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Nigeria is home to a rapidly growing economy, at the heart of which are several companies that have set themselves apart within the country and on the world stage due to their value and offerings. Everything from food and drink producers to financial institutions is helping Nigeria’s economy thrive, and these 11 companies are among the largest you’ll find with a global presence.

The organisations are ranked based on their market value in 2023, as reported by Insider Monkey, and they paint a fascinating picture of Nigeria’s economic landscape and its variety of offerings.

11. Nigerian Breweries (£694 Million)

With over 20 different beverages on its roster and more than nine brewery and manufacturing locations, Nigerian Breweries has established itself as a significant business in Nigeria and beyond. The company began in 1949 with its signature lager, the Star Lager, and has steadily grown, acquiring new beers and even venturing into alcohol-free beverages.

The company invests in sustainable growth initiatives that support Nigerian communities and align with the UN Sustainability Goals, fostering a profitable and socially responsible business model.

10. Stanbic IBTC Holdings (£722.6 Million)

While Stanbic IBTC (Investment Banking and Trust Company) Holdings primarily operates in Nigeria, it has extended its services to support people and businesses in other countries, including over 20 in Africa. The company specialises in financial services ranging from personal banking to business insurance management and commercial banking. In doing this, the company has become one of the most profitable Nigerian companies with a global presence.

9. Nigerian National Petroleum Corporation (£1 Billion)

The Nigerian National Petroleum Corporation (NNPC) is a government-owned organisation that controls Nigeria’s oil and gas reserves. Because of this, it is an essential component of Nigeria’s economy and has become a significant player internationally due to its partnerships with global oil and gas companies. The organisation has operated since 1977 and has a hand in various extraction, refinement, and distribution processes for these valuable resources.

8. Guaranty Trust Bank Limited (£1.1 Billion)

Guaranty Trust Bank Limited, also known as GTBank, is another Nigeria-based institution thriving on the international stage. The company primarily caters to Nigerians and other African-based countries and is also available in the United Kingdom. However, its presence in the UK has been controversial as the financial institution didn’t meet the nation’s anti-money laundering parameters. Because of this, GTBank was charged £7.6 million by the UK’s Financial Conduct Authority.

7. Zenith Bank (£1.2 Billion)

Zenith Bank is distinguished as the largest bank in Nigeria and as one of the largest in Africa. Like other financial institutions listed here, it offers its customers a range of financial services, including personal, investment, and corporate banking. The bank began operating in 1990 and has stayed ahead of changes in the industry by prioritising the digitisation of banking while maintaining trust with its clients. It is a highly awarded bank, most recently earning the title of Best Bank in Nigeria, 2024 from Global Finance Magazine.

Zenith Bank also operates outside of Africa, with operations in the UK. It has not been subject to controversy the way that GTBank has.

6. Nestlé Nigeria (£1.38 Billion)

Nestlé Nigeria has been has been successfully delivering food and beverages across the continent for over 60 years. It is Africa’s biggest food and drink company, with over 2,000 employees in Nigeria and three different manufacturing sites. Headquartered in Lagos, it makes major Nestlé products, including Nestlé Pure Life and Nescafé, readily available in Nigeria and other countries in Central and West Africa.

5. BUA Foods (£2.1 Billion)

BUA Foods is another thriving food producer based in Nigeria. It produces and distributes staple foods such as flour, sugar, rice, and oil. The company is part of the BUA Group, a growing Nigerian organisation that primarily specialises in infrastructure and food production. The owner of the BUA Group, Abdul Samad Rabiu, is one of the wealthiest men in Africa, with an estimated net worth of £3.5 billion.

4. BUA Cement (£5.9 Billion)

Another business belonging to the massive BUA Group is BUA Cement. The company produces over 11 million metric tons of cement annually and aims to increase this to over 17 million in 2024. Though a thriving business, BUA Cement isn’t the only successful cement producer based in Nigeria; Dangote Cement PLC (discussed below) out-earns and out-paces the cement production of the BUA company.

3. Dangote Cement (£7.2 Billion)

In Nigeria alone, Dangote Cement produces more than double the cement that BUA Cement will produce in 2024, delivering 32.3 million metric tons annually. The company also operates in ten other countries, bringing its cement production to over 50 million tons annually. The company produces other products, such as rice, flour, and fish, though these aren’t nearly as impactful to the company’s value.

2. MTN Nigeria Communications (£7.96 Billion)

One of the biggest telecommunications companies in Nigeria is MTN Nigeria Communication. The company is part of the larger Mauritius-based company, MTN International. MTN Nigeria has been operating since 2001 and serves an estimated 77 million people. Serving both businesses and individuals, the company believes that “everyone deserves the benefits of a modern connected life.”

1. Airtel Africa (£10 Billion)

Another massive telecommunications organisation based out of Nigeria is Airtel Africa. It supports more than 14 countries with services that include mobile money services (with similar capabilities of online banking or digital wallets), mobile services, and landline services. With these mobile services, people can connect, access online resources, and even participate in the online gaming options they find through casinos.com. This showcases how the company aims to cross the digital and financial divide seen in Nigeria and the other countries it serves.

Summary

These 11 companies have helped propel Nigeria’s economy forward and supported other countries in the process. They’ve become widely recognised beyond their home country and are now known in various regions worldwide.