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: Oil & Gas
- Revenue: N23.99 trillion (2023)
The Nigerian National Petroleum Company Limited (NNPC) is by far Nigeria’s largest company by revenue, generating a staggering N23.99 trillion, more than four times the revenue of NLNG, which sits in second place.
As the state-owned entity responsible for managing Nigeria’s petroleum wealth, NNPC is central to the nation’s economy, government finances, and energy security.
NNPC’s revenue dominance stems from its involvement across the entire oil and gas value chain, including upstream exploration and production, crude oil lifting, petroleum product trading, and refinery operations.
Even in a period marked by theft, pipeline vandalism, and declining production, the company remains Nigeria’s biggest foreign exchange contributor and revenue source for the government.
Following its transition to a limited-liability company under the Petroleum Industry Act (PIA), NNPC has intensified efforts to operate more competitively and transparently. The company’s strategic partnerships, commercialization efforts, and expansion into gas and renewables position it for an even more pivotal role in Nigeria’s future energy landscape.
The company also recorded the largest profit after tax by any company in Nigeria at N3.29 trillion.
To see the complete list of the companies captured in the NMX-100, click here.
