African Business Ranking 2025 : Africa’s Top 250 Companies show signs of recovery, but still far from previous highs
According to the annual ranking by African Business, the continent’s top 250 listed companies reached a combined market capitalization of $564 billion in 2025, an improvement compared to the previous year. However, the overall valuation remains well below pre-2015 levels. Leading the pack is South Africa’s Naspers, followed by other giants in telecommunications, banking, and extractive industries.
After several years of decline, Africa’s Top 250 listed companies are showing partial recovery in 2025. According to the Africa’s Top 250 Companies ranking by African Business magazine, their total market capitalization stood at $564 billion as of the end of March, up from $503 billion in 2024. While this marks a significant gain, it still falls short of the $948 billion peak in 2015, before global market dynamics began to strain emerging economies.
Several factors account for this prolonged stagnation: the volatility of African currencies, a retreat by international investors since the Covid-19 pandemic, the effects of the war in Ukraine, and now a global trade war between major powers. This has been compounded by the withdrawal of certain multinational corporations from African stock exchanges, which continues to weigh on total valuations.
Naspers remains on top, despite volatility
South African tech giant Naspers continues to lead the ranking with a market cap of $40.3 billion, up from $31.9 billion in 2024. However, this figure is still a far cry from the $104.2 billion in 2021 or the $80.8 billion in 2023. The company’s fluctuating valuation is mainly tied to its 25% stake in Tencent, the Chinese tech giant listed in Hong Kong. While Naspers’ core operations are now limited in South Africa, it remains highly influential through investments in tech, media, and digital platforms.
A sector-based and uneven recovery
South African companies still dominate the top positions, but other players from Nigeria, Morocco, and Egypt are beginning to stand out. Banking, telecoms, and retail sectors have shown resilience amid economic turbulence, while mining and energy industries continue to suffer from falling global commodity prices and political instability in several producing countries.
The ranking also highlights the rise of emerging pan-African groups, often lesser-known to the public but standing out for their local resilience and innovation capacity in challenging environments.
Demographic growth not yet translating into financial leverage
The 2025 ranking underscores the disconnect between Africa’s economic potential — boosted by rapid urbanization and a growing population — and the actual market valuation of its companies. At $564 billion, the figure is still lower than the $597 billion recorded in March 2020, at the height of the pandemic.
Bridging this gap will require multiple levers: restoring investor confidence, improving corporate governance, advancing regional stock market integration, and retaining major African groups on local exchanges.
A ranking that highlights future priorities
The African Business report emphasizes that the global visibility of African companies will depend on their ability to adapt to international market expectations while meeting local needs. As the continent is increasingly seen as a future growth engine, the challenge will be to convert economic promise into real capital.
