5 Biggest Companies in Nigeria By Market Cap in 2021

Last updated on August 26th, 2022 at 03:15 pm

There were five quoted companies on the Nigeria Exchange (NGX) that influenced the overall market position and the national economy in 2021 using their contribution to the market capitalisation.

Dangote Cement, MTN Nigeria Communications Plc, Airtel Africa Plc, BUA Cement Plc and Nestle Nigeria Plc were the five biggest companies by market cap as of December 31, 2021, according to data from NGX. DANCEM and MTNN belong to the elite issuers also known as Premium Board Listing.

Companies Market Capitalisation 2021 Previous Year (2020)
DANGCEM NGN4.38 Trillion NGN4.17 Trillion
MTNN NGN4.01 Trillion NGN3.46 Trillion
AirtelAfri NGN3.59 Trillion NGN3.20 Trillion
BuaCement NGN2.27 Trillion NGN2.62 Trillion
Nestle NGN1.23 Trillion NGN1.19 Trillion


While the five companies added NGN14.51 trillion to their combined market cap, three of them accounted for 53.72 per cent of the market capitalisation of equities.

The three companies – Dangote Cement, MTN Nigeria Communications Plc and Airtel Africa Plc- gained a total of N1.15 trillion.

There are one hundred and fifty-seven (157) companies listed on the NGX (as of December 31, 2021), their combined market cap stood at NGN22.30 trillion as against NGN21.06 trillion that was recorded by the end of 2020.

Of all the five companies, the market capitalisation of BUA Cement dropped from NGN2.62 trillion (2020) to NGN2.227 trillion in 2021. The drop didn’t stop the company from joining the five biggest shaker on the NGX.

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Recalled that BUA Foods share was listed on the Main Board of the Nigerian Exchange Limited on January 5, 2022, listing 18 billion ordinary shares which opened at NGN44 per unit. It’s a member of BUA Group.

And by the end of trading on the first day on the NGX, investors spent NGN40,533,945,898.00 to buy 1,006,998,462 units in just 74 trades.

By the end of January 6, 2022, BuaFoods market capitalisation had risen to 871,200,000,000.00 to boost liquidity in the Nigerian capital market and provide opportunities for wealth creation.

What is Market Capitalisation?

Market capitalization or market cap is the total value of all a company’s shares on the stock exchange, it plays a significant role in investors’ decision making in stock trading.

Why does Market Capitalisation matter?

The market cap provides insight for investors to understand the relative size of a listed company versus another. It basically measures what a company is worth on the stock market or open market.

2022 provides a lot of prospects for companies and investors.


  • Opeyemi Quadri

    Ope is a finance writer and researcher with 10+ years of experience in content creation. His interests cut across decentralized finance, investment, foreign exchange, government policies and politics. Ope is available on Twitter @OpeQuadri.

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