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 $858 million. Seplat Energy generated N1.16 trillion ($837 million), while Ecobank Transnational Incorporated posted N1.14 trillion, translating to $822 million.
Other companies that crossed the half-billion-dollar threshold included Zenith Bank with $728 million in revenue, First HoldCo with $679 million, and United Bank for Africa with $578 million.
The strong revenue performance comes nearly three years after the Federal Government embarked on a series of economic reforms that reshaped Nigeria’s corporate landscape.
The removal of petrol subsidies and the liberalisation of the foreign exchange market in 2023 triggered a sharp depreciation of the naira and a surge in inflation, forcing businesses to adjust prices, restructure operations, and seek new growth opportunities.
While the reforms initially created significant disruptions, they have also driven a sharp increase in nominal corporate revenues, with several firms now generating more than N1 trillion in quarterly turnover.
The first-quarter figures show that six companies—MTN Nigeria, Access Holdings, Dangote Cement, Seplat Energy, Ecobank, and Zenith Bank, have joined an elite trillion-naira revenue club, highlighting the scale of growth among Nigeria’s largest corporates.
Financial institutions dominated the ranking, accounting for five of the eight companies with more than $500 million in revenue. The sector’s strong performance can be underpinned by higher interest rates, increased transaction volumes, expanding digital banking operations, and gains from foreign exchange-related activities.
The results also highlight the resilience of sectors considered critical to the economy. MTN’s performance reflects rising demand for data and digital services, while Dangote Cement and Seplat Energy continue to benefit from strong demand for infrastructure and energy products.
Despite the record revenues in naira terms, the figures also illustrate the impact of currency depreciation on the international value of corporate earnings.
However, the surveyed companies reported lower dollar earnings after the naira’s devaluation, even though their profit in local currency surged.
Using the average rate of N460.34 in Q1 ’23, combined profit fell by 53 percent in dollar terms from $2.86 billion to $1.35 billion in Q1 ’26. In Naira terms, combined profits increased from N1.318 trillion in Q1 ’23 to N1.86 trillion in Q1 ’26, representing a 41.5 percent rise.
The eight companies generated more than N9.3 trillion in revenue during the first quarter of 2026, equivalent to $6.7 billion, compared to N2.66 trillion ($5.78 billion) in the same period of 2023.
Their performance underscores the outsized role a handful of large corporates play in driving economic activity, investment, and employment in Africa’s most populous economy.
According to the National Bureau of Statistics, real GDP data for Q1 rose to 3.89 percent, compared to 3.13 percent growth recorded in Q1 2025.
Muyiwa Oni, head of equity research, West Africa at Stanbic IBTC Bank said private sector activity in Nigeria improved to its best level in nine months, with the headline PMI rising to an impressive 54.1 points in May from 52.4 points in April.
“This impressive business condition was primarily due to accelerated expansion in both output (56.6 vs April: 53.4) and new orders (57.0 vs May: 54.6) as evidence pointed to improving customer demand and the launch of new products.”
“Input prices maintained an uptrend, but the pace of increase eased for the second consecutive month. This is also reflected in higher output prices, with the steepest increase seen in the manufacturing and agriculture sectors,” he added.
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Analysis of individual firms
MTN Nigeria
MTN Nigeria Communications Plc delivered a strong first quarter in 2026, with profit after tax more than doubling to N355.5 billion from N134 billion reported in Q1’23, driven by growth in data consumption and digital financial services.
The firm’s Q1 2026 financial results disclosed that service revenue jumped 41.8 percent year-on-year to N1.49 trillion, as total revenue increased to N1.50 trillion for the three months ended March 31, 2026, from N565 billion reported in Q1 ’23.
Access Holdings
For the period ended 31 March 2026, Access Holdings reported a profit after tax of N216.54 billion, up from N182 billion in Q1 2023.
This performance was supported by a strong rise in net interest income and effective management of operating expenses. Basic Earnings Per Share (EPS) for the period was recorded at 369 kobo.
Dangote Cement Plc
Dangote Cement Plc reported a profit after tax of N321.1 billion for the first quarter ended March 31, 2026, representing a 194 percent increase from N109 billion in the same period of 2023.