Groups partner to launch Nigeria Fast Growth 50
On July 9, 2012 ? In Finance

By CHINEDU IBEABUCHI

The Tony Elumelu Foundation? and the Allworld Network Inc. have announced the launch of the Nigeria Fast Growth 50 (Nigeria50).

This is a pioneering effort to showcase and rank the most innovative and dynamic fast-growth private companies in Nigeria.? In a statement by the Foundation, the Nigeria50 project will give global visibility status to emerging companies in Nigeria that are contributing significantly to the economy.

?Nigeria is soon expected to become the largest economy in Africa and is home to one-fifth of Sub-Saharan Africa?s population. With a 10-year track record of GDP growth at almost 9 per cent, it is increasingly becoming a destination for global investment. Information on Nigeria?s larger companies and conglomerates is readily available.

?However, younger and smaller companies suffer from a profound lack of visibility. Yet this medium-scale enterprise sector is the engine of future economic growth, creating the next wave of employment and innovation, and driving the economy and fostering social and economic prosperity. Many smaller and dynamic companies, which may now only be employing 20 people, could grow to 200 or 2,000 if they had global visibility and investors,? the statement said.

According to the statement, the Nigeria50 will be published nationally and globally, giving visibility to emerging company stars, adding that with a spot on the list, companies will gain global recognition, a network of growth entrepreneurs and an invitation to the AllWorld Summit at Harvard University.

The Nigeria50 application process is open to private companies in Nigeria who have been able to grow revenues 100 per cent or more in the past 3 years.

To be eligible for the Nigeria50 ranking, prospective companies are expected to meet the following criteria:Minimum 3-year audited operating history with revenues/turnover of at least N80 million/$500,000 as at 2011; be an independent, private, non-listed, for-profit corporation or partnership or proprietorship.

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