Nigeria’s Billion-Dollar Club Grows as Market Rally Lifts Top Stocks
Nigeria’s equities market now boasts 11 publicly listed companies each valued at over $1 billion, up from nine a year ago, as strong investor demand and corporate recapitalizations fuel a market rally. These stocks include Airtel Africa, BUA Foods, Dangote Cement, and MTN Nigeria—firms that are benefiting from strong earnings, consistent dividend payouts, and renewed investor confidence. Seven other companies, including Fidelity Bank and International Breweries, are nearing the billion-dollar mark, driven by rising share prices and fresh capital raises. With these top stocks making up 84% of NGX’s total market value, investor focus is clearly shifting to liquidity and resilience. If the trend continues, Nigeria may see over 15 billion-dollar companies by year-end—and potentially more, especially with upcoming tech unicorn listings.
