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Dangote Cement, MTN Nigeria and BUA Cement account for 53% market cap of the top 30 companies in West Africa

The latest report prepared by Hartland-Peel is an update as of June 2022 and covers the Top 30 companies in West Africa by market capitalisation.

According to the report, Dangote Cement had the highest market capitalisation among other companies in the region, followed by West Africa’s largest network operator, MTN Nigeria. BUA Cement ranked third on the list, followed by Nestlé Nigeria, and BUA Foods.

Overall, Nigeria, the regional heavyweight, has 21 stocks listed in the top 30 companies, followed by

Further insights from the report also showed that Nigerian companies dominated the list as the West-African nation had 21 companies out of the Top 30 companies. The report also noted that banks account for 14 stocks, manufacturing 9, telecoms four and others three.

Regarding exchange rates, the report noted that Nigerian and Ghanaian currency weakness is on-going and chronic. According to the report, Nigeria’s currency has depreciated:

  • 6% compound over the past 5 years.
  • 10% compound over the past 10 years.
  • Furthermore, inflation has averaged 12% annually over the past 10 year.

Similarly, the Ghanaian cedi has experienced steady currency depreciation since 2017. The currency has depreciated:

  • 13% compound over the past 5 years.
  • 15% compound over the past 10 years.
  • At the same time, inflation has averaged 14% over the past 10 years.

Below are the Top 10 most valuable companies in West Africa by market capitalization

  1. Dangote Cement – $11.29 billion
  2. MTN Nigeria – $11.28 billion
  3. BUA Cement – $5.8 billion
  4. Nestlé Nigeria – $2.67 billion
  5. BUA Foods – $2.38 billion
  6. Seplat Energy – $1.84 billion
  7. Zenith Bank – $1.64 billion
  8. GTB – $1.45 billion
  9. Nigerian Breweries – $1.14 billion
  10. Stanbic IBTC = $1.04 billion

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