Fifteen firms on the Nigerian Exchange Limited (NGX) have surpassed N1 trillion in market capitalisation, significantly contributing to the overall market cap of N62.76 trillion in 2024. Leading the pack, Dangote Cement and Airtel Africa played pivotal roles, with market caps of N11.19 trillion and N7.41 trillion, respectively. Other notable companies include BUA Foods, Seplat Energy, and GTCO, among others. This surge reflects a strong performance in Nigeria’s equity market amidst economic challenges, highlighting the resilience of key sectors like telecommunications and consumer goods.
As of January 10, 2025, the number of companies listed on the NGX with a market capitalisation exceeding N1trn rose to 15, with UBA, LAFARGE and FBNH joining the group from the 11 reported on October 18, 2024, when our previous snapshot was published.
In dollar terms, 10 out of these 15 companies have maintained a market capitalisation above US$1bn (approximately N1.68trn).
Dangote Cement Plc has regained its position as the most valuable Nigerian Exchange Limited (NGX) stock by starting 2025 with a bullish rally. The company reclaimed the pole position from Airtel Africa, ending with a market capitalisation of N8.16trn. Airtel Africa and BUA Foods followed closely with market values of N8.11trn and N7.47 trillion, respectively.
Market activity between October 17, 2024, and the start of 2025 showed notable changes in capitalisation for key players. MTNN and Seplat recorded significant gains of 26.70 per cent and 9.25 per cent, increasing their market capitalisations to N5.08 trillion and N3.35 trillion, respectively. Conversely, BUA Cement and Aradel Plc saw declines of -15.45 per cent and -13.93 per cent, driven by sell-offs that reduced their share prices from N110 to N93 and N694.80 to N598, respectively. Analysts have highlighted the emergence of new companies nearing the N1 trillion market capitalisation mark, with UBA, FBNH, and Lafarge joining the club. This growth has been attributed to surging share prices, favourable policies, and structural reforms, including the anticipated rebasing of the economy.
Other companies on the list were Transcorp Power (N2.70trn), GTCO Plc (N1.68trn), Zenith Bank Plc (N1.46trn), Transcohot Plc (N1.30trn), UBA Plc (N1.17trn), Lafarge Plc (N1.13trn), and FBN Holdings Plc (N1.11trn) which saw increases in their share prices.
In terms of Sectors, Financial Services dominated the list with four (4) companies, followed by Industrial Goods with three (3) companies, ICT, Oil and Gas, and Utilities sectors with two companies each, while Consumer Goods and Services had one.
Six companies are on the watchlist, showing strong potential to reach the N1trn capitalisation threshold. As analysts await the release of Proshare’s Nigeria Capital Market Outlook report titled “The Capital Market and the Quest for a US$1trn Economy,” optimism about the growth of the Nigerian equity market in 2025 remains high.
Analysts expect the market’s positive trajectory to drive more companies into the N1trn club soon. This encouraging outlook, ongoing economic reforms, and investor-friendly measures could inspire investors to adopt long-term equity positions, further fuelling market growth and stability.
