Top Companies in Africa

South African companies Dominate African Market

South Africa emerged as the dominant force in the list of top companies in Africa by market value, as per the survey conducted by African Business in March 2023. Among the top 50 companies, an impressive 70% (35) hailed from South Africa, with Naspers being the biggest company in Africa with a market value of approximately USD 80.8 Billion.

Distribution of top African companies

The largest African companies in Africa, based on the 2023 rankings, showcased a biased representation, with only eight countries making the list. Morocco and Nigeria had five companies each in the top 50, while Egypt, Côte d’Ivoire, Kenya, Mauritius, and Namibia had one each.

The analysis of sectors revealed that the finance (18) and non-energy materials (14) sectors dominated the first 50 slots, accounting for over 60% of the listed companies. They were followed by the Telecommunications sector (8), consumer non-cyclical (5), and consumer cyclicals (2). The consumer services, healthcare, and energy sectors were each represented by one company.

East and Central Africa

Among the top companies in the continent, Safaricom from Kenya stood out as the sole representative from East and Central Africa, ranked at number 25 with an estimated market value of USD 5 billion. Strikingly, no financial institution from East, Central, or West Africa featured among the largest companies in 2023.

Mauritius’ Economic Impact

An interesting observation was that Mauritius, with a population of about 1.26 million people, had one company featured in the top 50. Afreximbank (DRs), a financial institution from Mauritius with a market value of approximately USD 3.5 Billion, secured a place at slot 39. Remarkably, the 2023 Mauritius national budget was nearly equivalent to the value of Afreximbank (DRs), standing at around USD 3.9 Billion.

Nigeria and Morocco

Nigeria, with five companies on the list, had two prominent players from the cement industry: Dangote Cement (USD 9.9 Billion, #11) and BUA Cement (USD 7.2 Billion, #20). Additionally, the telecommunications sector was well-represented by MTN Group (USD 10.6B, #9) and Airtel Africa (USD 4.9B, #28).

Morocco had five companies featured,, with three of them belonging to the finance sector. These included Attijariwafa Bank (USD 8.3B, #14), Banque Centrale Populaire (USD 4.5B, #31), and Bank of Africa (formerly BMCE) with a market value of USD 3.3B, ranking 40th.

Regional and Sectorial Variations

The rankings unveiled substantial regional and sectorial variations among the top companies in Africa. Notably, the market value of the leading company, Naspers, was nearly four times higher than the second-ranking company, FirstRand (USD 19.1 B), despite both being from South Africa. Other companies can draw valuable insights from the success of South African companies to promote greater diversity in the continent’s best performers in the years to come. Explore the dataset below.