In this article, we delve into the realm of finance and business to uncover the top 8 most valuable companies in Nigeria for the year 2023. Nigeria, one of Africa’s economic powerhouses, boasts a plethora of companies that significantly contribute to its economic growth and development. These companies stand as beacons of success, making substantial contributions to the nation’s prosperity.
It is Africa’s largest oil exporter and has the greatest natural gas reserves on the continent because to its plethora of natural resources. Nigeria has the greatest gross domestic output in Africa with a GDP of 443 billion dollars in 2020. The Richest Companies in Nigeria is a list of the country’s most active companies, both foreign and local, that operate in Nigeria. They are;
Top 8 Most Valuable Companies in Nigeria
1. Airtel Africa: With operations in 14 African nations, Airtel Africa is an Anglo-Indian telecommunications and mobile money service provider. The business provides both domestically and globally accessible mobile phone, data, and money services.
The most lucrative division of Airtel Africa, Airtel Nigeria is a market leader in prepaid, postpaid, and 4G mobile services. 13.6 million customers were first blocked by the firm for failing to link their NIN with their SIMs. 2.3 million customers, however, have rejoined the company’s subscriber list after providing their NIN and confirming their details. Over 6.24 trillion pounds are invested in Airtel.
2. Dangote Cement PLC: The largest cement maker in sub-Saharan Africa is Dangote Cement PLC. It spans ten nations and has an installed capacity of 51.6 million tonnes. The company’s installed capacity in Nigeria totals 32.3 million metric tonnes annually.
A division of Dangote Industries, which Aliko Dangote established in 1981 as a trade firm, is Dangote Cement PLC. The business first concentrated on bagged cement before expanding into other products including fish, wheat, rice, salt, and sugar. Because he owns 85% of Dangote Cement PLC, Mr. Dangote is the richest person in Africa. The market capitalisation of this corporation is 4.5 trillion.
3. BUA Cement Plc: After Dangote Cement, BUA Cement Plc is Nigeria’s second-largest cement manufacturer. The BUA Group has three significant companies and cement facilities in Nigeria, giving it a large capability for cement production. Additionally, the Group owns a portion of Damnaz Cement Company, the largest stakeholder in Cement Company of Northern Nigeria. The Group’s facilities can produce a range of cement grades and adhere to the highest standards for cement production.
BUA Cement Plc is concentrating on raising its yearly output from its present installed capacity of 11 million metric tonnes to 17 million metric tonnes per year by 2024. As the largest cement manufacturer in the nation’s Northwestern area, the firm went public in 2020.
4. BUA Foods PLC: Fast-moving consumer goods (FMCG) business BUA Foods PLC is situated in Lagos. Food goods and packaged food are also produced, marketed, and distributed by them. With production facilities located all throughout Nigeria, the corporation maintains its headquarters in Victoria Island, Lagos. The business is a member of the BUA Group, a developing conglomerate with interests in the infrastructure and food industries in Nigeria.
The processing, production, and distribution of edible oils will begin in 2024, according to BUA Foods PLC. Based on the success of his firms, Abdul Samad Rabiu, founder and chairman of the BUA Group, has become the fourth richest person in Africa. The manufacture and processing of flour, pasta, and rice are all businesses operated by BUA Foods PLC. Over ₦1.150 trillion is the market capitalisation of the corporation.
5. MTN Nigeria: This telecommunications business is a division of the MTN Group in South Africa. Communications services are offered by MTN Nigeria. Offering broadband fixed wireless access, telecommunications, and mobile financial services in Nigeria are the company’s main business endeavours. It is one of the biggest telecommunications providers in the nation with more than 60 million users.
With a market share of roughly 35%, MTN Nigeria dominates the Nigerian telecom industry. Consumer Business Unit, Enterprise Business Unit, and Wholesale Business Unit are the three reportable segments in which the group works. The CBU division accounts for the majority of the company’s revenue. The company’s primary sources of income are voice, data, and digital services. Market value of MTN Nigeria is reportedly ₦4.786 trillion.
6. PLC Nestle Nigeria: Nestle Nigeria PLC is among Africa’s largest food and beverage conglomerates. Since 196, they have been in business. They mostly work in the production, marketing, and distribution of foods, drinks, and medicines.
The firm employs 2,300 people directly and is situated in Lagos. It has three production sites. Nestle Nigeria PLC is a branch of Vevey, Switzerland-based Nestle SA, and the Nigerian market is served by iconic brands such as Cerelac, Golden Morn, Lactogen, Maggi, Milo, Nan, Nescafe, and Nestle Pure Life. Nestle is among the world’s largest food and beverage corporations, with an inventory of more than 2,000 products and a presence in 187 countries. Over 1.196 trillion naira are believed to be Nestle Nigeria’s market capitalisation.
7. Nigerian National Petroleum Corporation (NNPC): A government-owned oil business, the Nigerian National Petroleum Corporation (NNPC) was established in 1977. It is in charge of overseeing the exploration, production, and distribution of Nigeria’s oil and gas resources.
The NNPC, one of the biggest oil firms in Africa, is vital to Nigeria’s economy. The massive oil and gas reserves of Nigeria, which are among the greatest in the world, are managed by the NNPC. It participates in joint ventures with foreign oil firms and engages in a variety of upstream and downstream oil and gas activities, including as exploration, refining, and marketing. Over 674 billion naira is the projected market capitalization of Nigerian National Petroleum Corporation.
8. Guaranty Trust Bank Limited: Established in 1990, Guaranty Trust Bank Limited is a diversified financial company with offices in Lagos. They meet the needs of both public and private organisations, companies, and people.
The 24-million-customer focus of the international bank’s operations in 10 African nations and the UK is on offering banking services. The workforce of Guaranty Trust Bank Limited exceeds 12,000 persons. The bank gained notoriety in the UK after the Financial Conduct Authority (FCA) fined the UK subsidiary $9.3 million (£7.6 million) for failing to comply with anti-money laundering regulations. According to the FCA, the bank did not adhere to the criteria necessary to prevent money laundering operations. Their estimated market capitalization is 741.48 billion.
Nigeria is a nation renowned for its abundant natural resources and booming economy. Some of the richest businesses in the world have their headquarters there. These businesses have established themselves in a number of sectors, including finance, telecommunications, oil and gas, and more.