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The 10 most valuable Nigerian companies by market capitalization - BUSINESS INSIDER
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Despite the challenges posed by the harsh business terrain of 2024, several Nigerian companies have emerged as the most valuable firms in the country.
- Several Nigerian companies have emerged as the most valuable firms in the country
- These firms thrived due to innovation, strategic leadership, and a deep understanding of the Nigerian and African markets
- Airtel Africa, BUA Foods, and Dangote Cement are the top three companies in Nigeria’s N1 trillion valuation club
These Nigerian companies, operating in various sectors such as manufacturing, banking, telecoms, and oil and gas, have become valuable, by demonstrating resilience and adaptability in the face of adversity.
The year 2024 was marked by significant economic challenges, including a hike in the cost of major commodities like diesel and fuel, as well as the devaluation of the naira.
However, these companies have managed to thrive, thanks to a combination of innovation, strategic leadership, and a deep understanding of the Nigerian and African markets.
Market analysts, as reported by BusinessDay, have forecasted that sustained growth in these sectors will bolster investor confidence and attract more foreign direct investment into Nigeria.
Nigeria's N1 trillion club
An analysis of the top companies' market capitalization on the Nigerian Stock Exchange (NGX) revealed that 13 Nigerian companies have achieved a valuation of over N1 trillion.
The market capitalization is calculated by multiplying the total number of shares by the present share price
Nigeria's N1 trillion valuation club thrived due to favorable economic conditions, including reforms like the naira's float and petroleum subsidy removal, which boosted investor confidence.
Sector growth in telecommunications, construction, and energy drove success for companies like Airtel Africa, MTN Nigeria, Dangote Cement, and Seplat Energy.
Strong banking performance, fueled by higher interest rates and electronic banking, also contributed to the growth of Zenith Bank, GTCO, and UBA.
The top 10 companies with over N1 trillion valuation are:
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| Rank | Company Name | Valuation (N trillion) | Share Price (N) |
|---|---|---|---|
| 1 | Airtel Africa | 8.10 | 2,157 |
| 2 | BUA Foods | 7.47 | 415 |
| 3 | Dangote Cement | 6.8 | 400 |
| 4 | MTN Nigeria | 4.9 | 233 |
| 5 | Seplat Energy | 3.35 | 5,700 |
| 6 | BUA Cement | 3.2 | 93 |
| 7 | Geregu Power | 2.9 | 1,150 |
| 8 | Guaranty Trust Holding | 1.7 | 58 |
| 9 | Zenith Bank | 1.5 | 47 |
| 10 | Transcorp Hotel | 1.3 | 127 |
The top three companies in Nigeria’s N1 trillion valuation club—Airtel Africa, BUA Foods, and Dangote Cement—highlight leadership in telecommunications, food production, and construction.
Airtel Africa, valued at N8.1 trillion, benefits from rising digital demand and investments in 4G/5G technologies, supported by Nigeria’s forex reforms.
BUA Foods, at N7.47 trillion, thrives on growing food demand, leveraging local manufacturing policies and a diversified product line.
Dangote Cement, valued at N6.8 trillion, dominates infrastructure development with cost-efficient operations and regional expansion.
Together, these companies showcase Nigeria’s economic strength and growth potential.
