Top 10 most valuable companies in Nigeria so far in 2023

Nigeria, Africa's largest economy, has been experiencing a surge in business growth and innovation in recent years. The nation's entrepreneurial spirit, coupled with its abundant resources and a growing consumer market, has fostered the development of numerous successful companies. 

According to findings from data tracked by the Nigerian Exchange (NGX), as reported by the Nigerian business news agency, Nairametrics, the 10 most valuable companies in Nigeria are now worth a combined $31 billion. The Nairametrics report also notes that Airtel Africa and MTN Nigeria lead the list of Nigeria's most valuable public firms in the first quarter of 2023, with market capitalisations of N5.56 trillion and N4.89 trillion, respectively.

The top 10 corporations on the NGX accounted for a sizable portion of Nigeria's equity market value. These 10 corporations were valued at N24.09 trillion as of March 31, 2023, accounting for almost 82% of the overall market value.

The overall dollar valuation for these enterprises combined is roughly $31 billion (using N765/$1). This contrasts with $51.6 billion at the previous exchange rate of about N467/$1.

According to the report, the largest gainers incude BUA Foods, which increased by N666 billion to N1.84 trillion ($2.4 billion), next came MTN Nigeria, which increased by N508 billion to N4.88 trillion, then Dangote Cement, which increased by N153.4 billion to N4.6 trillion.

Geregu Power made its debut on the list of most valuable firms, with a market value of N807 billion ($1 billion).

Zenith Bank also became the first bank to be valued at more than one trillion Naira, popularly known as SWOOTs throughout the week. All of the businesses on this list are valued at more than a billion dollars. Below is the list of the 10 most valuable companies in Nigeria in 2023.