Nigeria’s most profitable companies wrapped up 2024 with a remarkable display of resilience, collectively posting record-breaking earnings.
Despite macroeconomic challenges, these companies delivered strong bottom-line growth, outperforming previous years and sustaining investor confidence.
For the full year 2024, Nigeria’s GDP grew by 3.40%, an increase from 2.74% in 2023.
In nominal terms, aggregate GDP for Q4 2024 stood at N78.37 trillion, reflecting an 18.91% increase from N65.91 trillion recorded in Q4 2023. Despite the positive momentum, inflationary pressures remained high.
Nairametrics Research has compiled a list of the top 10 most profitable companies in Nigeria in 2024 based on their profit after tax (PAT).
PAT is the net earnings a company retains after settling all tax obligations; it represents the actual profit available to shareholders and for reinvestment.
The companies posted a combined Profit After Tax (PAT) of N8.19 trillion, a significant jump from the N5.76 trillion recorded in 2023, reflecting improved earnings performance across key sectors
An analysis of the top 10 most profitable companies in 2024 shows that the banking sector dominated the list, accounting for 70% of the companies. Cement manufacturing, consumer goods, and oil and gas sectors each made up 10% of the ranking.
So far in the first quarter of 2025, these 10 top-performing companies have collectively recorded a PAT of N1.76 trillion.
Below is the list of the 10 most profitable companies in Nigeria in 2024
Group Chief Executive Officer, Ecobank Transnational Inc., Jeremy Awori
Ecobank Transnational Incorporated (ETI), emerged as Nigeria’s fourth most profitable company in 2024, delivering an exceptional Profit After Tax (PAT) of N735.90 billion.
This represents a staggering 179% jump from the N263.52 billion posted in 2023, one of the strongest bottom-line growth figures among the top ten companies.
Ecobank’s phenomenal profit growth was matched by a surge in revenue. The group’s revenue rose by 131% year-on-year, reaching N4.22 trillion, up from N1.82 trillion in the previous year.
The pan-African banking group also recorded an impressive Profit Before Tax (PBT) of N980.68 billion, an increase of 160% from N376.49 billion in 2023.
At the time of this report, the bank has yet to disclose dividend information for the 2024 financial year.
The bank sustained its positive momentum into 2025. The bank’s PAT rose from N140.90 billion in Q1 2024 to N187.11 billion in Q1 2025, while PBT also climbed from N201.46 billion to N267.30 billion.
