Nigeria’s Biggest Firms Generate N90trn As Oil, Banks Dominate New Megacorp Index

Nigeria’s most prominent companies raked in more than N90 trillion in combined revenues, offering the clearest picture yet of the nation’s productive power, according to the newly launched Nigeria Megacorp Index (NMX-100).

This is according to the independent ranking, unveiled by Nairametrics, which also exposed the overwhelming dominance of the oil, gas and financial services sectors, reinforcing concerns that the country’s economic backbone remains concentrated in a few industries.

The index, Nigeria’s first verifiable, data-driven assessment of corporate size, revealed a long-standing distortion in the country’s business landscape: many of Nigeria’s largest revenue-generating firms operate far beyond the visibility of the capital market, showing an economy far bigger than what the stock exchange reflects.

According to Nairametrics, the NMX-100 tracks over 60 companies across 15 key sectors, with revenues crossing N90 trillion and profits above N9 trillion, based solely on audited financials. The new numbers pull back the veil on the scale of the corporate giants powering Africa’s largest economy.

The findings place oil and gas companies firmly at the top. NNPL leads the list with N23.99 trillion in revenue and N3.3 trillion profit after tax in 2023, followed by NLNG Ltd with N5.3 trillion revenue and N1.75 trillion PAT, and Oando Plc with N4.09 trillion revenue and N220 billion PAT.

Banks dominate much of the remainder of the top 10, with Access Holdings Plc, Ecobank Transnational Incorporated, Zenith Bank Plc, First Holdco Plc, and United Bank for Africa Plc each posting between N3.19 trillion and N4.88 trillion in revenue. Industrial and ICT representation comes through Dangote Cement Plc, which reported N3.58 trillion in revenue, and MTN Nigeria with N3.36 trillion.

Speaking at a press conference announcing the NMX-100, chief executive of Nairametrics, Ugodre Obi-Chukwu, described the launch as a milestone for Nigeria’s corporate governance and economic intelligence. “Every serious economy has a corporate benchmark that reflects its true productive power. In the U.S., the Fortune 500 helps investors, policymakers, and the public understand which companies drive national growth. Nigeria needs its own mirror, and the NMX-100 fills that gap,” Obi-Chukwu said.

He stressed that the platform offers Nigerians and global investors a new level of visibility into the country’s economic engines. “For the first time, we can confidently say: these are Nigeria’s largest companies,” he said.

Obi-Chukwu noted that the index also addresses a critical information gap created by Nigeria’s small and unrepresentative capital market. “Only about 150 companies are listed on the Nigerian Exchange with a market cap of around N90 trillion, far below our GDP of over N300 trillion. And fewer than 50 listed companies generate N100 billion or more in annual revenue. The stock market does not reflect the true size of Nigerian business. The NMX-100 shines a light on the broader landscape.”

The index includes foreign firms with significant Nigerian operations, from employment to tax contributions, further widening the scope of visibility into the country’s corporate ecosystem. Obi-Chukwu said the new ranking will push more companies toward transparency. “Transparency is a global standard; we believe this will encourage more companies to open their data.”

The launch, he said, forms part of Nairametrics’ broader data-driven agenda, which includes platforms like the Dividend Tracker, DealsBook, and Nairalytics. According to Obi-Chukwu, these initiatives complement the NMX-100 by offering investors and citizens a clearer, more accountable view of the Nigerian economy.

“Together with the NMX-100, these platforms strengthen accountability, deepen insight, and give investors and citizens a clearer view of the Nigerian economy. This is a step toward the transparency and economic intelligence that every modern economy deserves.” He stated.