Nigeria’s equities market now boasts 11 unicorns, see list. Naira devaluation fails to dim appetite for NGX large caps as investors push more firms toward unicorn status
At the end of April 2025, 11 firms listed on the Nigerian Exchange (NGX) had market capitalizations exceeding N1.55 trillion, crossing the symbolic $1 billion threshold when converted at an average exchange rate of N1,550/$1.
This represents a rise from nine such companies in about a year ago and reflects a growing investor preference for highly capitalized, liquid, and dividend-yielding stocks.
A further seven companies are also knocking on the door, with valuations ranging between N1 trillion and N1.55 trillion, solidifying their place in the SWOOTs category and bringing them within reach of unicorn status in dollar terms.
SWOOTs knocking on the unicorn door
Lafarge Africa (WAPCO) – N1.332 trillion.
Nigerian Breweries – N1.332 trillion.
International Breweries – N1.242 trillion.
Access Holdings – N1.199 trillion.
UBA – N1.197 trillion.
FBN Holdings – N1.041 trillion.
Fidelity Bank – N1.001 trillion.
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