WEF recognises 16 African companies as global economic leaders

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Drawn from a broad spectrum of sectors such as financial services, retail, media and energy, these companies have been invited to join the WEF’s Global Growth Companies (GCCs) community at this year’s WEF Africa in Abuja as they are considered trailblazers, shapers and innovators that are committed to improving the state of the globe.

(READ MORE: World Economic Forum recognises 19 Africans)

The companies will become part of the larger GCC community which currently consists of 360 companies worldwide, and will contribute to WEF meetings, projects and knowledge products, which in turn will support each company for further growth.

“The World Economic Forum is proud to recognise these 16 champions that are at the forefront of driving responsible economic growth, job creation and entrepreneurism in Africa. We look forward to the active and dynamic role they will play at our meeting in Abuja, working with the region’s leaders to foster inclusive, sustainable growth in the region,” said David Aikman, managing director and head of new champions at the World Economic Forum.

Nigerian and South African based companies dominated the 16 champions list with six companies from each country.

Nominations include Nigerian businesses such as the diversified conglomerate, UAC of Nigeria Plc, technologies company, Computer Warehouse Group, and financial services company, Interswitch Limited. Well-known South African brands such as property investments firm, Growthpoint properties, financial services group, Capitec Bank, and retail chain, Tekkie Town also made the list.

Three East African companies were also nominated, such as Kenyan media house, Nation Media Group, Kenyan based oil firm, Bidco Oil Refineries Ltd, as well as the diversified conglomerate, the Simba Group from Uganda.

According to WEF, even though the companies represent various industrial sectors, they share a common track record in exceeding industry standards in revenue growth, promotion of innovative business practices and demonstrate leadership in corporate citizenship.

(READ MORE: Growth projected for Africa in 2014)