Nigeria’s largest companies are emerging as some of the biggest beneficiaries of the economic reforms under President Bola Tinubu’s administration, with at least eight listed firms generating more than $500 million in revenue during the first quarter (Q1) of 2026.
An analysis of first-quarter financial statements filed on the Nigerian Exchange Group (NGX) shows that telecommunications, banking, energy, and manufacturing giants continued to post robust revenue growth, underscoring their ability to adapt to inflationary pressures, currency volatility, and rising operating costs.
Using an average exchange rate of N1,386.71 to the dollar reported in the first three months of 2026, MTN Nigeria topped the ranking with revenue of N1.49 trillion, equivalent to approximately $1.07 billion, making it the only company in the review period to surpass the $1 billion mark.
Access Holdings followed with revenue of N1.37 trillion, translating to about $988 million, while Dangote Cement recorded N1.19 trillion, equivalent to
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