What works in Nigeria? You must be BIG. And in the market, we have empirical validation of that construct that size matters in Nigeria: “A Nairametrics analysis of five market heavyweights—MTN Nigeria, Dangote Cement, Seplat Energy, Nestlé Nigeria, and BUA Cement—shows combined net cash flow from operating activities hitting N2.922 trillion in the first half of 2025. That’s a staggering 140% jump from the same period last year, and 14% more than their entire 2024 full-year total. Their combined bottom line has swung from a N403 billion loss a year ago to a profit of N1.21 trillion, underscoring a dramatic reversal in fortunes.”
Now, if we need size to unlock alpha in the private sector, do you think Nigeria needs to have only six governors? Lol. He has gone there again. But seriously, I do not see any rapid transformation in Nigeria from the state level considering how small the states are.
Aliko Dangote’s yearly dividend is more than the budget of most Nigerian states. And Nigeria’s national budget is a little above the healthcare budget of South Africa!
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Nigerian Blue Chip Giants Ride Naira Stability to Cash Flow Boom
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