Dangote Cement, MTN Nigeria, and Airtel lead the list of most valuable companies in Nigeria as of the end of Q3 2023, jointly accounting for 45% of the total equities market capitalization as the market gained N2.96 trillion in Q3 alone.
In terms of market capitalization, the market’s value increased from N33.4 trillion to N36.3 trillion in the same period.
Notably, the top ten companies accounted for 76% of the entire market with a joint value of N27.67 trillion. It is also worth noting that eight of the ten companies are valued above N1 trillion.
Further analysis of the data from the NGX shows a diversified list across six industries, with three of the ten firms operating in the banking sector, one in the oil gas industry, one in the energy sector, two in ICT, two in the industrial sector, while the remaining one operates in the consumer goods sector.
Here is a ranking of the most valuable companies in Nigeria as of the end of September 2023:
1. Dangote Cement (Industrial goods) – N5.79 trillion
2. MTN Nigeria (ICT) – N5.54 trillion
3. Airtel Africa (ICT) – N4.85 trillion
4. BUA Foods (Consumer goods) – N3.65 trillion
5. BUA Cement (Industrial goods) – N2.89 trillion
6. Seplat (Oil & gas) – N1.08 trillion
7. GT Holdings (Banking) – N1.01 trillion
8. Stanbic IBTC (Banking) – N1.01 trillion
9. Zenith Bank (Banking) – N987.42 billion
10. Geregu Power (Energy) – N848.75 billion
