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: N4.88 trillion (2024)
Access Holdings is Nigeria’s largest banking group by revenue, hitting N4.88 trillion in 2024. Its rapid expansion across Africa and strong retail banking presence have been instrumental in its rise.
Access continues to benefit from acquisitions and restructuring efforts that have positioned it as one of Africa’s biggest and most diversified financial institutions.
The group’s digital and payments businesses are also major revenue drivers as the company strengthens its role in Nigeria’s fintech ecosystem.
Its corporate banking segment, which handles major transactions for multinationals and government agencies, also contributes significantly to revenue.
The Group’s profit after tax for 2024 stood at N642.22 billion.
