See 50 Nigerians Companies with Capital bigger than many African Countries
According to the International Monetary Fund in 2018, Nigeria is regarded as the biggest economy in Africa with a Gross Domestic Product of about $400 Billion Dollars – Leading the entire 54 African Economies both in Population of over 180 Million people and GDP.
The Nigerian Economy is ranked the 30th largest Economy in the World. To mention a few, Nigeria’s Nominal GDP is bigger than the Republic of Ireland (US $373 Billion), Israel (US $370 Billion), Hong Kong (US $363 Billion), Singapore (US $361 Billion), Malaysia (US $354 Billion), Denmark (US $351 Billion), Colombia (US $333 Billion), Philippines (US $331 Billion), Chile (US $298 Billion), Finland (US $275 Billion), Czech Republic (US $242 Billion), Romania (US $ 240 Billion), Portugal (US $239 Billion, Peru (US $225 Billion), Greece (US $219 Billion), New Zealand (US $203 Billion) and over a hundred other countries’ economies in the World.
By Company to Countries GDP size, some Nigerian Companies Market Capitalization far exceeds the economic valuations of some countries. Nigerian businesses have now grown out of obscurity, imprinted global footprints, and created billions of dollars in value. And they are listed on the nation’s premier exchange. An example is the valuation of the Dangote Cement at US $10.8 Billion, is way bigger than the entire economy of Benin Republic (US $10.5 Billion),
Haiti (US $9.5 Billion), Rwanda (US $9.5 Billion) and Double the size of Maldives (US $5.3Billion), Mauritania (US $5.2 Billion) and Barbados (US $ 5.1 Billion).
It’s also important to note that many Nigerian corporations are outperforming more globally known players. In terms of profitability of companies across the globe, a few Nigerian Companies exceeds some companies on the Forbes Global 2000 according to the last Audited Financial Statement. In 2018, Zenith Bank Plc; Nigeria’s most profitable Bank made $625 Million in profit higher than US $314 Million Deutsche Bank – Largest German Bank by Asset and Mapfre Assistencia of Spain profit in the sum of US $ 624 Million.
While the likes of Saipem of Italy declared US -$ 557 Million loss in the Oil & Gas business in 2018, Nigeria’s Seplat declared US $147 Million in the same year. Same profitability is seen with Nestle Nigeria with a profit after tax of US $63.2 Million as against Americas Kraft Heinz Company with a loss position of US -$10.2 Billion. To cap it all, Dangote Group’s (Cement, Sugar, Salt & Flour) profitability of US $1.4 Billion dwarfs Mexico’s Largest Mining Corporation – Grupo Mexico US $1.3 Billion and equals Thailand’s largest cement company – Siam Cement Group profit.
These Nigerian companies are advancing apace to place the country on the global market place, institutionalising global standards of corporate governance and introducing best in breed products and services.
The Signature 50 ranking is an annual publication dedicated to the biggest 50 companies listed on the Nigerian Bourse, with valuations in excess of USD50 Million. It is a collaboration with True Nigerian Experience, working with the Nigerian Stock Exchange to create a sustainable and special publication like the Fortune 500, S & P 500 and Forbes Global 2000 to identify and recognize some of the biggest entities and individuals doing business in the country in terms of their size, value, profitability, and market standing.
In below publication, Forbes feature interviews with select business leaders who have shown exceptional leadership across private business as well as public service.
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