Top 10 Most Valuable Companies in Nigeria by Market Capitalization

Top 10 Most Valuable Companies in Nigeria by Market Capitalization

Most Valuable Companies in Nigeria

Nigeria, AKA the “Giant of Africa,” has experienced rapid economic growth in recent years, attracting both local and foreign investors. Its business ecosystem is filled with dynamic companies that have made significant contributions to the country’s development. This is a clear breakdown of the top valuable companies in Nigeria.

In this article, we will delve into Nigeria’s top 10 most valuable companies in Nigeria, highlighting their achievements and impact on the nation’s economy.

Nigeria’s Top 10 Most Valuable Companies

Company Market Capitalization
Dangote Cement Plc (DANGCEM) 5.94TN 
MTN Nigeria (MTNN) 5.53TN 
Bua Cement (BUACEMENT) 3.35TN 
Zenith Bank (ZENITHBANK) 1.07TN 
Nestle (NESTLE) 931.37BN 
Guaranty Trust Holding Company (GTCO) 789.36BN 
FBN Holdings (FBNH) 665.86BN 
Nigerian Breweries (NB) 374.57BN 
Dangote Sugar (DANGSUGAR) 364.41BN 
Okomu Oil (OKOMUOIL)252.79BN 
Data source: (July 29th, 2023)

People often ask, How come these few companies constitute over 80% of company revenue in Nigeria? Taking a look at the table above, you’ll see a pattern of consistency amongst these brands over the years.

In the near future, some fintech companies like Flutterwave and Paystack will come to sit as one of the top 10 most valuable brands in Nigeria.

MTN Nigeria (MTNN)

Topping the list is MTN Nigeria. The telco which is a subsidiary of the South African telecommunications giant MTN Group, is the leading mobile network operator in Nigeria.

With over 70 million subscribers (about twice the population of California), and holding 60% of the telecom market share, MTN Nigeria has revolutionized the communication landscape and contributed significantly to Nigeria’s digital transformation.

The company has attracted investors’ interest for several reasons which encompass Market Dominance, Strong Financial Performance, and promising growth prospects.

MTNN also has a history of consistent dividend payments to its shareholders. This commitment to rewarding investors through dividends is appealing to income-seeking investors who value steady cash flows and returns on their investments.

Nigeria has a large and growing population, presenting ample opportunities for telecommunications companies. With increasing demand for data and digital services, MTN Nigeria is well-positioned to capitalize on this trend.

Investors are attracted to the company’s growth prospects, given its infrastructure, market position, and ability to adapt to evolving consumer needs.

Dangote Cement Plc (DANGCEM)

Dangote Cement holds the position as the second most valuable company in Nigeria due to its market leadership, extensive production capacity, vertical integration, infrastructure development contribution, strong distribution network, commitment to quality, focus on innovation and efficiency, diversification, and visionary leadership.

The company holds a significant market share and operates multiple cement plants across the country. This market leadership gives DANGCEM a competitive advantage, allowing it to dictate prices, influence industry dynamics, and capitalize on the robust demand for cement in Nigeria’s construction sector.

Also, Nigeria is experiencing rapid infrastructure development, including the construction of roads, bridges, housing, and other vital infrastructure projects.

DANGCEM plays a crucial role in supplying cement for these projects, contributing to the nation’s economic growth and development.

The company’s reliable and consistent supply of cement has positioned it as a key partner for infrastructure development in Nigeria.

In addition to its dominance in the Nigerian market, DANGCEM has successfully expanded its operations beyond Nigeria’s borders. The company has established cement plants in other African countries, such as Ghana, Ethiopia, Tanzania, and Senegal.

This diversification strategy reduces dependency on a single market and positions DANGCEM as a key player in Africa’s cement industry.

Bua Cement (BUACEMENT)

Bua Cement Plc (BUACEMENT) has emerged as one of the most valuable companies in Nigeria due to its strong market position, high production capacity, strategic location, commitment to quality, vertical integration, participation in infrastructure development, technological advancements, diversification, and strong leadership.

Bua Cement holds a prominent position in Nigeria’s cement industry.

The company has successfully carved out a significant market share, competing with established players like Dangote Cement. The company has also invested in state-of-the-art equipment and technology, allowing it to produce cement at scale.

This high production capacity positions Bua Cement as a reliable supplier, capable of meeting the growing demand in Nigeria and neighboring markets. Finally, Bua Cement follows a strategy of vertical integration.

The company is involved in various stages of the cement production process, including limestone mining, cement manufacturing, packaging, and distribution. This vertical integration enables Bua Cement to exercise control over its supply chain, ensure quality control, and enhance operational efficiency.

Nestle (NESTLE)

Nestlé Nigeria Plc, a subsidiary of Nestlé S.A., is considered one of the most valuable companies in Nigeria due to its strong market presence, brand recognition, commitment to nutrition and health, local sourcing and agriculture development, manufacturing capabilities, employment generation, corporate social responsibility, strong financial performance, and environmental sustainability efforts.

The company offers a wide range of products, including popular brands such as Milo, Maggi, Nescafé, Golden Morn, and Cerelac.

Nestlé’s extensive product portfolio and widespread distribution networks have allowed it to capture a significant share of the Nigerian market. Also, the company’s ability to generate sustainable earnings and provide returns to shareholders contributes to its value in the Nigerian market.

Zenith Bank (ZENITHBANK)

Zenith Bank’s strong financial performance, market leadership, commitment to customer service, robust risk management practices, technological innovation, strong corporate governance, diversified revenue streams, expansion efforts, and corporate social responsibility initiatives have collectively contributed to its position as one of the most valuable companies in Nigeria’s banking sector.

The bank has consistently demonstrated impressive financial performance, characterized by strong revenue growth and profitability.

The bank’s ability to generate consistent earnings has attracted investor interest and positioned it as a stable and reliable institution.

Zenith Bank also has diversified its revenue streams beyond traditional banking services. The bank offers various financial products and services, including treasury management, asset management, insurance, and investment banking.

This diversification strategy reduces reliance on specific segments and contributes to the bank’s overall financial stability.

Lastly, Zenith Bank actively engages in corporate social responsibility initiatives, contributing to social development and community welfare.

The bank supports various educational, health, environmental, and empowerment projects, demonstrating its commitment to sustainable development and positively impacting the communities it operates in.

Guaranty Trust Holding Company (GTCO)

GTCO’s strong financial performance, market leadership, customer-centric approach, technological innovation, strong risk management practices, corporate governance standards, international presence, innovative product offerings, and commitment to corporate social responsibility have collectively contributed to its position as one of the most valuable companies in Nigeria’s banking sector.

The bank has consistently demonstrated robust financial performance, characterized by impressive revenue growth, profitability, and asset quality.

The bank’s ability to generate consistent earnings and deliver strong returns on investment has attracted investor interest and contributed to its value as a company. GTBank has been at the forefront of technological innovation in the Nigerian banking industry.

Also, the bank has consistently introduced cutting-edge digital banking solutions, mobile banking platforms, and online transaction capabilities.

By leveraging technology, GTBank has enhanced convenience, accessibility, and efficiency for its customers, attracting tech-savvy individuals and businesses.

FBN Holdings (FBNH)

First Bank’s established history, extensive branch network, broad range of products and services, strong financial position, trust and brand recognition, corporate governance practices, technological advancements, relationship management, and commitment to corporate social responsibility have collectively contributed to its position as one of the most valuable banks in Nigeria.

The bank has a rich heritage and a long-standing history of operations in Nigeria. It was founded in 1894, making it one of the oldest banks in the country.

The bank’s longevity has allowed it to build a strong reputation, garnering trust and credibility among customers and investors. First Bank emphasizes relationship management with its customers.

The bank strives to understand and meet the specific needs of its customers, fostering long-term relationships. This personalized approach to customer service has been instrumental in building loyalty and retaining a loyal customer base.

Nigerian Breweries (NB)

Nigerian Breweries Plc, a subsidiary of Heineken N.V., is considered one of the most valuable companies due to its strong brand portfolio, manufacturing and distribution network, quality and product innovation, financial performance, corporate social responsibility efforts, employment generation, strong distribution channels, and commitment to corporate governance.

The company is the pioneer and largest brewer in the country, with a diverse portfolio of popular brands such as Star Lager, Gulder, Amstel Malta, Heineken, and Fayrouz. Its wide range of products appeals to a broad consumer base, contributing to its market leadership.

The company has multiple breweries strategically located throughout the country, ensuring efficient production and distribution of its products.

This widespread presence enables Nigerian Breweries to reach consumers in both urban and rural areas, maintaining a competitive edge.

NB also has a track record of strong financial performance. The company consistently generates substantial revenue and demonstrates profitability, making it an attractive investment opportunity.

Dangote Sugar (DANGSUGAR)

Dangote Sugar Refinery’s market leadership, strong brand recognition, vertical integration, large production capacity, strong distribution network, commitment to quality, strong financial performance, corporate social responsibility efforts, and adherence to corporate governance collectively contribute to its position as one of the most valuable companies in Nigeria’s sugar industry.

The company is the largest sugar producer in Nigeria and has a significant market share. Its wide range of sugar products caters to various customer segments, contributing to its market leadership.

The company has also built a reputation for delivering high-quality sugar products, which has contributed to its loyal customer base and enhanced its brand value.

Okomu Oil (OKOMUOI)

Okomu Oil’s leading position in the palm oil industry, strong market presence, sustainable agriculture practices, efficient supply chain management, strong financial performance, commitment to corporate social responsibility, employment generation, technological advancements, and adherence to corporate governance have collectively contributed to its status as one of the most valuable companies in Nigeria.

The company has extensive oil palm plantations and is involved in the cultivation, processing, and marketing of palm oil and related products.

Its position as a leading producer of palm oil contributes to its value in the market. The company also has a strong market position, with its products enjoying a significant market share both domestically and internationally.


Nigeria’s most valuable companies play a pivotal role in driving economic growth, creating employment opportunities, and contributing to the nation’s development.

These companies have shown resilience, innovation, and adaptability in navigating Nigeria’s business landscape, becoming trusted brands. They all also have a track record of delivering robust financial results over an extended period.

These companies often exhibit factors such as consistent revenue growth, effective cost management, strong cash flows, and healthy profit margins.

Their financial strength enables them to invest in expansion, research and development, and other strategic initiatives that further enhance their competitive advantage.

Sign up for the newsletter

If you want relevant updates occasionally, sign up for the private newsletter. Your email is never shared.




My Items




My Items