In this article, we will discuss the 5 most valuable Nigerian companies in the world. If you want to read our discussion on the Nigerian economy, go directly to the 15 Most Valuable Nigerian Companies In The World.
5. BUA Foods PLC (BUAFOODS:NL)
Market Capitalization: $2.91 billion (₦1.34 trillion)
BUA Foods PLC (BUAFOODS:NL) is a Lagos-based fast-moving consumer goods (FMCG) company that produces, markets, and distributes food products and packaged food as well. The company is part of the BUA Group, a growing Nigerian conglomerate with interests in the food and infrastructure sectors.
BUA Foods PLC (BUAFOODS:NL) is focused on starting the processing, manufacturing, and distribution of edible oils in 2024. Abdul Samad Rabiu, the founder and Chairman of BUA Group, has ascended to the position of the fourth richest man in Africa based on the fortunes of his companies. BUA Foods PLC (BUAFOODS:NL) has operations in sugar refining, flour, pasta, and rice manufacturing and processing segments.
4. BUA Cement Plc (BUACEMEN:NL)
Market Capitalization: $8.01 billion (₦3.7 trillion)
BUA Cement Plc (BUACEMEN:NL) is the second biggest cement producer in Nigeria, behind Dangote Cement.
BUA Cement Plc (BUACEMEN:NL) is focused on increasing its annual production to 17 million metric tons per annum by 2024 from its current installed capacity of 11 million metric tons. The company has two cement manufacturing facilities located in the states of Edo and Sokoto, respectively. The plant located in the state of Edo represents the biggest non-oil and gas-related investment in the region and has a production capacity of 6 million metric tons. The company went public in 2020 as the biggest cement producer in the Northwestern region of the country.
3. Dangote Cement PLC (DANGCEM:NL)
Market Capitalization: $9.7 billion (₦4.5 trillion)
Dangote Cement PLC (DANGCEM:NL) is the biggest cement manufacturer in the sub-Saharan region of Africa, with an installed capacity of 51.6 million tons that is spread across 10 countries.
In Nigeria, the company has a total installed capacity of 32.3 million metric tons per annum. Dangote Cement PLC (DANGCEM:NL) is a subsidiary of Dangote Industries, which was founded in 1981 by Aliko Dangote as a trading company. The company had an initial focus on bagged cement and diversified into other commodities like fish, flour, rice, salt, and sugar. Mr. Dangote is the richest man in Africa through his 85% shareholding in Dangote Cement PLC (DANGCEM:NL).
2. MTN Nigeria Communications PLC (MTNN:NL)
Market Capitalization: $10.66 billion (₦4.93 trillion)
MTN Nigeria Communications PLC (MTNN:NL) is part of MTN Group, the biggest mobile network operator in Africa, with a subscriber base of 272 million customers across 19 countries.
MTN Nigeria Communications PLC (MTNN:NL) provides services to 75.2 million of these customers in the Nigerian market as of March 2022. The company contributes one-third to the top line of MTN Group and has a 35% market share in the Nigerian telecommunications market. The company reported record revenues of $4.34 billion (₦2 trillion) in 2022 which reflected a 21.6% YoY increase. MTN Nigeria Communications PLC (MTNN:NL) reported impressive revenue despite excluding 10 million subscribers that did not connect their National Identity Number (NIN) with their SIMs.
1. Airtel Africa PLC (AIRTELAF:NL)
Market Capitalization: $13.5 billion (₦6.24 trillion)
Airtel Africa PLC (AIRTELAF:NL) is a telecommunications services provider with headquarters situated in Lagos.
The company is one of the country’s largest telecommunication players, with a subscriber base of 55.3 million customers as of March 2022. Overall, Airtel Africa PLC (AIRTELAF:NL) has operations in 14 countries across Africa. The company initially barred 13.6 million subscribers for not connecting their NIN with their SIMs. However, 2.3 million subscribers have returned to the company’s subscriber base after submitting their NIN and verifying their information.
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