According to Brand Finance’s latest global intangible finance tracking report, BUA Foods Plc has emerged as Nigeria’s largest source of corporate intangible value, with about 93 per cent of its enterprise value tied to non-tangible assets, accounting for more than 23 per cent of the country’s national intangible value pool.
Investors are valuing food producers less for factories or milling equipment and more for benefits such as brand equity, nationwide distribution networks, supply-chain dominance and market scale that enable pricing power in key key categories.
This is after the food heavyweight emerged as Nigeria's most valuable company with a market capitalization of N12.5 trillion, surpassing Dangote Cement and MTN Nigeria, which are valued at N10.4 trillion and N9.88 trillion, as of close of business on Friday, December 5, 2025.
BUA Foods' dominance reflects a broader trend in Nigeria's equity market, where company valuations are increasingly driven by assets that do not sit comfortably on the balance sheet, including regulatory licenses, market leadership and long-term commercial status, rather than bricks, machines or land.
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Across all sectors, engineering and construction companies lead the charts in absolute intangible value, with nearly $10 billion, or about 70 per cent of total enterprise value, derived from project pipelines, technical expertise, regulatory approvals and group goodwill.
The food sector comes closest with earnings of about $8.4 billion. It has about 87 percent of its total valuation in intangible assets, based on brand loyalty, distribution control and economies of scale that allow major producers to protect shelf space and pricing in Nigeria's fragmented retail market.
Utilities are the most intangible-heavy by intensity, with over 91 percent of the sector enterprise value based on power generation licenses, long-term power purchase agreements and regulatory frameworks that guarantee predictable cash flows.
Beverage manufacturers, although smaller in market size, also record high intangible shares, driven primarily by global brands and tightly controlled logistics networks.
Along with BUA Foods, other corporate giants dominate Nigeria's invisible value pool. BUA Cement PLC, its subsidiary, derives approximately 88.5 percent of its valuation from intangible assets, reflecting pricing advantages built on brand recognition and strong distribution coverage.
Dangote Cement Plc, the country's largest cement manufacturer, generates about 63.6 percent of its enterprise value from intangibles, contributing about 20 percent to Nigeria's total intangible stock. Its valuation premium is based on dominant market share, brand leadership, extensive regional operations and regulatory mining and operating licenses in multiple African markets.
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“Nigeria's intangible value is concentrated in areas where regulatory assets, brands and distribution networks are decisive. The key companies—BUA Foods, BUA Cement, Dangote Cement, Geregu Power and Transcorp Hotels—have built strong brands, acquired valuable licenses and established dominant market positions,” Brand Finance wrote in the report.
“Dangote Cement, in particular, stands out for its scale, brand leadership and impact on both the sector and the national intangible value pool.”
The concentration of intangible value highlights how corporate success in Nigeria increasingly depends less on physical capital investment and more on control of markets, regulation and consumer loyalty – advantages that are difficult for new entrants to replicate.
Analysts say this market structure may continue to support large valuations for established leaders such as BUA Foods and Dangote Cement, while raising questions about competition, access barriers for smaller players and the long-term impact on consumer pricing in key sectors.
