NMG, Bidco named among 16 African ‘global growth companies’
Nation Media Group CEO Linus Gitahi. Photo/FILE
What you need to know:
NMG and Bidco were among 16 companies on the continent picked by the World Economic Forum on Africa.
WEF termed them as sub-Saharan Africa’s most dynamic and high-growth companies.
Nation Media Group (NMG) has been named alongside edible oils manufacturer Bidco as one of Africa’s most dynamic and fastest growing companies that have “clear potential to become global economic leaders.”
NMG and Bidco were among 16 companies on the continent picked by the World Economic Forum on Africa that opens Wednesday in Abuja.
The selection panel focused on firms that have a “track record (of) exceeding industry standards in revenue growth, promotion of innovative business practices and demonstration of leadership in corporate citizenship.”
Other companies named by the panel include South African firms Capitec Bank Holdings, Webber Wentzel, KZN Oils and Nigeria’s Nagode Group, Interswitch Limited and Seplat Petroleum Development Company.
The WEF termed them as sub-Saharan Africa’s most dynamic and high-growth companies.
NMG is the largest media house in East and Central Africa in terms of earnings, number of print publications and readership broadcast outlets and digital platforms.
Bidco Oil on the other hand has grown to dominate the edible oils and soaps market, exporting products to many countries.
The Bidco co-founder and chief executive Vimal Shah is ranked among the wealthiest Kenyans.
NMG has more than 14 print, digital, and broadcast platforms in East Africa.
The media house is also a leading investor in the regional market where it has spent billions of shillings in acquisitions and greenfield ventures.
The company has been feted by publications such as Forbes for its strong innovation track record, having introduced new products that have gained traction in the market.
Some of the company’s innovative products include digital platforms Twende Twende (a travel portal), N-Soko (a consumer portal) and the Business Daily, Kenya’s premier business newspaper.
Besides the media products, NMG also introduced NationHela, an international cash transfer service that can also be used to make local payments.
The WEF on Africa closes on Friday. More than 1,000 leaders from business, government, civil society and academia are set to discuss innovative structural reforms and investments that can sustain the continent’s growth while creating jobs and prosperity for all its citizens.
The continent has some of the highest growth rates in the world, driven by increased political stability, natural resource finds, and foreign investments.
Ensuring the benefits of growth are more fairly distributed is a key challenge for the fast-growing continent.
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