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10 Most Powerful Companies in Nigeria 2023

Nigeria has a thriving and dynamic business environment. With a varied spectrum of industries, the country is home to a number of notable corporations that play an important role in shaping its economy and driving progress. A few companies have emerged as the most dominant, ruling over their respective industries and leaving an everlasting mark on Nigeria’s commercial environment.

In this article, HowNG digs into the world of Nigeria’s most prominent corporations in 2023, putting light on their diversified operations and emphasizing their major economic contributions to the country.

1. Airtel Africa Plc

Airtel Africa Plc, a major leader in the telecommunications sector, would be among Nigeria’s most influential firms in 2023. As a subsidiary of Bharti Airtel Limited, one of the world’s major telecommunications companies, it is expanding its presence throughout South Asia and Africa.

As of March 2022, the market capitalization is $13.5 billion (₦6.24 trillion), with a subscriber base of 55.3 million customers. Airtel Africa PLC operates in 14 African countries, and its significance on Nigeria’s telecommunications market cannot be overstated.

The corporation has secured its place as a powerful force driving connection, digital transformation, and socioeconomic improvement in Nigeria through its innovative offerings, vast network coverage, and dedication to social development.

 

2. MTN Nigeria

MTN Nigeria has 272 million subscribers across 19 countries and serves 75.2 million of these clients in the Nigerian market as of March 2022. The company has a market valuation of $10.66 billion (₦4.933 trillion), generates one-third of MTN Group’s revenue, and controls 35% of the Nigerian telecoms market.

Despite removing 10 million users who did not link their National Identity Number (NIN) to their SIMs, MTN Nigeria earned an impressive revenue in 2022. The revenue was $4.34 billion (₦2 trillion), a 21.6% rise year on year.

 

3. Dangote Cement PLC

Dangote Cement Plc, founded by Aliko Dangote, is Africa’s largest cement maker, with an installed capacity of 51.6 million tons. Dangote Group has revolutionized Nigeria’s industrial landscape and made important contributions to the country’s economic growth through operations in various industries such as sugar refining, flour milling, and others.

Dangote Industries owns the enterprise, which has a total installed capacity of 32.3 million metric tons per year. The market valuation of the corporation is $9.7 billion (₦4.5 trillion). Its visionary leadership and devotion to innovation have positioned the company as a vital driver of industrial development in Nigeria, as well as a catalyst for job creation and infrastructure progress.

 

4. BUA Cement Plc

UA Cement Plc, one of Nigeria’s leading cement manufacturers, is the country’s second largest cement producer, trailing only Dangote Cement. With a market capitalization of $8.01 billion (₦3.7 trillion), the corporation has emerged as a formidable force in the construction industry.

The company operates two cement manufacturing plants in the states of Edo and Sokoto. The Edo state facility is the region’s largest non-oil and gas investment, with a production capacity of 6 million metric tons. Bua Cement Plc has an installed capacity of 11 million metric tons and plans to raise yearly production to 17 million metric tons by 2024.

 

5. Bua Foods Plc

Abdul Samad Rabiu founded BUA Foods PLC, a Lagos-based fast-moving consumer goods (FMCG) company with interests in creating, marketing, and distributing food products as well as packaged food. The company is a part of the BUA Group, a Nigerian conglomerate with interests in food and infrastructure.

The company has a market capitalization of $2.91 billion (₦1.344 trillion) and plans to begin processing, manufacturing, and distributing edible oils in 2024.

 

6. NNPC

The government-owned corporation, created in 1977, is one of the largest in Africa and on its way to being one of the largest in the world. It also works with multinational oil firms on a variety of oil and gas projects, including upstream and downstream operations including exploration, refining, and marketing.

In 2021, NNPC had a revenue of $1.46 billion (₦674 billion) and a market capitalization of $2.19 billion.

 

7. Nestle Nigeria PLC

Since its inception in 1961, Nestlé Nigeria Plc has held a major role in Nigeria’s consumer goods industry as well as one of the world’s largest food and beverage corporations. The company is well-known for producing and distributing a vast range of food and beverage goods that appeal to the varied tastes and preferences of Nigerian consumers.

Nestle Nigeria PLC is a subsidiary of Vevey, Switzerland-based Nestle SA, which employs over 2,300 people directly and has a presence in over 187 countries. The market valuation of the company is $1.85 billion (₦856.07 billion).

 

8. Zenith Bank 

Zenith Bank is Africa’s sixth-largest bank, with one million shareholders and over 500 branches and subsidiaries in several African countries. The company, which has a market valuation of $1.71 billion (₦789.62 billion), was first listed on the Nigerian Stock Exchange in 2004 then on the London Stock Exchange in 2013. It also got a license from the UK Financial Services Authority in 2007 and has been operating in the country ever since.

 

9. Guaranty Trust Bank Limited

GTBank has operations in roughly ten African nations, employing over 12,000 people. The institution became renowned in the UK after the Financial Conduct Authority (FCA) fined the UK subsidiary $9.3 million (£7.6 million) for failing to meet anti-money laundering rules. The current market capitalization is $1.61 billion (₦741.48 billion).

 

10. Stanbic IBTC Holdings

Stanbic IBTC’s unaudited financial accounts for 2022 show a 40% increase in profit and a market capitalization of $967.9 million (₦447 billion). The financial company is Nigeria’s largest pension fund administrator, with $7.6 billion (₦3.5 trillion) in assets under management (AUM) as of 2023.

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