ABUJA — Major Nigerian manufacturers have staged a strong comeback in the first quarter of 2025, bouncing back from the economic turmoil of 2023–2024 with a combined net profit of ₦218.35 billion. This marks a dramatic reversal from the ₦272.94 billion net loss recorded in Q1 2024, according to financial results released by eight major firms listed on the Nigerian Exchange (NGX).
The companies—Cadbury Nigeria, Nestlé Nigeria, Nigerian Breweries, BUA Foods, Unilever Nigeria, Dangote Sugar, Champion Breweries, and International Breweries—posted a collective revenue of ₦1.6 trillion in Q1 2025, representing a 51.9 percent increase from the ₦1.05 trillion recorded in Q1 2024.
Analysts attribute the turnaround to macroeconomic improvements such as exchange rate stability and easing inflation. Many firms also benefited from tighter cost control and improved sales volume. However, high interest rates and lingering inflation remain concerns.
BUA Foods reported revenue of ₦442.1 billion, up 24 percent, with profit after tax rising 124 percent to ₦125.3 billion, driven by strong performance in its flour and rice divisions. Nestlé Nigeria posted ₦294.9 billion in revenue, a 61 percent rise, and returned to profitability with ₦30.2 billion in profit after a ₦142.7 billion loss in Q1 2024.
Nigerian Breweries saw revenue increase to ₦383.6 billion, a 69 percent jump, while profit after tax climbed to ₦44.55 billion from a ₦52.09 billion loss in the same period last year. The company’s chairman, Juliet Anammah, credited the turnaround to financial restructuring, reduced FX liabilities, and strict cost management.
Dangote Sugar grew revenue by 74 percent to ₦213.9 billion and narrowed its loss to ₦23.6 billion from ₦68.9 billion, signaling signs of recovery. International Breweries recorded ₦173.6 billion in revenue, up 68.2 percent, and a profit of ₦29.38 billion, reversing a ₦60.39 billion loss in Q1 2024.
Unilever Nigeria reported ₦47 billion in revenue, a 45 percent increase, while profit surged 65 percent to ₦5.55 billion. The company also saw a swing in operating cash flow from a ₦16.7 billion outflow to a ₦9.56 billion inflow, strengthening its liquidity position.
Cadbury Nigeria’s revenue rose 57 percent to ₦37.2 billion, and it posted a ₦5.98 billion profit, recovering from a ₦7.3 billion loss. Champion Breweries reported ₦8.48 billion in revenue, up 93.75 percent, and profit of ₦985 million, reversing an ₦824 million loss.
Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), linked the improved performance to relative stability in the foreign exchange market and better macroeconomic management. He noted that last year’s steep losses were largely driven by FX shocks that inflated companies’ liabilities. With currency volatility easing in the past ten months, firms have begun to recover.
Yusuf added that high financing costs remain a burden due to elevated interest rates. Nonetheless, he acknowledged that confidence in the economy has grown as the Central Bank cleared inherited FX backlogs and gained capacity to stabilise the market.
Dele Oye, President of the Nigerian Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA), highlighted backward integration and increased local sourcing of raw materials as key factors aiding recovery, especially in sugar and food manufacturing.
Despite lingering risks, the Q1 2025 performance signals renewed strength in Nigeria’s manufacturing sector and the resilience of major FMCG firms amid economic headwinds.
