From Retail Tech to Mining Powerhouse: How Sabi Topped Nigeria’s FT Growth List

Sabi, a Lagos-based startup initially focused on digitizing corner shops, has achieved remarkable growth by pivoting into the export of traceable minerals. The company now ranks second in Africa’s fastest-growing firms according to the Financial Times, behind only Egyptian fintech Thndr.

A Strategic Transformation

Founded in 2020 by Anu Adedoyin Adasolum and Ademola Adesina, Sabi started as a B2B digital commerce platform for informal retailers. By mid-2023, it had onboarded over 300,000 merchants with USD 1 billion in annualized gross merchandise value, raising a USD 38 million Series B round at a USD 300 million valuation.

However, like many e-commerce businesses across Africa, Sabi faced operational challenges. In response, the company restructured and laid off approximately 20% of its workforce to focus on commodity exports.

Capitalizing on Untapped Demand

The shift occurred when small-scale mineral traders began utilizing Sabi’s platform to sell their products—a natural extension given the company’s existing traceability infrastructure originally built for agricultural trade.

“We realized that minerals were where Africa could make the biggest difference globally,” Adasolum explained. “The world was changing geopolitically, and minerals were becoming central to that change.”

Building a Traceable Supply Chain

Sabi launched TRACE (Technology Rails for African Commodity Exchange), which uses digital passports to verify mineral shipments from origin to port—tracking environmental data, labor practices, and more.

The platform now handles over 20,000 metric tons of lithium, copper, tungsten, and antimony monthly, supplying buyers in the US, UK, Netherlands, Singapore, and Asia. Sabi facilitates movement of more than 100,000 tons of lithium from Nigeria alone—ranking among the region’s top five lithium export enablers.

Riding a Mining Revival

Sabi’s success aligns with Nigeria’s broader mining resurgence under President Bola Tinubu. The sector has attracted over USD 2.6 billion in foreign direct investment, supported by reforms like digital platforms and stricter licensing—leading to more than 350 arrests of illegal miners.

Solid minerals revenue rose from NGN 28 billion (USD 50 million) in 2023 to NGN 68.1 billion (~USD 50 million) in 2025, with four lithium processing plants backed by over USD 600 million in Chinese investment slated to open.

Sabi’s platform is now active across Nigeria, DR Congo, Tanzania, and Zambia—processing more than 20,000 tons of minerals monthly with a goal of capturing 5% of US imports in select mineral categories. The company has raised USD 66 million in total funding.