Nairametrics unveils index to spotlight Nigerian firms earning N100bn annually

Nairametrics has unveiled the NMX100, an initiative that spotlights Nigerian companies generating at least N100 billion in annual revenue.

Speaking at the launch on Friday, Ugodre Obi-Chukwu, founder and chief executive officer (CEO) of Nairametrics Financial Advocates, said the NMX, Nigeria’s mega corp index, was created to serve as a credible barometer for corporate strength and transparency within the economy.

Obi-Chukwu said companies operating at that scale are critical to national growth, job creation and tax mobilisation.

“They are very critical even to the growth of small businesses because they also support small businesses. They are very critical to how government also collects taxes,” he said.

“The larger the companies we have, the easier it is to understand how we’re growing as an economy and even how government is likely to also perform in terms of its own fiscal revenue.”

He said the 62 companies captured so far generated N90 trillion in combined revenue, adding that the list will expand as more audited accounts are analysed.

“The list is going to expand. The data is based on their audited annual accounts with a cut off year of 2021 for some companies and then 2022 for most of them. But most of the companies on the list are 2024 audited accounts,” he added.

“To be on that list, your accounts must be audited, not just by anyone, but by recognised audit companies, because that way we can validate some of the numbers that are in there and then that makes it into our index.”

The CEO said the platform is free to access and will be updated over the coming weeks and months with additional metrics, including auditors’ information, CEOs’ profiles, staff numbers, corporate social responsibility (CSR) spending, tax payments and efficiency ratios.

“We have all that information. You can find that anywhere. Now, it is going be on nmx.Nairametrics.com for free for everyone to check,” he added.

‘DATA TRANSPARENCY SHOWS HOW POLICIES IMPACTING COMPANIES’ 

Speaking on the importance of transparency in the Nigerian corporate environment, Obi-Chukwu said making company data accessible is crucial for economic planning, investor confidence, and policy evaluation.

“It is very important to see these sort of numbers because it gives you an idea of how big the economy is and how businesses are doing,” the CEO said.

“It gives government an idea of where to focus their energy on or where they think in the sector requires help and even how their policies are also impacting these companies.”

He said the index aims to encourage more Nigerian companies with strong corporate governance to open up their books.

The company’s CEO also expressed hope that with support from the media and other stakeholders, more companies will disclose their figures, allowing for greater visibility and improved tracking.

Also speaking, Tolulope Fasanya, head of research at Nairametrics, said a great deal of work goes into gathering and validating the datasets used on the platform.

Fasanya said credible research requires familiarity with the market and reliance on trusted primary sources.

“You cannot just give a statement and say it is a fact without credible data backing it,” she said.

“It is always better when your data is supported by sources like the CBN, NBS, NASD, NGX, or the IMF. These organisations are the primary data providers. We, as end users, are the secondary source.”

According to Fasanya, data becomes meaningful when placed in context, as patterns across different periods — such as pre-COVID, during the pandemic and post-COVID — reveal how sectors were affected.