The list is based on a research report by Nairamtetrics, which included 30 companies. As of March 2023, companies listed on the Nigerian Exchange had a combined cash position of N1.8 trillion.

Nigeria has a large population, which presents significant economic opportunities. Since the country’s inception, many businesses have emerged to supply goods and services to the vast population. As the market expands, more companies compete for a slice of the country’s enormous economic potential.

This trend persists, with Nigerian businesses growing in size and scale each year. Nairametrics, a Nigerian business platform, reports that as of March 2023, companies listed on the Nigerian Exchange had a strong cash position of N1.8 trillion, up from N1.2 trillion in the same period in 2022.

Nairametrics monitors the performance of 30 Nigerian businesses in the manufacturing, agriculture, real estate, oil and gas, and technology industries, excluding commercial banks. The cash holdings of Nigerian companies varied significantly as of March 31, 2023, with some reporting considerable growth over the previous year and others seeing reductions.

Cash generated from operations, sales of investments, and bank loans after debt servicing is included in the cash balances of businesses. The top 10 Nigerian companies with the highest cash balances, according to Nairametrics, are listed below.