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: N3.21 trillion (2024)
First Holdco Plc, the parent company of FirstBank, maintains its place among Nigeria’s largest revenue-generating corporations.
With a footprint that spans commercial banking, merchant banking, pensions, and insurance, the group generated over N3.21 trillion in revenue for 2024. This strong performance reflects the recovery and stabilization agenda the institution has undergone in recent years, following governance reforms and balance sheet cleanups.
Its flagship subsidiary, FirstBank, remains one of Nigeria’s most recognized financial institutions, boasting one of the largest retail banking networks in the country.
The bank’s massive agent banking ecosystem has strengthened its reach in rural and urban communities, supporting financial inclusion and expanding its revenue from electronic banking channels.
The huge revenue led to a profit of N677.01 billion for the company at the end of the year.
