Sundry Markets Limited, the operator of the well-known Marketsquare supermarket chain in Nigeria, has once again earned a spot on the prestigious list of Africa’s fastest-growing companies, as ranked by the Financial Times (FT) and data company Statista. This marks the second consecutive year the company is being recognised, reaffirming its growing influence and leadership within the organised retail space in Nigeria and beyond.
In the 2025 edition of the ranking, which is the fourth in the annual series, SML was ranked 47th out of 130 companies across Africa. The list, compiled by Financial Times in collaboration with Statista, recognises independent companies that have shown remarkable growth in revenues between 2020 and 2023, despite the economic challenges that affected several sectors across the continent.
SML posted a compound annual growth rate (CAGR) of 59.2 per cent and an absolute growth rate (AGR) of 303.6 per cent over the three-year period. These figures not only highlight SML’s aggressive expansion strategy but also underscore its relevance as one of the few retail brands driving formal retail penetration in Nigeria. Among all the companies listed in the ranking, SML recorded the third-highest revenue, which further cements its position as a major player in Africa’s retail industry.
Founded by Nigerian entrepreneur Ebele Enunwa, Sundry Markets Limited operates Marketsquare, a rapidly expanding chain of retail stores that offer a wide range of groceries, household items, electronics, and locally sourced products. With outlets in major Nigerian cities including Port Harcourt, Abuja, Lagos, and Owerri, the company has continued to attract middle-income shoppers with its focus on quality, pricing, and customer service.
Reacting to the latest ranking, Mr Enunwa, the Founder and Chief Executive Officer of SML, expressed gratitude for the recognition, describing it as a result of strategic planning and the hard work of the company’s management and staff. He praised the SML team for their resilience, innovation, and dedication, particularly during a time when many businesses across the continent were grappling with disruptions caused by inflation, currency fluctuations, and supply chain issues.
“This recognition is not just about growth; it’s a testimony to the fact that Nigerian businesses can scale successfully when there is clarity of vision and commitment to excellence,” Enunwa said. “At SML, we are not just building supermarkets; we are creating a modern retail experience tailored to the Nigerian lifestyle, while encouraging the use of home-grown products and supporting local producers.”
He added that SML’s focus remains on improving retail access and experience across Nigeria by expanding to underserved cities, adopting modern retail technologies, and keeping pace with changing consumer behaviours. He also stated that the company is exploring opportunities in e-commerce and digital payments to better serve its growing customer base.
The FT/Statista list includes companies from diverse sectors such as fintech, logistics, healthcare, manufacturing, agriculture, and real estate, with Nigeria, South Africa, Kenya, and Egypt contributing the majority of companies to the ranking. Companies selected had to meet strict criteria, including revenue thresholds, independence from larger corporate groups, and consistent revenue growth over the three-year period.
Sundry Markets Limited’s performance stands out not only in the retail segment but across all listed companies. As the retail landscape in Nigeria continues to evolve, companies like SML are seen as crucial to bridging the gap between traditional open markets and the formal retail environment.
With the rise in urbanisation, growing youth population, and increasing demand for structured shopping environments, industry watchers believe that SML and similar companies are strategically positioned to shape the future of retail in Nigeria.
Enunwa concluded by noting that the recognition from Financial Times will serve as motivation for the company to double down on its long-term vision of becoming Africa’s most respected and customer-focused retail chain. “We are just getting started,” he said.
