23 Nigerian Companies Surpass $1bn in Revenue, Set Sights on Africa Expansion

The Federal Government has revealed that 23 Nigerian firms now generate over $1 billion in annual revenue. This milestone underscores growing investor confidence after three years of macroeconomic reforms. Nigerian banks are acquiring assets in Kenya and Côte d’Ivoire, oil companies are planning new refineries in East Africa, and manufacturers are establishing factories in Nairobi. Key players like Zenith Bank, Dangote Group, Tony Elumelu and SecureID are leading this continental push. Industry Minister Dr Jumoke Oduwole noted that these achievements reflect deliberate policy outcomes. She highlighted recent reforms—such as the National Single Window, port improvements and new trade corridors—as crucial drivers of outward investment. President Bola Tinubu will discuss further trade and digital integration under the African Continental Free Trade Area with Rwandan and Ugandan partners at the ongoing Africa CEO Forum in Kigali.

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