16 Nigerian public companies each have over ₦1 trillion in market capitalisation

Key takeaways

  • Airtel Africa leads the Nigerian stock market with a market cap of ₦8.11 trillion naira, followed by Dangote Cement at ₦8.10 trillion and BUA Foods at ₦7.52 trillion.
  • The largest public companies in Nigeria are mostly in financial services, industrial goods and consumer goods.
  • A total of 16 Nigerian public companies have surpassed the ₦1 trillion market cap threshold.
  • The lowest-ranked trillion-naira company, First HolCo, has a ₦1 trillion naira market cap.

Airtel Africa holds the highest market capitalisation among Nigerian public companies, standing at ₦8.11 trillion, with Dangote Cement and BUA Foods following closely behind, reflecting strong dominance in the industrial and consumer goods sectors. MTN Nigeria leads ICT stocks after Airtel, as the only two companies in the sector to make the list. In total, 16 companies have crossed the ₦1 trillion mark, spanning industries like ICT, industrial goods, oil and gas, utilities, banking, and consumer goods, underscoring the influence of key sectors driving Nigeria’s economy.

Source:

Nigerian Exchange Group

Period:

March 12, 2025
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Local companies have consistently contributed most of Nigeria’s Company Income Tax payments since 2016
  • Local companies dominated CIT contributions in most years, accounting for over 50% of payments in 9 of 11 periods between 2015 and 2025 (Q1–Q3).
  • Foreign companies briefly closed the gap in 2023, contributing 49%, the closest they have come to matching local firms.p
  • Local companies recorded their strongest share in 2021 at 65%, marking the widest gap between local and foreign contributors.
  • “Other payments” peaked during the pandemic, rising to 17% in 2020 before dropping to 0% from 2022 onward.
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