10 most valuable companies in Africa by market value 2022: MTN Group retains its position as the most valuable company in Africa by market value. Curious to see the full list of the top 10 most valuable companies in Africa by market value? Continue reading this post. What’s more? You’ll learn about the market values of these companies.


According to our source, Safaricom, Dangote Cement, Airtel Africa, and MTN Nigeria completes the top 6 spots.


One key highlight of the 2022 list is that Nigerian businesses dominate the top 10 list, with 6 companies representing the country. Additionally, 5 of the 10 companies on the list are from the telecommunications sector.

African brands have excelled by adapting quickly to the changing business climate. While Nigerian companies will continue to dominate the ranking for a while, there are positive signs of strong brands growing across the continent.

Top 10 Most Valuable Companies in Africa for 2022.

Top 10 most valuable companies in Africa

1. MTN Group

As of July 2022, MTN Group has a market cap of $15.39 billion. This rightly earns the company the number spot on the list.


MTN is Africa’s largest mobile network operator, sharing the benefits of modern connected life with 272m customers in 19 markets across Africa and the Middle East.


The South African multinational mobile telecommunications company is headquartered in Johannesburg.

Recommeded: 15 Most Valuable Companies in the World 2022

One-third of the company’s revenue comes from Nigeria, where it holds about 35% market share.

2. Dangote Cement

Dangote Cement Plc is a Nigerian multinational company headquartered in Lagos. In addition, the company has import terminals in nine other African nations.


Dangote Cement is involved in the production, preparation, import, packaging, and distribution of cement and associated products in Nigeria.

At the time of writing, the company has a market valuation of $11.3billion, making it the 2nd most valuable company in Africa.

3. MTN Nigeria

With a market cap of $11.2 billion, MTN Nigeria is the third most valuable company in Africa.

MTN Nigeria generates one-third of the revenue that accrues to MTN Group comes, where it has over 58.2 million subscribers


4. Safaricom

The leading communications company in Kenya with the widest Network coverage, Best data, voice & SMS network, affordable prepaid and postpaid. Safaricom is the only company in the east African region to make the top 10 list.
As of July 2022, Safaricom has a market value of $8.9billion, making it the 4th most valuable company in Africa.

Safaricom is the largest telecommunications provider in Kenya. It is most renowned as the home of MPESA, a mobile banking SMS-based service. The company offers mobile telephony, mobile money transfer, e-commerce, cloud computing, data, and music streaming.


Safaricom controls approximately 64.5% percent of the Kenyan market as of 2020 with a subscriber base estimated at approximately 35.6 million.

Read Also: Highest-Paid CEOs in the World in 2022

5. Airtel Africa

Airtel Africa is the fifth most valuable company in Africa by market value, according to our source. The company has a market value of $7.3billion.

Airtel Africa is a multinational corporation that offers mobile money and telecommunications services in 14 African nations.

Airtel Nigeria is the most profitable unit of Airtel Africa, due to its cheap data plans in Nigeria. As of March 2019, airtel had over 99 million subscribers in the continent with its subsidiary in Nigeria having more than 1.5 million subscribers.

6. BUA Cement 

BUA Cement PLC is a publicly listed firm headquartered in Nigeria. It produces and markets cement products in the country. It is the second largest producer in Nigeria after Dangote Cement. The company was formed through the consolidation of the BUA Group’s cement interest.

At the time of writing, according to our source, BUA Cement has a market value of $6.1billion, making it one of the most valuable companies in Africa by market value.

7. Endeavour Mining

Endeavour Mining is a multi-national mining company. It owns and operates the gold mines in Côte d’Ivoire, Burkina Faso, and Mali. The company is cross-listed on the London Stock Exchange, the Toronto Stock Exchange, and OTC in the U.S.

As of July 2022, Endeavour Mining has a market valuation of $5.7billion, making it the seventh-most valuable company in Africa.

8. IHS Towers

IHS Towers is the fourth largest independent multinational tower company globally. It is one of the world’s fastest-growing tower operators, owning and managing over 30,500 towers in nine countries. IHS Towers expanded its operations outside of Africa and now operates across three continents.

IHS Towers registers its presence in Cameroon, Cote d’Ivoire, Nigeria, Rwanda, Zambia – Africa; Brazil, Colombia, Peru – Latin America; and Kuwait – Middle East.


With a market valuation of $3.8billion, IHS Towers is the 8th largest company in Africa by market value.

9. Nestlé Nigeria

Nestle Nigeria Plc is a publicly listed food and beverage specialty company. The firm manufactures breakfast cereal, baby food products, and hydrolyzed plant protein mix. Its main factory is located in Agbara Industrial Estate, Ogun State.

Nestle Nigeria has a market cap of $2.7billion, making it one of the most valuable companies in Africa by market value.

READ ALSO: Top 10 Most Technologically Advanced Countries

10. BUA Foods

Completing our list of the top 10 most valuable companies in Africa by market value is Bua Foods with a market cap of $2.5billion.

BUA Foods is a leading food and fast-moving consumer goods business. It processes, manufactures, produces, and distributes food materials such as sugar, flour, pasta, rice, and edible oils.


Similar Posts

Leave a Reply