In what looks like a predominantly honour list of players in the fintech, e-commerce, energy and financial sectors, Nigeria’s X3M Ideas, one of Africa’s most celebrated advertising agencies, has done the marketing communication industry proud by earning a coveted spot on the Financial Times of London’s list of Africa’s Fastest-Growing Companies 2025. The feat has since been described as a reflection of its outstanding growth trajectory over a three-year period.

Ranked 31st out of 130 companies, according to a statement, the agency joins an elite cohort of enterprises that have demonstrated sheer resilience, innovation, and consistent expansion in Africa’s challenging business environment.

The Financial Times ranking, compiled in collaboration with global data and research firm Statista, is now in its fourth edition. It provides a snapshot of high-growth companies across the continent and it is considered one of the most respected indicators of business momentum in emerging markets.

A look at the methodology behind the ranking shows that Financial Times’ evaluation is analysis of companies’ compound annual growth rate (CAGR) between 2020 and 2023. This data-intensive approach, according to FT, allows for a fair comparison of businesses based on real financial figures.

However, because many of the continent’s fast-growing enterprises are privately held and do not publish detailed financial reports, the screening process is rigorous. Companies must submit verified data, which is signed off by senior executives. This helps ensure that only credible, scalable companies make the list — even if the ranking may not be exhaustive due to the fragmented and often opaque nature of African markets, the statements notes. As it notes, “Because many fast-growing companies are privately held and do not publicly disclose detailed financial data, a ranking such as this can never claim to be complete. But the screening process… ensures that the list offers a meaningful snapshot and puts a focus on businesses not often in the spotlight.”

This year’s list was shaped by compound growth rate, revenue increases, and headcount expansion, giving a holistic view of company growth.

The 2025 ranking underscores the dominance of South Africa and Nigeria, Africa’s two largest economies, in the entrepreneurial landscape. The report states: “Africa’s two biggest, albeit sluggish, economies continue to dominate the Financial Times’ ranking of the fastest-growing African companies with more than half of the 130 companies listed from South Africa and Nigeria.”

Together, the two countries contributed 79 of the 130 businesses featured. While this reflects the depth of innovation and opportunity in these economies, it also illustrates the challenges that entrepreneurs from smaller African nations face in scaling businesses across the continent.

The FT observes: “More negatively, it also hints at how difficult it has been for companies from smaller countries to build a continental presence in what is still a highly fragmented landscape.”