Dangote Cement, Access Corporation, and Zenith Bank led the list of Nigerian companies with the highest CSR donations in 2024, and corporations intensified their support for sustainable development and societal well-being through donations and development initiatives.
According to the analysis of the top 50 companies listed on the Nigerian Exchange, they incurred a combined sum of N46.5 billion in the 2024 financial year, almost double the N23.4 billion recorded in the previous year.
Notably, the year 2024 witnessed remarkable CSR contributions from leading Nigerian firms, reflecting a transformative shift towards impactful community engagement. A move which goes beyond returning profit but also supports the community where they make their money.
While companies differ in their CSR strategies, most efforts are channeled toward pressing social needs such as education, healthcare, environmental sustainability, security, economic empowerment, and humanitarian relief.
Further analysis shows that most of the listed companies increased their CSR spending in 2024 compared to the previous year. Meanwhile, some of the companies did not commit any funds towards CSR, largely due to an unfavourable business environment. The likes of MTN and Nigerian Breweries, which declared losses for the financial year, did not spend on CSR in the review year.
Ranking fifth on the list, United Bank for Africa (UBA) recorded a total donation of N1.98 billion in 2024, representing a 225% increase from the N608 million spent in the previous year.
Transnational Corporation Plc reported a total corporate social responsibility (CSR) expenditure of N2.56 billion in 2024, representing a 104% increase compared to the N1.25 billion spent in the previous year.
Zenith Bank ranked as the third-highest CSR spender among Nigerian companies in the 2024 financial year, with a total expenditure of N4.93 billion. This represents a 14.6% decline from the N5.77 billion recorded in the previous year, resulting in a drop from its previous top position.
Access Holdings Plc, Nigeria’s largest financial institution by asset base, recorded a total of N6.74 billion in spending on events, charitable activities, and sponsorships in 2024—more than double the N2.65 billion spent in the previous year.
Cement producing giant, Dangote Cement, recorded a significant increase in its corporate social responsibility (CSR) expenditure in 2024, spending a total of N13.19 billion—over four times the N2.36 billion spent in the previous year. This positioned the company as the highest CSR contributor in the country for the year.