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: N3.97 trillion (2024)
Zenith Bank remains one of Nigeria’s most profitable and efficiently run banks. With nearly N3.97 trillion in revenue in 2024, it is a dominant force in corporate banking, treasury operations, and digital payments. The bank’s disciplined cost structure and focus on high-value clients continue to set it apart from competitors.
A major contributor to Zenith’s performance is its strong digital banking system, which processes billions of naira in transactions daily.
The bank has also expanded its retail segment through innovative products and electronic channels, boosting non-interest income. Its treasury operations remain a reliable source of strength due to active participation in FX and fixed-income markets.
The bank recorded one of the highest profit after tax by Nigerian companies in 2024 at N1.03 trillion.
