Nigeria’s 23 billion-dollar companies now expanding in 22 African countries, says minister

The federal government has revealed that 23 Nigerian companies now generate more than $1 billion in annual revenue and are rapidly expanding their presence across Africa, with operations reaching at least 22 countries.

Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, disclosed this on Wednesday in Kigali, Rwanda, during President Bola Tinubu’s visit for the Africa CEO Forum.

According to Oduwole, Nigerian firms in banking, manufacturing, oil and gas, and financial services are increasingly investing beyond the country’s borders, reflecting growing confidence in Nigeria’s economic reforms.

She highlighted recent acquisitions by Zenith Bank in Kenya and Côte d’Ivoire, alongside expansion moves by Nigerian manufacturers and energy companies into East Africa.

“We now have about 23 Nigerian business champions earning over $1 billion annually,” the minister said. “These companies are not only investing locally but are expanding across the African continent.”

Oduwole pointed to several prominent Nigerian business leaders — including Aliko Dangote, Abdulsamad Rabiu, Aigboje Aig-Imoukhuede, Tony Elumelu, and Kola Karim — who participated in the Africa Forward Summit in Nairobi alongside African heads of state and international investors.

She noted that Dangote recently announced plans for another refinery project in East Africa, while technology company SecureID has already established operations in 22 African countries and opened a manufacturing facility in Nairobi.

The minister said the increasing cross-border investments by Nigerian firms demonstrate confidence in the Tinubu administration’s economic policies and macroeconomic reforms.

“You don’t see this level of expansion without confidence in government policies, exchange-rate stability, transparency, and economic direction,” she explained. “The reforms of the last three years are beginning to translate into measurable growth.”