Despite a weaker naira, investor appetite for Nigeria’s biggest publicly traded companies remains strong, with 11 firms on the Nigerian Exchange (NGX) now valued above $1 billion. These companies, known as SWOOTs (Stocks Worth Over One Trillion Naira), are cementing their dominance even amid macroeconomic challenges, according to a 9am News report.
As of April 30, 2025, 11 NGX-listed companies had market capitalizations exceeding N1.55 trillion, crossing the symbolic $1 billion valuation at an average exchange rate of N1,550/$1. This marks an increase from nine companies a year ago, reflecting sustained investor interest in highly capitalized, dividend-paying stocks with strong liquidity and robust fundamentals.
A report by Nairalytics, the research arm of Nairametrics, highlights that strong revenue growth and balance sheet expansions have driven the surge. Many of the top firms raised capital through rights issues and public offers, reinforcing their market strength amid FX volatility and inflation.
These recapitalizations, alongside resilient financials, have helped offset the negative impact of naira devaluation, boosting both naira and dollar valuations.
Nigeria’s Billion-Dollar Club on the NGX
Leading the pack is Airtel Africa, valued at N8.11 trillion, maintaining its top spot despite a minor year-on-year dip. The telecom giant posted a pre-tax profit of $661 million in Q1 2025 after rebounding from 2024’s currency-driven losses.
Next is BUA Foods at N7.52 trillion, bolstered by strong consumer demand and profit margins, followed by Dangote Cement (N7.29 trillion) and MTN Nigeria (N5.09 trillion). Other notable members include:
- Seplat Energy – N3.35 trillion
- Geregu Power – N2.85 trillion
- BUA Cement – N2.83 trillion
- GTCO – N2.23 trillion
- Zenith Bank – N1.96 trillion
- Transcorp Power – N1.99 trillion
- Aradel Holdings – N1.947 trillion
These companies have stood out for dividend stability, capital adequacy, and adaptability to Nigeria’s challenging economic climate.
Seven companies are on the verge of entering the billion-dollar club, with market caps between N1 trillion and N1.55 trillion:
- Lafarge Africa (WAPCO) – N1.332 trillion
- Nigerian Breweries – N1.332 trillion
- International Breweries – N1.242 trillion
- Access Holdings – N1.199 trillion
- UBA – N1.197 trillion
- FBN Holdings – N1.041 trillion
- Fidelity Bank – N1.001 trillion
International Breweries leads the momentum, surging nearly 900% in valuation year-on-year following a successful recapitalization. Fidelity Bank, meanwhile, crossed the N1 trillion threshold for the first time, backed by a 120% rise in share price and capital injection.
According to NGX data, as of May 9, the top 19 companies accounted for 84% of the NGX’s total market cap of N68.35 trillion. This reflects a highly concentrated market, where the biggest players dictate overall sentiment.
While macroeconomic headwinds such as currency volatility, inflation, and interest rate hikes remain, the market’s giants are effectively managing these risks through operational scale and financial agility.
If current trends continue, Nigeria could see more than 15 dollar-valued unicorns by the end of 2025. Banking and brewing firms—already buoyed by earnings and fresh capital—are likely to cross the threshold next.
Beyond the NGX, Nigeria’s unlisted unicorns such as Flutterwave ($3 billion), Interswitch, Moniepoint, Andela, and the Dangote Oil Refinery further strengthen the nation’s billion-dollar narrative. Notably, Flutterwave and Dangote Refinery have both announced intentions to list, potentially boosting NGX valuations even further.
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