Most valuable companies in Nigeria as of November

As of November 2022, Nigeria had nine companies with a market value of at least $1 billion USD.

Any firm valued at more than $1 billion US is considered a unicorn in the realm of valuation. This is also due to their rarity, particularly in the startup industry.

Nigeria does have privately held unicorn enterprises, however, private investors rather than the market set their prices. We must use a different metric for companies that are publicly traded.

As a result, the company’s valuation is calculated using the market value of quoted firms that are based in Nigeria but listed on any stock exchange worldwide. We don’t employ venture capital or private equity-based valuation.

Every company, with the exception of one, is listed on the Nigerian Exchange, and none is valued at more than $1 billion and listed on a stock exchange outside of Nigeria. The companies are also significantly owned by Nigerians.

The All Share Index for the Nigerian Equities Market reported a total market capitalization (or value) of around N25.9 trillion ($58.3 billion) at the end of November.

Many stocks had a successful month as they reported a net monthly gain of roughly 8.72%, which is a significant change from the 10.58% reported in the month of October 2022.

A number of Nigeria’s most valuable equities (MVE), including as manufacturing firms, telcos, banks, etc., saw advances during the month. Nigerian businesses worth over $1 billion USD were the main factor in the valuation growth.

What the data is showing: Based on the official exchange rate of (N445/$1), the top ten MVEs in Nigeria had a combined market value of N21.1 trillion, which is equal to $47.5 billion.

A staggering 70% of the overall market valuation of $58.3 billion, or nearly N18.1 trillion, is made up of SWOOTs.
Airtel, Dangote Cement, MTN Nigeria, BUA Cement, and BUA Foods are the SWOOTs.

READ MORE: Zenith Bank wins “Bank of the Year, Nigeria” in the Banker Awards 2022

When a company surpasses unicorn status, which denotes a value of over $1 billion, it is frequently praised. Only one company on our list is valued at less than one billion dollars, according to our data and the official exchange rate.

For another month, Airtel was the most valuable firm in Nigeria, with a valuation of N5.4 trillion ($12.2 billion).

• In November alone, Airtel increased its value by 13.7%, making a major contribution to the gains made by the top 10.
• Dangote Cement, which is largely owned by Aliko Dangote, the richest man in Africa, comes in second with N4.46 trillion ($10.04 billion). In November, the stock increased by 19%.
• Market capitalization for MTN Nigeria at the end of the month was N4.44 trillion, or $9.9 billion. This month, it too saw an 11% growth.
• BUA Cement and BUA Foods both reported valuations of N2.6 trillion ($5.8 billion) and N1.1 trillion ($2.5 billion), respectively. Both companies are mostly owned by wealthy entrepreneur Abdulsamad Rabiu.

At the conclusion of the month, Nestle and Seplat lost 20.7% and 12.5%, respectively, of their value.

As a result of its price falling below one trillion nairas, Nestle is no longer included in the SWOOT list. Nestle and Seplat are both worth $1.7 billion and $1.3 billion in dollars, respectively.

The top ten largest firms by market capitalization include Zenith Bank, GTB, and FBNH. Only Zenith and GTB, with respective market values of $1.5 billion and $1.3 billion, are valued at more than $1 billion.

At the conclusion of the month, all three banks reported increases, which increased their market value. Nigeria Breweries, Stanbic IBTC, and Geregu Power Plc, for example, have respective market values of $731 million, $775 million, and $889 million. In the upcoming months, keep an eye on these businesses. Jumia, a Nigerian business that is listed on the New York Stock Exchange, is worth $457 million.