MTN Nigeria Overtakes Dangote Cement as Nigeria’s Third Most Valuable Listed Company
MTN Nigeria has surpassed Dangote Cement to become the third most valuable listed company on the Nigerian Exchange (NGX), marking a significant shift in the country’s capital market hierarchy and signaling the rising influence of the telecoms sector over traditional industrial giants.
According to market data from the NGX, MTN Nigeria’s market capitalization recently climbed above that of Dangote Cement, following a sustained rally in investor interest, improved earnings, and sector-wide optimism in telecommunications.
The move now places MTN just behind Airtel Africa and BUA Foods, which currently hold the first and second spots respectively on the local bourse.
As of the latest figures, Airtel Africa maintains a market value of approximately ₦8.9 trillion, BUA Foods stands at around ₦8.6 trillion, while Dangote Cement trails with about ₦7.4 trillion in market capitalization. MTN Nigeria’s value now stands above that threshold, reflecting both its strong financial performance and investor confidence.
This development marks a broader shift in Nigeria’s stock market dynamics, where the fast-growing telecommunications and digital services sector is increasingly outpacing more established sectors like manufacturing and cement. MTN Nigeria’s rise is largely attributed to its robust revenue base, consistent dividend payouts, and expanding data and fintech services across the country.
Financial analysts note that MTN generated nearly $3.5 billion in revenue over the last fiscal year, outperforming Dangote Cement’s $2.7 billion.
The telecom giant also boasts stronger return on equity and higher shareholder yields, driven by improved profit margins and network expansion.
“MTN has become a beacon of resilience and innovation in Nigeria’s economy. Its ability to generate returns from a diversified portfolio of voice, data, mobile money, and enterprise services makes it a magnet for investors,” said equity analyst Chijioke Okonkwo of Polaris Research Group.
By contrast, Dangote Cement — long viewed as a pillar of Nigeria’s industrial sector — has faced slowing momentum. The company has been challenged by a mix of high operating costs, reduced public infrastructure spending, and market saturation in some regions. While still highly profitable and operationally sound, its growth trajectory has not matched the momentum seen in the telecom sector.
Despite this, experts caution against interpreting the shift as a decline in the strength of Nigeria’s industrial backbone.
“Dangote Cement remains a major player with deep fundamentals. This market repositioning is more about sectoral shifts than any flaw in the company itself,” said market strategist Temi Olatunde.
MTN Nigeria’s leapfrogging of Dangote Cement is seen as part of a broader realignment within the Nigerian stock exchange, where investors are increasingly drawn to companies with technology-based growth models and exposure to digital consumer markets. Airtel Africa and MTN now represent the vanguard of this trend, both having capitalized on Nigeria’s rapidly expanding telecoms and mobile banking sectors.
The development also points to a changing investor sentiment that favors high-velocity industries with scalable business models over capital-heavy industrial projects.
