NNPCL retains second spot as Africa’s top 500 firms hit record $782.8bn revenue

The energy sector remains the biggest contributor to Africa’s Top 500 companies, making up 27 per cent of the total, followed by the mining sector with 14 per cent.

This was revealed in the 27th edition of The Africa Report’s ranking of the 500 largest African companies (excluding financial institutions).

The top four companies kept their positions. Algeria’s Sonatrach remained number one. Nigeria’s NNPC Limited (NNPCL) stayed in second place. Vivo Energy Group ranked third, while Eskom came fourth.

Libya’s national oil company, National Oil Corporation (NOC), returned to the ranking after many years of absence due to unavailable data. It is now ranked fifth, with revenue of more than $18 billion.

This year’s ranking shows a record performance. For the first time, the combined revenue of Africa’s top companies reached $782.8 billion. This is a 6.2 per cent increase compared to last year. It also beats the previous record of $759.6 billion set in 2022.

Dangote Industries Limited (DIL) did not appear in the 2026 ranking because there was not enough reliable financial data. However, its Dangote Refinery reached full production capacity in early 2026.

The refinery is expected to generate about $50 billion in revenue. If this happens, Dangote Industries could become one of Africa’s biggest companies and change the ranking in 2027.

Julien Wagner, Director of Special Content, Partnerships and Media Diversification, said the 2026 ranking proves that African companies are doing better than many people think.

He explained that despite economic and political challenges, businesses across the continent are growing, investing, exporting, and gaining market share.

He added that the Top 500 ranking helps people understand where economic value and influence are