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Nigeria’s 10 Most Valuable Firms by Market Capitalisation

Despite the challenging business climate of 2024, several Nigerian firms have emerged as the most valuable in the country. Operating across various sectors such as manufacturing, banking, telecoms, and oil and gas, these companies have demonstrated resilience and adaptability in the face of economic adversity.

The year 2024 brought significant challenges, including rising costs for key commodities like diesel and fuel, as well as the devaluation of the naira. Nevertheless, these companies have managed to thrive through innovation, strategic leadership, and a deep understanding of the Nigerian and African markets.

Market analysts, as reported by BusinessDay, forecast that sustained growth in these sectors will increase investor confidence and attract more foreign direct investment into Nigeria.

Nigeria’s ₦1 Trillion Club

An analysis of the top companies’ market capitalisation on the Nigerian Stock Exchange (NGX) reveals that 13 Nigerian companies have surpassed a valuation of ₦1 trillion. Market capitalisation is calculated by multiplying the total number of shares by the current share price.

The success of Nigeria’s ₦1 trillion valuation club has been driven by favourable economic reforms, such as the floating of the naira and the removal of the petroleum subsidy, which have boosted investor confidence.

Growth in telecommunications, construction, and energy sectors has supported the success of companies like Airtel Africa, MTN Nigeria, Dangote Cement, and Seplat Energy.

Additionally, strong performance in banking, bolstered by higher interest rates and electronic banking, has contributed to the growth of Zenith Bank, GTCO, and UBA.

The top 10 companies with over ₦1 trillion valuation are:

The top three companies in Nigeria’s ₦1 trillion valuation club—Airtel Africa, BUA Foods, and Dangote Cement—stand out for their leadership in telecommunications, food production, and construction.

Airtel Africa, valued at ₦8.1 trillion, benefits from rising demand for digital services and investments in 4G/5G technologies, with Nigeria’s foreign exchange reforms further supporting its growth.

BUA Foods, valued at ₦7.47 trillion, capitalises on increasing food demand, taking advantage of local manufacturing policies and a diverse range of products.

Dangote Cement, with a valuation of ₦6.8 trillion, leads in infrastructure development, driven by cost-efficient operations and regional expansion.

Together, these companies exemplify Nigeria’s economic strength and growth potential.

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