Exciting news from the Nigerian Exchange Limited! The bullish run in the market has sparked a surge in the elite club of listed companies worth N1tn, showcasing the remarkable growth and potential of the Nigerian economy.
Previously comprising industry giants such as Dangote Cement, BUA Foods, Airtel Africa, and Zenith Bank, this exclusive club has recently expanded its ranks. Joining the prestigious N1tn capitalization companies are Access Holdings, United Bank for Africa, Geregu Plc, and Transcorp Hotels Plc.
Transcorp Hotels Plc, a standout performer in the hospitality sector, proudly became the first-ever hospitality business to achieve a market value of N1tn.
Adding to the excitement, Geregu Power Plc, the pioneering power stock on the exchange, has also earned its rightful place in the N1tn club, highlighting the ever-increasing importance of the energy sector.
Commenting on this incredibly bullish trend, Jude Chiemeka, the acting Managing Director of the NGX, expressed the exchange’s commitment to fostering innovation and meeting the needs of stakeholders. The NGX aims to provide a thriving capital market that supports both raising and utilizing capital efficiently.
The achievements of the Nigerian Exchange Limited extend beyond mere numbers. In 2023 alone, the exchange facilitated a substantial N3.85tn in capital raised by various government and corporate entities across different asset classes. This reflects the exchange’s pivotal role in driving economic growth and development.
Furthermore, the top five companies listed on the NGX made significant contributions to the nation’s revenue. Paying over N262bn in taxes and distributing dividends exceeding N962bn, they have cemented their impact as major contributors to the government’s revenue drive.
While some question the naira valuations and the impact of inflation and devaluation, the phenomenal growth and improved earnings of these companies over the past year paint an impressive picture of their success and potential.
The Nigerian Exchange Limited continues to provide a resilient platform for stakeholders to raise capital and make strategic investments. With its unwavering dedication to enhancing corporate development and driving economic prosperity, the exchange remains at the forefront of Nigeria’s financial landscape.
