In a move aimed at enhancing transparency and providing a verifiable snapshot of Nigeria’s corporate landscape, Nairametrics has unveiled the Nigeria Megacorp Index (NMX-100), the country’s first independent, data-driven ranking of the largest companies by revenue.
The index seeks to serve as a benchmark for investors, policymakers, and the general public, highlighting firms that drive economic growth while maintaining substantial operations in Nigeria.
To qualify, companies must report at least N100 billion in revenue based on their most recent audited financial statements. Only companies with headquarters and significant operations in Nigeria are considered, ensuring that the ranking reflects genuine domestic economic impact.
According to Nairametrics at the unveiling in Lagos on Friday, the index currently tracks over 60 companies spanning 15 key sectors, with a combined revenue exceeding N90tn and total profits topping N9tn. The firm noted that the dynamic nature of the index allows for real-time updates as audited results are released, providing a timely and accurate view of the country’s corporate health.
Founder and Chief Executive Officer of Nairametrics Financial Advocates, Ugodre Obi-Chukwu, stated that the NMX-100 provides a comprehensive view of Nigeria’s corporate heavyweights, boosts transparency, and improves publicly available data.
Obi-Chukwu said, “The NMX100 is an acronym for Nigeria’s Mega Corp Index, which is a list of companies in Nigeria that generate revenue of N100bn and above. So these are mega corporations. Our data shows that the 62 companies on our list so far have generated a total revenue of N90tn.”
He stressed that such companies play a crucial role in the economy, saying, “They are very critical to economic growth, to job creation, to how government collects taxes, and even to how small businesses grow.”
According to the index, top performers are led by oil and gas companies such as NNPC, which generated N23.99tn in revenue and N3.3tn profit after tax in 2023, followed by NLNG Ltd with N5.3tn revenue and N1.75tn PAT, and Oando Plc with N4.09tn revenue and N220bn PAT.
The financial sector dominated much of the remainder of the top 10, with Access Holdings Plc, Ecobank Transnational Incorporated, Zenith Bank Plc, First Holdco Plc, and United Bank for Africa Plc posting revenues between N3.19tn and N4.88tn, collectively highlighting the central role of banking in Nigeria’s economy. Industrial goods and ICT are represented by Dangote Cement Plc, which recorded N3.58tn in revenue and N503bn PAT, and MTN Nigeria, which generated N3.36tn in revenue.
Obi-Chukwu described the launch as a milestone for corporate governance and economic intelligence in Nigeria. “Every serious economy has a corporate benchmark that reflects its true productive power. In the US, the Fortune 500 helps investors, policymakers, and the public understand which companies drive national growth. Nigeria needs its own mirror, and the NMX-100 fills that gap,” he said.
He emphasised the data-driven, verifiable, and dynamic nature of the ranking, noting that it will help Nigerians, global investors, and researchers access reliable information on the nation’s largest companies. “For the first time, we can say with confidence: these are Nigeria’s largest companies,” he said.
Obi-Chukwu also highlighted the limitations of existing market data. “Only about 150 companies are listed on the Nigerian Exchange with a market cap of around N90tn, far below our GDP of over N300tn. And fewer than 50 listed companies generate N100bn or more in annual revenue. The stock market does not reflect the true size of the Nigerian business. The NMX-100 shines a light on the broader landscape.”
The NMX-100 also includes foreign firms operating in Nigeria, provided they generate revenue, employ Nigerians, and pay local taxes. Obi-Chukwu stressed that the ranking sends a strong message to companies that remain opaque: “Transparency is a global standard, and we believe this will encourage more companies to open up their data.”
The launch of NMX-100 complements other Nairametrics initiatives aimed at deepening economic insight, including the Dividend Tracker, which aggregates all dividend declarations in Nigeria; DealsBook, a live tracker of corporate deals, mergers, acquisitions, bonds, and fundraising; and Nairalytics, a macro-data platform that presents Nigeria’s key economic indicators in simple, accessible formats.
“Together with the NMX-100, these platforms strengthen accountability, deepen insight, and give investors and citizens a clearer view of the Nigerian economy,” Obi-Chukwu said. “This is a step toward the transparency and economic intelligence that every modern economy deserves.”
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