Business Insider Africa presents the top Nigerian companies with the most money. This list is courtesy of a research report recently published by Nairamtetrics of which 30 companies were listed.
Companies listed on the Nigerian Exchange reported a strong cash position of N1.8 trillion at the end of March 2023.
Nigeria boasts Africa’s largest population, which presents enormous economic prospects. Since the country’s founding, Nigeria has been teeming with companies seeking to supply goods and services for the enormous population, and with an ever-increasing market presence, more businesses are vying for a piece of the country’s enormous economic pie.
This trend still remains prevalent with businesses in the country increasing in size and scale annually. According to Nairametrics, a Nigerian business platform, companies listed on the Nigerian Exchange reported a strong cash position of N1.8 trillion at the end of March 2023, a considerable increase from the N1.2 trillion recorded during the same period in 2022.
Nairametrics monitors the performance of 30 Nigerian businesses engaged in the COMARTs industries of manufacturing, agriculture, real estate, oil and gas, and technology, the top 10 of which would be listed in this article. Commercial banks are not included in this data.
The cash holdings of Nigerian corporations varied greatly as of March 31, 2023, with some reporting considerable growth over the previous year and others seeing reductions.
Cash created from operations, or cash received from consumers after subtracting the amount paid to suppliers, is included in the cash balances of businesses.
Last, but not least, it comprises the proceeds from the sale of investments after deducting the proceeds from the purchase of new investments. It also includes the proceeds from bank loans after paying debt servicing. Additionally, this is added to the cash in the bank at the beginning of the year.
