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: ICT/Telecom
- Revenue: N3.36 trillion (2024)
MTN Nigeria is the leading telecommunications operator in the country and one of the largest corporates outside the oil and banking industries.
With revenue of N3.36 trillion in 2024, the company continues to dominate Nigeria’s telecoms landscape, driven by its massive voice and data subscriber base.
MTN’s growing portfolio of digital services, including fintech, enterprise solutions, and broadband, also contributes significantly to topline growth.
Despite facing macroeconomic headwinds such as FX losses, regulatory pressure, and high operational costs, MTN Nigeria has maintained strong performance due to rising data consumption and the rapid adoption of its digital financial services. The rollout of 5G across major cities further positions the company to benefit from the expansion of Nigeria’s digital economy.
Despite the huge revenue, MTN Nigeria recorded a N400.44 billion loss for the year reflecting the impact of the high operational costs and forex losses incurred during the year.
