The Nigerian economy, the largest in Africa, boasts a diverse range of industries and sectors contributing to its growth and development. At the heart of this economic landscape are the top companies, whose market capitalizations provide valuable insight into the country's corporate prowess and investor sentiment.
A key indicator of a company's size and worth is market capitalization, often known as market cap. Market cap, which is determined by dividing the current share price by the total number of outstanding shares, represents how many investors believe a firm has the capacity to expand, be profitable, and be stable.
Top firms in Nigeria come from a wide range of industries, including banking, telecommunications, consumer products, and energy, and they all play an important role in the economy of the nation.
According to data tracked by the research arm of the Nigerian business news platform, Nairametrics from the Nigerian Exchange (NGX), the top-ranking corporations in Nigeria have a combined worth of an astonishing N27.06 trillion ($37.7 billion), making up a sizeable 77% of the total stock market and a staggering 14% of the nominal GDP of Nigeria (N199.3 trillion).
The top 10 most valued firms according to the NGX include a range of industries, including oil and gas, telecommunications, consumer products, finance, and industrial goods. Two of these businesses are specifically engaged in the manufacturing of cement and work in the industrial products industry.
Also included in the renowned top 10 rankings are two telecommunications corporations, one oil and gas company, two consumer products companies, and three commercial banks.
In July 2023, the Nigerian stock market had a positive trend, recording a significant 5.5% gain. With an All-Share index of 64,337.52 points and a market value of N35.01 trillion, the month came to an end. So far this year, the market has increased by an astonishing 25.5%, powered by positive investor sentiment toward equities as a result of the new administration's favorable fiscal and monetary policies.
Below are ten of the most valuable companies in Nigeria by market capitalization;
| Rank | Company | Market Capitilization | Industry |
|---|---|---|---|
| 1. | Dangote Cement | N5.99 trillion ($7.9 billion) | Manufacturing |
| 2. | MTN Nigeria | N5.33 trillion ($7.05 billion) | Telecommunications |
| 3. | Airtel Africa | N4.96 trillion ($6.55 billion) | Telecommunications |
| 4. | BUA Cement | N3.35 trillion ($4.43 billion) | Manufacturing |
| 5. | BUA Foods | N2.44 trillion ($3.23 billion) | Food |
| 6. | GTCo | N1.08 trillion ($1.37 billion) | Banking |
| 7. | Zenith Bank | N1.06 trillion ($1.35 billion) | Banking |
| 8. | Seplat | N996.6 billion ($1.26 billion) | Energy |
| 9. | Nestle Nigeria | N931.4 billion ($1.18 billion) | Food |
| 10. | Stanbic IBTC | N900.5 billion ($1.14 billion) | Banking |