In recent years, the African business sector has seen rapid growth especially since 2015. Most of the growth and development in the African business sector is centered around the Southern part of Africa. Coming down to Western Africa though and the Sub-Saharan Africa, Nigeria has shown tremendous growth and improvement in the business sector.
Among the top ten companies in Western Africa, Nigerian companies account for 80% of the top performing companies based on their market cap as of the first quarter of this year. This means that the Nigerian business sector is making waves in the African business sector despite having to deal with issues like the fall in the value of Naira, the 2020 fall in the price of oil and the effects of the pandemic. Below, we have outlined the top 5 performing companies in the Nigerian business sector, they are ranked from #1 to #5 based on their market cap as of the first quarter of 2021.
Airtel Africa Plc is a multinational telecommunications company that provides telecom services in 14 African countries in East Africa, Central Africa and West Africa. It is majorly owned by the communication services company, Bharti Airtel. Airtel Africa tops our list of the top 5 performing companies in Nigeria with its market cap of 9,272 million dollars as of the first quarter of 2021. This value triples its 2020 market cap which was set at 2,923 million dollars. Airtel Africa is ranked #16 among the top companies in the whole of Africa.
Dangote Cement Plc is a Nigerian multinational cement manufacturing company owned by the richest man in Africa Aliko Dangote. Headquartered in Lagos, Nigeria, the company deals in the manufacture, preparation, import, packaging and distribution of cement and related products in Nigeria and a number of other African countries. The company has five cement plants in Kogi, Ogun, Benue, Senegal and Tanzania. The Kogi plant is the largest cement plant in Sub Saharan Africa with a capacity to produce over 10 million tonnes of cement per annum. Dangote Cement Plc is ranked #2 on our list with a market cap of 8,947 million dollars as of the first quarter of 2021 also making it #20 on the top African companies list.
MTN Nigeria is a subsidiary of the telecom giant, MTN Group Limited formerly known as M-Cell. The MTN Group is a South-African multinational telecom company operating in many African and Asian countries. MTN Nigeria was one of the first telecom companies to be established in Nigeria in 2001. Head quartered in Lagos, Nigeria, the telecom company provides telecom services to all the 36 states of Nigeria. It is also the top telecom company in Nigeria with a subscriber base of 73,571,192 subscribers making up 39% of the telecom subscriber base in Nigeria. Currently, it occupies the 3rd spot on this list with a market cap of 7,963 million dollars as of the first quarter of 2021. It is also ranked #23 on the top 250 African companies list.
Majority owned (98.5%) by 61-year-old Nigerian business man Rabiu Abdulsamad, BUA Cement is a publicly listed Nigerian company active in the production of cement, sugar refining and real estate. Head quartered in Nigeria, the company is the second largest producer of cement and sugar in Nigeria after Dangote Cement Plc. Which makes it natural that this company will make it on our list of the top 5 Nigerian companies. With a market cap of 6,078 in the first quarter of 2021, the company is also ranked #27 not far behind its peer Dangote Cement Plc.
Head quartered in Lagos, Nigeria, Nestle Nigeria Plc is 57-year-old Nigerian food and beverage company. It has 3 manufacturing sites and 8 branch offices. The company produces, markets and distributes the most popular Nigerian brands in the food and beverage sector such as Maggi, Milo, Golden Morn, Nestle Pure Life and Nescafe. Nestle Nigeria follows behind the top four with a market cap of 2,662 million dollars as of the first quarter of 2021. Also placing it at #53 among the top 250 African companies in 2021.
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