Large local companies in Africa are an important catalyst for significant economic growth and job creation. These businesses are positioning Africa as a center for development and expansion due to the comprehension of the untapped potential of the continent’s marketplaces.
According to a report by African Financials, a company that helps businesses grow, 30 of these organizations have been extraordinary all year round as they stand as the top 30 companies in Sub-Saharan Africa, aside from South Africa. This study, which includes the Top 30 firms in Sub-Saharan Africa by market capitalization, except for South Africa, is an update as of November 2023.
The report notes that “Sub-Saharan Africa’s (excluding South Africa’s) stock markets rose by 7.2% in US$ terms in November and are down 12.8% year to date,” demonstrating a huge confidence in Africa’s business network.
The new entrants on the list include Airtel Uganda, FBN Bank (Nigeria), Dangote Sugar, and NMB Bank (Tanzania), and companies no longer on the list are, First Capital Holdings, NMB Bank Malawi, Helios Towers, Airtel Malawi.
The report also states that Sub-Saharan Africa “except SA stock market returns in US$ terms have been held back by Nigeria, Kenya, and Ghana and are at support levels going back to 2004. Nevertheless, SSA except South Africa has out-performed the MSCI Far East and the MSCI Eastern Europe except Russia.”
With that said below are the top 10 African companies in Africa
10 best-performing local companies in Sub-Saharan Africa by market capitalization
| 1. | MTN Group | South Africa (Johannesburg Stock Exchange) | 102.94 | 10,236 |
| 2. | Dangote Cement | Nigeria | 320.00 | 6,907 |
| 3. | MTN Nigeria | Nigeria | 238.00 | 6,136 |
| 4. | Airtel Africa | UK | £1.13 | 5,391 |
| 5. | Endeavour Mining | CANADA | C$28.37 | 5,189 |
| 6. | BUA Foods | Nigeria | 198.90 | 4,535 |
| 7. | BUA Cement | Nigeria | 104.00 | 4,461 |
| 8. | Safricom | Kenya | 14.05 | 3,673 |
| 9. | Orange-CI | West Africa (Bourse Régionale des Valeurs Mobilières ) | 11,450 | 2,869 |
| 10. | SONATEL | West Africa (Bourse Régionale des Valeurs Mobilières ) | 17,200 | 2,861 |
