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 compa
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 compa