Top 10 Richest Companies in Nigeria (2024)

Nigeria, Africa’s largest economy and most populous country, is home to some of the richest companies on the continent. As of 2024, these companies represent various industries, from telecommunications to oil & gas, and banking to consumer goods. Their growth, resilience, and ability to navigate economic challenges reflect the dynamism of Nigeria’s economy. Here’s a look at the top 10 richest companies in Nigeria in 2024, ranked by revenue, market capitalization, and their significant impact on the Nigerian economy.

1. Dangote Group

Industry: Conglomerate
Market Capitalization: $14 billion
Revenue (2023): $4 billion

Founded by Africa’s richest man, Aliko Dangote, the Dangote Group continues to dominate Nigeria’s business landscape. With operations in cement manufacturing, sugar refining, salt production, and more, Dangote Group is the largest industrial conglomerate in West Africa. Dangote Cement, the group’s flagship company, is not only the biggest cement producer in Africa but also one of Nigeria’s most profitable firms. The company’s high market cap and consistent revenue growth are driven by demand for infrastructure development across the continent.

2. MTN Nigeria

Industry: Telecommunications
Market Capitalization: $13 billion
Revenue (2023): $5 billion

MTN Nigeria, a subsidiary of the South African MTN Group, is the largest telecom company in Nigeria, offering mobile, data, and fintech services to millions. Its investments in 4G and 5G technology have fueled its exponential growth and kept it a top competitor in Nigeria’s digital landscape. MTN’s revenue is largely driven by data subscriptions and its fintech services, which are expanding financial inclusion for millions of unbanked Nigerians.

3. Nigerian National Petroleum Corporation (NNPC)

Industry: Oil & Gas
Market Capitalization: Not publicly listed
Revenue (2023): $20 billion

NNPC Limited is Nigeria’s foremost oil company, managing oil exploration, refining, and distribution across Nigeria. As the leading producer of oil in the country, it has a significant role in national revenue generation, making it one of the richest companies by revenue in Nigeria. Although it is not publicly listed, NNPC’s contribution to the Nigerian economy through its partnerships and crude oil sales places it among the most valuable companies in the country.

4. Airtel Africa Nigeria

Industry: Telecommunications
Market Capitalization: $11 billion
Revenue (2023): $4.5 billion

Airtel Nigeria, part of the global telecommunications firm Airtel Africa, ranks as the second-largest telecom operator in Nigeria. Known for its competitive data and voice services, Airtel has also ventured into mobile money services to boost financial inclusion. With a large customer base, Airtel Nigeria continues to grow its revenue and market share, placing it among the richest companies in Nigeria in 2024.

5. Zenith Bank

Industry: Banking & Financial Services
Market Capitalization: $3 billion
Revenue (2023): $1.5 billion

Zenith Bank, one of Nigeria’s leading financial institutions, has a reputation for innovation and stability. It provides various services, from personal and corporate banking to investment and asset management. Zenith Bank’s substantial revenue stems from its focus on digital banking solutions, helping the bank maintain its position as one of Nigeria’s most profitable banks.

6. Guaranty Trust Bank (GTBank)

Industry: Banking & Financial Services
Market Capitalization: $2.8 billion
Revenue (2023): $1.2 billion

GTBank is renowned for its efficient service delivery and innovation in banking. The bank serves millions across Nigeria and is particularly popular for its user-friendly digital services and customer-centric approach. Its commitment to growth has paid off, securing it a place as one of the richest companies in Nigeria. In 2024, GTBank’s revenue and market value make it a formidable competitor in the banking industry.

7. Seplat Petroleum

Industry: Oil & Gas
Market Capitalization: $2 billion
Revenue (2023): $1 billion

Seplat Petroleum, an independent Nigerian oil and gas company, explores and produces oil and natural gas in Nigeria. Listed on both the Nigerian and London stock exchanges, Seplat has grown through strategic acquisitions and investments. Its efforts in sustainable energy practices have bolstered its growth, securing its place among Nigeria’s richest companies in 2024.

8. Nestlé Nigeria

Industry: Consumer Goods
Market Capitalization: $1.5 billion
Revenue (2023): $900 million

Nestlé Nigeria, a subsidiary of the Swiss multinational Nestlé, is a leader in Nigeria’s food and beverage industry. Nestlé’s strong portfolio includes popular products like Maggi, Milo, and Golden Morn. Its consistent financial performance and market expansion have helped it retain its position as one of Nigeria’s wealthiest companies.

9. First Bank of Nigeria Holdings (FBNH)

Industry: Banking & Financial Services
Market Capitalization: $1.2 billion
Revenue (2023): $800 million

First Bank of Nigeria is one of the oldest and most respected banks in Nigeria. It provides financial services to individuals, SMEs, and large corporations, with a strong focus on customer relationships and digital transformation. As one of Nigeria’s richest banks, FBNH has diversified its services to compete effectively in Nigeria’s competitive financial landscape.

10. Bua Group

Industry: Conglomerate
Market Capitalization: $1 billion
Revenue (2023): $750 million

Founded by Nigerian businessman Abdulsamad Rabiu, the Bua Group has emerged as one of the fastest-growing conglomerates in Nigeria. The group operates in various sectors, including cement, sugar, real estate, and agriculture. Bua Cement, a flagship subsidiary, is a major player in Nigeria’s cement industry, competing with Dangote Cement. With continuous expansion plans, Bua Group is set to become even more influential in Nigeria’s economic landscape.

Conclusion

These top 10 richest companies in Nigeria in 2024 are crucial drivers of the Nigerian economy. Through job creation, revenue generation, and innovation, these companies provide significant value to the Nigerian market. As Nigeria continues to evolve and diversify its economy, the success of these companies will serve as a testament to the country’s resilience and growth potential.

The list of Nigeria’s richest companies is expected to change as newer companies emerge and existing ones adapt to market demands. However, as of 2024, these companies showcase the wealth and opportunity within Nigeria, underscoring the nation’s role as an economic powerhouse in Africa.