Nigeria’s biggest listed companies have been holding more cash than ever over the past five years, as high interest rates, inflation, foreign exchange volatility, and economic uncertainty push businesses to prioritise liquidity over expansion.
An analysis of the cash and cash equivalents of 28 companies listed on the Nigerian Exchange (NGX) by BusinessDay shows that corporate cash holdings have expanded sharply by 367.3 percent to N45.8 trillion in the first quarter of 2026, from N9.79 trillion in the same period of 2022. However, when compared to Q1 ‘2025, it grew to N39.3 trillion.
While capital expenditure (CAPEX), which includes the purchase of property, plant, and equipment, grew at a much slower pace in the last five years. In Q1 2026, it rose to N1.04 trillion across the 28 firms surveyed compared to N797 billion reported in the same period of 2025.
The firms surveyed include MTN Nigeria, BUA Foods, Dangote Cement Plc, BUA Cement, Aradel Holdings, Seplat Energy, HBM Nigeria, Guaranty Trust Holding Company Plc, Zenith Bank, First Hold Co Plc, Presco Plc, Stanbic IBTC Holdings Plc, Nestle Nigeria Plc, Geregu Power Plc, Transcorp Hotels, Plc, Nigerian Breweries Plc, International Breweries Plc, Transcorp Power Plc, Ecobank Transnational Incorporated, United Bank For Africa, Okomu Oil Palm Plc, Access Holdings Plc, Fidelity Bank Plc, Wema Bank Plc, Dangote Sugar Refinery Plc, Unilever Nigeria Plc, FCMB Group Plc, and Nascon Allied Industries Plc
