BUA Foods Plc has emerged as the single largest source of Nigeria’s corporate intangible value, with nearly 93 percent of its enterprise value tied to non-physical assets, accounting for more than 23 percent of the country’s national intangible value pool, according to Brand Finance’s latest Global Intangible Finance Tracking Report.
Investors are valuing the food producer less for factories or milling equipment and more for advantages such as brand equity, nationwide distribution networks, supply-chain dominance, and market scale that enable pricing power across key staple categories.
This follows the food heavyweight’s emergence as Nigeria’s most valuable company, with a market capitalisation of N12.5 trillion, outpacing Dangote Cement and MTN Nigeria, which have valuations of N10.4 trillion and N9.88 trillion, as of the close of trading on Friday, December 5, 2025.
The dominance of BUA Foods reflects a broader trend across Nigeria’s equity market, where company valuations are increasingly driven by assets that do not sit comfortably on balance sheets, including regulatory licenses, market leadership, and long-term commercial positioning rather than bricks, machines, or land.
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Across sectors, engineering and construction companies lead the chart in absolute intangible value, with nearly $10 billion, or around 70 percent of total enterprise value, derived from project pipelines, technical expertise, regulatory approvals, and conglomerate goodwill.
The food sector follows closely, posting roughly $8.4 billion. That’s about 87 percent of its total valuation in intangible assets, underpinned by brand loyalty, distribution control, and economies of scale that allow major producers to protect shelf space and pricing across Nigeria’s fragmented retail market.
Utilities are the most intangible-heavy by intensity, with more than 91 percent of sector enterprise value built on power-generation licenses, long-term power purchase agreements, and regulatory frameworks that guarantee predictable cash flows.
Drinks manufacturers, though smaller in market size, also record elevated intangible shares, driven mainly by global brands and tightly controlled logistics networks.
Alongside BUA Foods, other corporate heavyweights dominate Nigeria’s invisible value pool. BUA Cement Plc, its sister company, derives around 88.5 percent of its valuation from intangible assets, reflecting pricing leverage built on brand recognition and entrenched distribution coverage.
Dangote Cement Plc, the country’s largest cement maker, generates roughly 63.6 percent of its enterprise value from intangibles, contributing nearly 20 percent of Nigeria’s total intangible stock. Its valuation premium is underpinned by dominant market share, brand leadership, extensive regional operations, and regulatory mining and operating licenses across multiple African markets.
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“Nigeria’s intangible value is concentrated in sectors where regulatory assets, brand, and distribution networks are decisive. The leading companies—BUA Foods, BUA Cement, Dangote Cement, Geregu Power, and Transcorp Hotels—have built strong brands, secured valuable licenses, and established dominant market positions,” Brand Finance wrote in the report.
“Dangote Cement, in particular, stands out for its scale, brand leadership, and influence on both the sector and the national intangible value pool.”
The concentration of intangible value highlights how corporate success in Nigeria increasingly depends less on physical capital investment and more on control of markets, regulation, and consumer loyalty — advantages that are difficult for new entrants to replicate.
Analysts say this market structure may continue to support outsized valuations for established leaders such as BUA Foods and Dangote Cement, while raising questions about competition, access barriers for smaller players, and the long-term impact on consumer pricing across key sectors.