Nigerian renewable energy company, Winock Solar, has been named the fastest-growing energy firm in Africa, according to the 2025 Financial Times list of Africa’s Fastest-Growing Companies. The firm, which is based in Nigeria, made the announcement in a statement released on Wednesday.
Winock Solar was ranked 15th overall in Africa, 6th among Nigerian companies, and 1st in the energy sector, based on its performance between 2020 and 2023. The ranking was done by the Financial Times in partnership with research organisation Statista, and it focuses on how fast companies have grown in terms of revenue over a three-year period.
The 2025 edition is the fourth time the Financial Times is releasing this list. It highlights businesses that have shown strong and consistent growth, despite facing economic difficulties like the COVID-19 pandemic, inflation, and unstable exchange rates.
Winock Solar said it grew its revenue and customer base by 1,000 per cent during the period under review. The company credited the massive growth to its commitment to affordable services, customer care, and product innovation. It added that its goal is to improve access to energy, especially in areas where electricity supply from the national grid is not reliable.
The Chief Executive Officer of Winock Solar, Mr. Sanmi Lajuwomi, said the ranking proves the hard work and clear vision of the company. He said the firm is committed to giving more Nigerians access to clean and stable electricity.
“This ranking is a testament to the resilience and vision that fuels everything we do at Winock. Despite the economic setbacks following the COVID-19 pandemic, our mission to democratise energy access has remained unchanged. We are not just installing solar systems—we are lighting up futures, enabling businesses, and driving inclusive progress across Africa,” Lajuwomi said.
The company also said that its business model is both profitable and beneficial to society. By focusing on decentralised solar energy solutions, Winock Solar has helped small businesses across Nigeria reduce their electricity bills and keep their operations running even when the public power supply fails.
Winock Solar recently got a $1.6 million equity investment from two energy-focused investors: Acumen Fund Inc. and All On Partnerships for Energy Access, an initiative backed by Shell. The funding helped the company expand to new areas, including the Niger Delta, and also improved its support services after installation.
The firm said it plans to keep expanding across Nigeria and other African countries. It also called on government officials, private investors, and development agencies to support clean energy models that can solve the country’s electricity challenges.
It noted that millions of Nigerians still suffer from poor power supply and rising energy costs. The company believes that small and medium businesses, especially in rural areas, need better power solutions to grow and succeed.
“Policymakers must pay greater attention to decentralised energy models if Nigeria wants to achieve energy security and industrial growth,” Winock Solar said in its statement.
Winock Solar joins other fast-growing Nigerian firms that made the Financial Times list. These include Omniretail Inc., PalmPay Ltd, Remedial Health Inc., Termii Inc., Bisedge Ltd., Moniepoint Inc., Evercare Hospital Lekki Ltd., Neveah Ltd., and Alpha Morgan Capital Managers Ltd. Also on the list are BlueCamp Ltd., Chams Holding Company Plc, Transcorp Hotels Plc, Emerging Africa Capital Ltd., Nigerian Aviation Handling Company Plc, FoodCo Nigeria Ltd., Skyway Aviation Handling Company Plc, and Paga Group Ltd.
The Financial Times ranking is widely recognised as an important way of measuring the success of businesses in Africa. It focuses on sectors like technology, healthcare, finance, hospitality, and now, renewable energy.
