Telecommunication company, Airtel, led other companies in the Nigerian most valuable companies ranking.
According to Nairametrics, Dangote cement was ranked second with MTN, occupying the third position.
This was established by using publicly available values of publicly traded companies based on their market worth. This contrasts with the valuations of many privately held businesses, which are frequently based on venture capital or private equity.
The ranking also only focused on companies listed on the Nigerian Exchange.
According to the list, the top ten Nigerian stocks had a total market value of N22.8 trillion, or the equivalent of $49.4 billion, using the official exchange rate of (N461.5/$1).
In terms of valuation, Airtel Africa had the biggest boost. Market capitalization for the company increased by 61.4%, from N3.5 trillion in December 2021 to N6.14 trillion at the end of December 2022.
MTN Nigeria saw a 2.9% increase from its recorded N4.01 trillion at the end of December 2021 to its N4.37 trillion at the end of the review month.
A valuation of N3.3 trillion ($7.1 billion) and N1.17 trillion ($2.5 billion) was given for BUA Cement and BUA Foods, which are both majority-owned by billionaire business magnate Abdulsamad Rabiu.
Nestle Nigeria, on the other hand, had the largest loss, with a decrease of N361 billion. Dangote Cement, Zenith Bank, and GTB then suffered losses of N68.1 billion, N12.5 billion, and N88.2 billion, respectively.
Based on their market capitalization as of December 2022, the most valuable firms in Nigeria are highlighted in the graph below.