around the country inviting them to apply. Each company had to provide audited statements to confirm their revenues and each applicant’s business practices and ethics were strenuously vetted by AllWorld. The fastest growing and most transparent became the Nigeria50.
The inaugural winners were announced worldwide at the Nigeria50 Awards & Summit in Lagos on the 21st of March, 2013 in front of an audience of 350 entrepreneurs and business and government leaders including The Honourable Minister of Trade and Investment, Olusegun Aganga; Tony O. Elumelu C.O.N., Chairman of Heirs Holdings and Michael Porter the world-renowned Harvard Business School Professor and Chairman of AllWorld Network.
The Nigeria50 broke many AllWorld records in relation to 15 other country rankings throughout the Middle East, Turkey and South Asia in terms of growth rates, the size of companies and diversity of industries. Many of the companies have been founded in the last ten years, and have already grown to be leaders in their industry. An average of only 46 years old, most Nigeria50 entrepreneurs plan to establish another company in the next two years. Despite the political instability and the lack of the right infrastructure in some parts of Nigeria, the Nigeria50 confidently stated that the opportunity of growth for them is within their own country. While some are looking to expand further into West Africa, the entrepreneurs see that Nigeria, with its population of 162 million, is the place to expand.
According to Layer3‘s CEO, Oyaje Idoko “This is a testament to our resilience and commitment to service delivery, profitability and customer satisfaction. I believe any company that has these as the core of their values, will most definitely grow.”
Michael Porter, who was described by the Times of London as the world’s “most influential management guru”, and is widely regarded as the foremost authority on company and country competitiveness, emphasized that; “It is entrepreneurs who are going to change the developing world, not governments. The Nigeria50 companies represent the leading edge of a new approach to the region’s competitiveness.”
The Nigeria50 was an unprecedented partnership between AllWorld Network, the Tony Elumelu Foundation, and nominating partners UBA, Jobberman, Fate Foundation, Nigerian-American Chamber of Commerce, Lagos Chamber of Commerce, Nigeria Employers’ Consultative Association, Pan-African University (EDC and LBS), Nextzon Seven, LEAP Africa, Delegation of German Industry and Commerce in Nigeria and SMEDAN. . The fastest growing of these became the inaugural Nigeria50. The partners are also launching the first continental Africa500, to bring to global attention a new breed of entrepreneurs who can transform Africa’s future.
Commenting on the success of Nigeria50 at the Awards Ceremony, AllWorld co-founders Deirdre Coyle and Anne Habiby urged country leaders to champion the Nigeria50. “With the right support, the Nigeria50 will send a signal far and wide that the country is open for business and will energize thousands, if not millions, to work for or become entrepreneurs. The Nigeria50 can become the country’s new force for competitiveness, economic innovation and employment.”
26 Oct 2021
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