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Top 10 most valuable listed companies in Nigeria in July 2023

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Nigerian cement giant company, Dangote Cement overtook MTN Nigeria as the most valuable company in the country with a valuation of N5.99 trillion ($7.9 billion) as of the end of July 2023.

This is according to data tracked by Nairalytics, the research arm of Nairametrics from the Nigerian Exchange (NGX).

In third position among the most valuable companies stands Airtel Africa, boasting a market capitalization of N4.96 trillion ($6.6 billion).

Other notable entities on this esteemed roster include BUA Cement, BUA Foods, GTCo, Zenith Bank, Seplat Energies, Nestle Nigeria, and Stanbic IBTC.

The cumulative value of these top-ranking companies is an impressive N27.06 trillion ($37.7 billion), constituting a significant 77% of the entire stock market and a whopping 14% of Nigeria’s nominal GDP (N199.3 trillion).

This fact highlights the market’s heavy reliance on bluechip stocks, as a mere ten out of over 160 companies account for over three-quarters of the market’s total worth.

How the market performed

In July 2023, the Nigerian equities market experienced a bullish trend, achieving a notable 5.5% growth. The month concluded with an All-Share index of 64,337.52 points and a market capitalization of N35.01 trillion.

  • So far this year, the market has demonstrated an impressive 25.5% increase, fueled by optimistic investor sentiment towards stocks due to several favourable fiscal and monetary policies implemented by the new administration.
  • One such measure was the complete removal of petrol subsidies, leading to a significant rise in petrol prices, from an average of N185 per litre to N565 per litre.
  • Also, the unification of the exchange rates and devaluation of the naira is also one of the few policy reforms implemented by the new administration, which is hoped to improve foreign participation in the Nigerian equities market, hence increasing foreign portfolio investments (FPIs).

Breakdown of most valuable companies

The NGX’s list of the top 10 most valuable companies encompasses diverse sectors, including industrial goods, telecommunications, consumer goods, banking, and oil and gas.

Specifically, two of these companies operate in the industrial goods sector, specializing in cement production.

Additionally, there are two telecommunications firms, one oil and gas company, two consumer goods companies, and three commercial banks among the prestigious top 10 ranks.

It is also worth noting that GTCO also rose to become the most valuable bank on the NGX after surpassing Zenith Bank marginally in July 2023.

BUA Foods – N2.44 trillion ($3.23 billion)

BUA Foods accounted for 7% of the total market capitalization with a valuation of N2.44 trillion as of the end of July 2023.

The company, which is known for producing a wide range of food products, including flour, pasta, rice, and edible oils, among others recorded a flat movement in its stock price in the review month.

Others include:

  • GTCo – N1.08 trillion
  • Zenith Bank – N1.06 trillion
  • Seplat – N996.6 billion
  • Nestle Nigeria – N931.4 billion
  • Stanbic IBTC – N900.5 billion


BUA Cement – N3.35 trillion ($4.43 billion)

Another cement manufacturing firm, BUA Cement stands in fourth position with a valuation of N3.35 trillion, having grown its valuation by 7% from N3.12 trillion recorded as of the previous month.

The company accounted for 9.6% of the total market capitalization.


Airtel Africa – N4.96 trillion ($6.55 billion)

Airtel Africa dropped to third place with a market valuation of N4.96 trillion ($6.55 billion) at the end of July 2023, following a flat movement in the share price of the telco firm.

The company accounted for 14.2% of the total market capitalization of the Nigerian Exchange.


MTN Nigeria – N5.33 trillion ($7.05 billion)

MTN Nigeria, Nigeria’s largest telecommunication company boasts of a market valuation of N5.33 trillion to stand in second position after losing its top spot to Dangote Cement last month.

The telco giant recorded a 4% decline in its share price in July 2023. MTN Nigeria accounted for 15.2% of the entire market.


Dangote Cement – N5.99 trillion ($7.9 billion)

Dangote Cement toppled telco giants, MTN Nigeria and Airtel Africa to the first spot with a market valuation of N5.99 trillion as of the end of July 2023 after gaining 24% compared to N4.86 trillion recorded as of the previous month.

The cement company accounted for an impressive 17.1% of the entire NGX market capitalization.

Biggest gainers

In July 2023, the Nigerian stock market witnessed impressive performances from several stocks, with some notable gainers leading the way.

SAHCO stood out as the best-performing stock, recording an astounding growth of 152% during the month.

Following closely, Golden Guinea Brew and John Holt experienced substantial increases of 93% and 92%, respectively.

Other notable gainers included Chellarams Plc and Nascon Allied Industries, which saw impressive growth rates of 75% and 74%, respectively.