As part of efforts to showcase and rank the most innovative and dynamic private companies in Nigeria, the Tony Elumelu Foundation (TEF) and AllWorld Network Incorporated have unveiled the 'Nigeria Fast Growth 50'.
Speaking at a media briefing in Lagos yesterday, representatives from both organisations explained that the project also known as Nigeria50 was aimed selecting 50 companies that met a set of international standards for competitive fast growth companies that have strong growth trajectory.
The Nigeria50 will be published nationally and globally so as to give visibility to emerging companies, the said.
They disclosed that about 100 companies had commenced the application process.
Some of the criteria that participating companies must meet include: minimum of three year audited operating history with turnover of at least N80 million as at 2011, must have its primary location in Nigeria and must not be 51 per cent or more owned by a publicly traded company or any institution from the public sector.
Co-founder, AllWorld Network, Deirdre Coyle said: "Companies will gain global recognition and be part of a network of growth entrepreneurs. The challenge for these companies is that they are currently not on the global economic radar screen and that is where AllWorld and TEF come in.
"Recognising that entrepreneurship drives economic growth and innovation, the Nigeria50 will show the country and the world that Nigeria is open for business."
According to her, the Nigeria50 is like other AllWord rankings that currently exist in the Middle East, North Africa, India, Pakistan, South Africa and Turkey.
To the Chief Executive Officer, Heirs Holdings, Mr. Sam Nwanze, the country would benefit immensely from the project, even as he stressed that Nigeria was on the path of becoming the largest economy in Africa.
"The Nigeria50 companies will shine a unique spotlight on the pipeline of fast-growing businesses led by Nigerian entrepreneurs and business leaders, who are driving Nigeria's economic transformation," he added.
Similarly, Research Manager, TEF, Ebi Brisibe, said: "We are committed to celebrating African business leaders and entrepreneurs so as to develop the continent."