Lagos and the FCT attracted 98% of Nigeria’s capital imports in Q1 2023
In Q1 2023, eight Nigerian states and the Federal Capital Territory (FCT) received $1.13 billion in capital imports. Lagos State secured $705 million (62%) and the FCT attracted $410 million (36%), adding up to 98%.
MTN Nigeria leads at ₦16.38 trillion, making it the most valuable listed company.
The top three firms (MTN Nigeria, BUA Foods, and Dangote Cement) are far ahead of the rest, each exceeding ₦13 trillion.
9 of the 26 companies are in the financial services sector.
Telecoms and manufacturing dominate the upper tier, highlighting infrastructure and essential services as market anchors.
Energy companies are firmly positioned, reflecting their central role in the economy.
Market concentration is high, as a few giants carry disproportionate weight relative to the 122 sub-₦1 trillion firms.
Sector diversity exists within the top 26, but most belong to industries tied to basic economic activity rather than emerging tech or high-growth startups.