- Despite the issues that Nigerians face, the first three months of 2022 proved to be a terrific one for Nigeria’s major corporations.
- From telecommunications, led by MTN, to consumer goods, the companies generated nearly N2.33 trillion in revenue.
- The Nigerian economy has been dominated by inflation, limited purchasing power, stagnating salaries, and insecurity.
In the first quarter of 2022, Nigeria’s top corporations made N2.33 trillion in revenue (January to March). The sum represents a 33.2% increase over the N1.75 trillion generated by the same enterprises in the first three months of 2021.
Given the worldwide economic disruptions caused by the ripple impact on energy, power, and food costs, among other things, induced by the Russia-Ukraine standoff and the wake of the covid-19 outbreak, the companies’ revenue rise is astounding.
The companies’ revenues are reported in their quarterly reports to the Nigerian Exchange, which Nairametrics compiled.
According to the report, 28 of Nigeria’s most well-capitalized enterprises operate in the manufacturing, telecommunications, oil and gas, and agriculture sectors.
Companies with high revenue
Nestle Nigeria, TN Nigeria, Dangote Cement, Flour Mills, Nigerian Breweries The five businesses earned N1.43 trillion in sales, accounting for 61.6 percent of the total revenue generated by the 28 businesses.
According to the report, telco major MTN Nigeria had the greatest revenue of N470.98 billion, followed by premier cement manufacturer Dangote Cement with a top-line income of N413.18 billion.
BUA Cement, Seplat Energy, and Nigerian Breweries are among the enterprises with high revenue.
For example, Seplat Energy benefited from the rising oil price in Q1, with revenue rising from N57 billion in Q1 2021 to N100.6 billion in the first three months of 2022.