The Nigerian stock market now has 11 unicorns, see the list. NAIRA’s depreciation is not enough for NGX big hat as investors push more companies toward unicorn status
As of the end of April 2025, the market value of 11 companies listed on the Nigerian Exchange (NGX) exceeded 1.55 trillion n1.55 trillion, meeting the $1 billion threshold when converted at an average exchange rate of n1,550/$1.
This represents the growth of nine companies about a year ago, reflecting investors’ preference for stocks with highly capitalized, liquid and dividend yields.
Seven other companies are knocking on the door, with valuations between N1 trillion and $15.5 trillion, cementing their position in the swing category and bringing them to unicorn status in the way of the dollar.
Shaking the unicorn’s door
Lafarge Africa (Wapco) – N1.332 trillion.
Nigerian Brewery – N1.332 trillion.
International Brewery – N1.242 trillion.
Access Loctings – N1.199 trillion.
FBN holds – N1.041 trillion.
Fidelity Bank- N1.001 trillion.
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