Africa has more billion-dollar companies than many people think. At least 365 companies operating on the continent today generate $1 billion or more in annual revenue — up from 345 in the previous 2023 count. Collectively, they now generate ~$1.5 trillion annually. A few things stand out in the updated data: • Since 2023 the number of these companies has grown modestly from 345 to 365, but their scale has grown dramatically — collective revenues are up 36% to $1.5 trillion and average revenue per company is up 32% to $4.1 billion • Much of the revenue growth has been commodity-driven: oil & gas and mining alone account for ~70% of all revenue gains • 30 companies now generate over $10B annually, up from 20 in the 2023 count • South Africa remains the hub — 42% of these companies are headquartered in Africa's largest economy, which accounts for just 13% of the continent's GDP • Africa's five largest economies — South Africa, Egypt, Nigeria, Algeria, and Morocco — together account for 50% of the continent's GDP, and 73% of these companies • All regions experienced growth in the number of these companies, but West Africa experienced the fastest growth — it now accounts for 15% of these companies, up from 10% in 2023 • The homegrown share of billion-dollar companies is growing — 55% are local African-owned corporates (up from 50% in 2023); ~28% are subsidiaries of foreign multinationals (down from ~33% in 2023) The data tells a clear story: Africa's large-company ecosystem is growing — in number, in scale, and in African ownership. These companies matter disproportionately — to tax revenues, exports, productivity, and innovation. And more of them will be built across the continent as markets mature. The question is whether the next wave of these African giants will be backed by capital as bold as the opportunity. — Afridigest Intelligence — real intelligence & advisory to win in Africa's growth markets: afridigest.com/intelligence | Follow Afridigest on LinkedIn & Instagram