London, England(CNN) A crowd of entrepreneurs, investors, executives, and government officials gathered at the London Stock Exchange Wednesday for the launch of a landmark report showcasing the best of African business.
The 'Companies to Inspire Africa 2019' report from the London Stock Exchange Group (LSEG) picked out 360 high-performing companies for recognition, spanning 32 countries and a range of sectors, from a Rwandan drone operator to an Egyptian construction firm.
More than 5000 companies were nominated for inclusion, which was whittled down to the final list based on criteria such as growth, transparency, and innovation.
"Companies needed to demonstrate positive growth over a three-year period, and a certain degree of governance by showing audited accounts to validate their finances," said Obi Ejimofo, chief innovation officer at research group Asoko Insight, which helped compile the report.
For the featured companies, inclusion could bring opportunities as well as prestige.
"Through this report, the LSEG aims to identify and raise the profile of these high growth companies to local, regional, and international investors," LSEG Chief Executive David Schwimmer said in his opening address.
The location of the launch in London could be significant, given that African countries are seen as increasingly important trade partners to the host country as it prepares to leave the European Union.
In a keynote speech, Secretary of State for International Development Penny Mordaunt told attendees that "Global Britain is committed to this new partnership with Africa," and added that "By combining African-led ambition with British expertise we can unlock investment and create more jobs for Africa and the UK."
Mordaunt also used the occasion to announce £2 million ($2.57 million) of British government funding for the microfinance company for MFS Africa and drew attention to a new partnership between the Bank of England and the central banks of Ghana, South Africa, and Sierra Leone.
LSEG's head of emerging markets strategy Ibukun Adebayo said the level of British interest in doing business with African countries was unprecedented.
"In the time we have been focusing on Africa we have not seen this level of dedication from the UK government," he said.
The highest proportion of featured companies were drawn from the service sector, accounting for 79 companies from 20 countries. Agriculture companies took 53 positions on the list, and the fast-growing renewable energy sector took 21.
The report's authors attributed service sector growth to the burgeoning consumer class in many African nations. Leading people in business in the field also credited the development of domestic manufacturing capacity.
"When we started our business 95% of products were imported," said Charbel Antoun, chairman of Nigerian fast food giant Eat'N'Go, during a panel event. "Five years later 80% came from local production, which has been key to achieving growth in the market."
The value of sub-Saharan Africa's manufacturing exports trebled in the decade to 2015, and necessity has been the mother of invention in countries such as Nigeria, according to Adebayo.
"Restriction of imports has forced manufacturing capabilities to develop across the board, and we are definitely seeing diversification...in engineering, education, customer service and many other types of business," Adebayo told CNN.
The report also highlights the success of women in business. Around a quarter of the firms listed have female CEOs, and in Ghana, the figure is 50%.
LSEG picked out companies such as LADOL (Lagos Deep Offshore Logistics), led by Amy Jadesimi, for special commendation.
The Nigerian company, which has created a special economic zone for oil and gas in Lagos harbor, is expected to create up to 50,000 jobs once
fully operational. The concept is "a first for the continent," says Adebayo.
But female CEOs, including Jadesimi, still expressed frustration at an investment climate in which women are still too often overlooked.
"We had an unbeatable proposition and couldn't get a single investor," Jadesimi recalled at a panel event on female entrepreneurs in Africa.
At the same event, Melanie Hawkins, founder of the Lionesses of Africa female entrepreneur network, said that women were still required to work harder and risk more than male counterparts.
"We showcase some of the best, most exciting and high-performing companies that anyone in the world should be happy to invest in," said Hawkins. "But many of the (founders) had to use their own money - and often sell their houses - to invest in something they were passionate about."
Inclusion in the report could yield tangible benefits for featured companies.
This is the second edition of LSEG's 'Companies to Inspire Africa' report. A study one year on from the first edition showed that fifteen featured companies raised $1.9 billion in financing between them, and several went on to lucrative IPOs.
"The due diligence these companies have gone through makes them prime targets for investors," says Ejimofo of Asoko, who adds that host countries also benefit. "Tourist boards in say, Malawi, can point to this and say 'we do have significant companies you should invest in.'"
It is also hoped that creating this benchmark list will incentivize companies that missed the cut to recognize the required standards and that the report can offer a roadmap to terrain that international investors often lack familiarity with.
The featured entrepreneurs will now be crossing their fingers and waiting for the phone to ring.