Sundry Markets Limited (SML), the operator of the well-known Marketsquare supermarket chain, has again earned a place among Africa’s fastest-growing companies, according to the 2025 ranking.
This is the second consecutive year SML is receiving the prestigious recognition, reinforcing its growing dominance and leadership in Nigeria’s organized retail sector.
In the latest report released, Sundry Markets Limited was ranked 47th out of 130 companies across Africa. The annual ranking, now in its fourth edition, lists businesses that have demonstrated remarkable revenue growth over a period of three years—from 2020 to 2023.
According to report, SML achieved a Compound Annual Growth Rate (CAGR) of 59.2% and an Absolute Growth Rate (AGR) of 303.6% within the review period. These figures not only highlight the company’s rapid expansion but also position it as a likely front-runner in Africa’s retail industry. It is also notable that Sundry Markets posted the third-highest revenue among all the companies listed on the continent.
Reacting to the recognition, the Founder and Chief Executive Officer of Sundry Markets Limited, Mr. Ebele Enunwa, described the achievement as a testament to the dedication, innovation, and hard work of the entire SML team. He expressed gratitude to staff, stakeholders, and loyal customers who have supported the company’s journey.
“This achievement belongs to every member of the Sundry Markets family,” Enunwa said. “It reflects our shared vision of building a modern, responsive, and customer-focused retail brand. Our growth has always been anchored on the evolving needs of Nigerian shoppers and our drive to provide them with affordable, quality products in a world-class shopping environment.”
Enunwa added that SML’s strategy includes promoting local solutions, supporting Nigerian producers, and expanding access to quality retail experiences in both major cities and underserved locations.
Founded in 2015, Sundry Markets Limited began operations with just one supermarket. Today, the company operates 36 stores across 14 Nigerian cities, making it one of the largest and most accessible supermarket chains in the country. Its flagship brand, Marketsquare, has become a household name known for offering groceries, household items, fresh produce, and other everyday essentials.
Industry analysts have praised the company for its aggressive but well-managed expansion strategy, its emphasis on quality customer experience, and its ability to thrive in Nigeria’s challenging business environment. The country’s retail sector, which has faced multiple challenges including inflation, fluctuating consumer spending, and infrastructure gaps, has seen only a few success stories—SML is clearly among them.
The 2025 Africa Fastest Growing Companies list aims to celebrate innovation, job creation, and economic impact across diverse sectors such as retail, technology, healthcare, agriculture, and energy. The report serves as a benchmark for investors, policymakers, and entrepreneurs seeking to understand the continent’s evolving business landscape.
Sundry Markets Limited’s inclusion in the list is expected to enhance its reputation among local and international investors and boost staff morale as the company continues its growth journey.
As it stands, SML remains committed to pushing boundaries, expanding its retail footprint, and maintaining its focus on providing value to Nigerian consumers. With increasing urbanization, a rising middle class, and growing demand for structured retail formats, the future looks promising for SML and the Nigerian retail industry at large.
