Nairametrics on Friday unveiled the much-anticipated NMX-100, a data-driven ranking of Nigerian companies generating at least N100 billion in annual revenue based on their latest audited financial statements.
According to the Index, which currently tracks over 60 companies spanning 15 key sectors, the NMX-100 companies raked in over N90 trillion in combined revenue, and total profits topped N9 trillion.
The Index shows that oil and gas companies dominated the list of the largest companies by revenue, followed by companies in the financial sector.
As Nigeria’s first verifiable, data-driven assessment of corporate size, the Index 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.
The NMX-100 list captures the scale and substance of Nigeria’s business landscape, spotlighting firms that not only generate impressive earnings but also maintain headquarters and substantial operations within the country.
Based on the NMX-100 data, here are the top 10 largest companies in Nigeria by revenue.
- Sector: Banking
- Revenue: N3.18 trillion (2024)
United Bank for Africa (UBA) is one of Africa’s most geographically diversified financial institutions, with operations spanning 20 African countries in addition to offices in the United States, the United Kingdom, France, and the UAE.
This global footprint plays a major role in the bank’s revenue strength, helping it generate over N3.18 trillion in 2024. UBA’s extensive retail network and its dominance in corporate and commercial banking continue to attract high-volume clients across multiple sectors.
Beyond its Nigerian operations, UBA’s pan-African subsidiaries are increasingly becoming major contributors to its top line. The bank’s strategy of deepening cross-border payments, strengthening treasury services, and expanding trade finance across Africa has helped it maintain a stable revenue profile despite economic pressures in its major markets.
UBA’s profit after tax for the year stood at N766.5 billion.
