In this article, we will discuss the 15 most valuable Nigerian companies in the world. You can skip our discussion on the Nigerian economy and go directly to the 5 Most Valuable Nigerian Companies in the World.
Nigeria is an important country in the African continent situated on the western coast of Africa in the sub-Saharan region with an area of 924 million square kilometers. According to the World Bank, Nigeria has a population of 213.4 million as of 2021, which makes it the most populous country in Africa. The United Nations (UN) expects the population to increase to 730 million by the end of this century. Meanwhile, the GDP stood at $440.8 billion at the end of 2021, placing Nigeria among the 10 richest countries in Africa. The Washington-based international financial institution highlighted that 83 million Nigerians, or 40% of the population, lived in poverty in 2018. The number is set to rise by another 7.7 million between 2019 and 2024. Furthermore, 53 million Nigerians, or 25% of the population, are hovering around the poverty line, and the recent inflation, supply chain disruptions, and foreign currency depreciation could result in the group falling below the poverty level.
The market capitalization of the Nigerian stock market stood at $51.69 billion as of January 2023. The 25thbiggest economy in the world in terms of GDP has not been able to experience the positive impact of the surge in crude oil prices. This is because production has declined to all-time lows, and the government has been forced to divert oil revenue to petrol subsidies for the masses. According to the World Bank, the Nigerian economy is set to grow by an average of 3.2% during the 2022 to 2024 period.
Overall, the Nigerian economy relies heavily on crude oil as it is responsible for 10% of the GDP, half of the revenue generated by the government, and three-fourths of the export revenue for the country. The country has the distinction of being the eighth biggest crude oil exporter in the world. It is a member of the Organization of Petroleum Exporting Countries (OPEC) and is estimated to have crude oil reserves of 37 billion barrels. The country has also become a leading exporter of liquefied natural gas (LNG), contributing 13% to the country’s exports. The agricultural sector also plays an important role in the economy, employing 35% of the workforce and contributing 24.1% to the GDP. Meanwhile, the industrial sector employs 12% of the workforce and represents 28.2% of the GDP. The remaining 53% of the workforce is involved in the services sector and contributes 46.4% to the GDP. The services sector is primarily led by financial services, telecommunications, and retail segments. Airtel Africa PLC (AIRTELAF:NL), MTN Nigeria Communications PLC (MTNN:NL), and Dangote Cement PLC (DANGCEM:NL) are amongst the most valuable Nigerian companies in the world right now.
15 Most Valuable Nigerian Companies In The World
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Our Methodology
We scoured multiple reports and utilized stock screeners to shortlist the most valuable Nigerian companies in the world. These companies operate across different sectors and are amongst the leading contributors to the growth of the Nigerian economy. We have ranked the companies in ascending order of their market capitalization as of February 16. For private companies, we have used a revenue multiple of 1.5x to estimate their market cap.
15 Most Valuable Nigerian Companies in the World
15. United Bank for Africa (UBA:NL)
Market Capitalization: $625.6 million (₦288.9 billion)
United Bank for Africa (UBA:NL) is a Lagos-based financial services company that has pan-African operations through its subsidiaries in 20 African countries and international operations in France, the UK, and the US. The company has also expanded its presence in the Middle East by obtaining a banking license in the UAE.
United Bank for Africa (UBA:NL) is currently fulfilling the needs of 27 million customers through various channels. The bank provides services through 2,669 ATMs and 87,223 point-of-sales (POS), with a strong online presence. On January 30, United Bank for Africa (UBA:NL) announced the appointment of Abiola Bawuah as CEO of the African operations of the bank, making her the first female to occupy this position.
14. Seplat Energy (SEPLAT:NL)
Market Capitalization: $735.2 million (₦339.51 billion)
Seplat Energy (SEPLAT:NL) is an independent energy company formed in 2009 that is listed on the Nigerian and the London Stock Exchange (LSE).
The company is involved in the production of hydrocarbons in the Niger Delta and provides strength to the Nigerian economy by exporting crude oil and ensuring the delivery of natural gas to Nigerian homes and businesses. Overall, Seplat Energy (SEPLAT:NL) has eight oil and gas blocks in the Niger Delta. Furthermore, the company claims that 25% to 30% of the power generation in Nigeria is done through the natural gas provided by Seplat Energy (SEPLAT:NL).
13. Access Bank (ACCESSCO:NL)
Market Capitalization: $848.5 million (₦391.84 billion)
Access Bank (ACCESSCO:NL) is a Lagos-based diversified financial services company founded in 1989. The bank initially served the needs of corporate customers but started providing services to retail customers, too, in 2012.
Access Bank (ACCESSCO:NL) employs 28,000 people and has operations in 17 markets spread across three continents that fulfill the needs of 52 million customers. It is the biggest lender by assets in Nigeria. The bank recently failed to complete the purchase of Kenya’s Sidian Bank as it could not meet the cut-off stated in the share purchase agreement (SPA) between the two parties. If the $35 million deal had gone through, it would have become Access Bank’s second acquisition in Nigeria.
12. First Bank of Nigeria (FBNH:NL)
Market Capitalization: $929 million (₦429 billion)
First Bank of Nigeria (FBNH:NL) is a Lagos-based multinational bank and financial services company founded in 1894. The bank has 36 million customer accounts that are catered to through a network of 800 branches and 190,000 Agent Banking locations.
The bank has played a critical part in digitalizing the African economy by issuing over 12 million cards to its customers. FBN was the first bank to achieve this landmark. First Bank of Nigeria (FBNH:NL) has been able to sign up 13.9 million customers for its unstructured supplementary service data (USSD) banking services and has more than 6 million users on its FirstMobile App as of 2023.
11. Nigerian Breweries (NB:NL)
Market Capitalization: $930.1 million (₦429.5 billion)
Nigerian Breweries (NB:NL) is the biggest brewing company in Africa that was founded in 1946. The company developed its historic STAR lager beer in June 1949 from the Lagos Brewery bottling lines.
Nigerian Breweries (NB:NL) made its second brewery operational in Aba in 1957, which was followed by Kaduna Brewery in 1963 and Ibadan Brewery in 1982. Presently, the company has nine completely operational breweries under its portfolio and two malting plants in Aba and Kaduna. Nigerian Breweries (NB:NL) expanded its product portfolio by launching Guider lager beer in 1970 and Maltina malt drink in 1976. The company also re-launched Heineken lager beer in 1998.
10. Stanbic IBTC Holdings (STANBIC:NL)
Market Capitalization: $967.9 million (₦447 billion)
Stanbic IBTC Holdings (STANBIC:NL) is a diversified end-to-end financial service firm with a presence in asset management, banking, brokerage, investment advisory, pension management, and life insurance businesses.
On January 30, Stanbic IBTC Holdings (STANBIC:NL) revealed a 40% increase in profit in its unaudited financial statements for 2022. The boost in profit was achieved as the Nigerian unit of Stanbic IBTC Holdings (STANBIC:NL), Standard bank, reported the highest-ever top line as of 2022. Stanbic IBTC Holdings (STANBIC:NL) has the honor of being the largest pension fund administrator in Nigeria, with an asset under management (AUM) of $7.6 billion (₦3.5 trillion) as of 2023.
Guaranty Trust Bank Limited (GTCO:NL) is a Lagos-based diversified financial institution founded in 1990 that fulfills the requirements of public and private institutions, businesses, and individuals.
The multinational bank has subsidiaries in 10 African countries and the UK that are focused on providing banking services to 24 million customers. Guaranty Trust Bank Limited (GTCO:NL) employs over 12,000 people. The bank came into the limelight in the UK as Financial Conduct Authority (FCA) imposed a $9.3 million (£7.6 million) fine on the UK subsidiary for its failure to meet the standards related to anti-money laundering. The FCA claims that the bank failed to meet the standards required to ensure that money laundering activities do not take place.
Zenith Bank (ZENITHBA:NL) is another diversified financial services institution serving commercial, corporate, and individual customers.
It is the biggest bank in Nigeria based on tier-1 capital. The bank was listed on the Nigerian Stock Exchange in 2004 and the London Stock Exchange in 2013. It has been operational in the UK since 2007 after receiving a license from the UK Financial Services Authority. Zenith Bank (ZENITHBA:NL) has over 500 branches and subsidiaries in various other African nations, which makes it the sixth-biggest bank in Africa. Zenith Bank (ZENITHBA:NL) has a shareholder base of one million investors.
Nestle Nigeria PLC (NESTLE:NL) is one of the biggest food and beverage corporations in Africa that has been operational since 1961 and is involved in the manufacturing, distribution, and marketing of food, beverages, and pharmaceuticals.
The company has three manufacturing facilities and is based out of Lagos, with a direct headcount of 2,300 employees. Nestle Nigeria PLC (NESTLE:NL) is a subsidiary of Vevey, Switzerland-based Nestle SA, and has iconic brands like Cerelac, Golden Morn, Lactogen, Maggi, Milo, Nan, Nescafe, and Nestle Pure Life available for the Nigerian market. Nestle is one of the world’s biggest food and beverage companies, with over 2,000 brands in its portfolio and a presence in over 187 countries.
6. Nigerian National Petroleum Corporation (NNPC)
2021 Revenue: $1.46 billion (₦674 billion)
Estimate Market Capitalization: $2.19 billion
The Nigerian National Petroleum Corporation (NNPC) is a government-owned oil company founded in 1977. It has the responsibility of managing Nigeria’s oil and gas resources, including their exploration, production, and distribution.
As one of the largest oil companies in Africa, the NNPC plays a critical role in Nigeria’s economy. The NNPC manages Nigeria’s vast oil and gas reserves, which are estimated to be among the largest in the world. It collaborates with international oil companies in joint ventures and carries out several oil and gas activities, including upstream and downstream operations such as exploration, refining, and marketing.
In addition to Nigerian National Petroleum Corporation (NNPC), Airtel Africa PLC (AIRTELAF:NL), MTN Nigeria Communications PLC (MTNN:NL), and Dangote Cement PLC (DANGCEM:NL) are also amongst the most valuable Nigerian companies in the world.
