By Boluwatife Oshadiya, Business & Economy | September 11, 2026
Key Points
- Nine of Nigeria’s ten largest listed consumer goods companies recorded lower dollar revenue in 2025 than in 2022
- Combined naira revenue rose 178.3% to N7.37 trillion, while dollar revenue fell 22% to $4.85 billion
- BUA Foods was the only company to record higher dollar revenue, rising 18.9% to $1.17 billion over the period
Main Story
Nine of Nigeria’s ten largest listed consumer goods companies earned less dollar revenue in 2025 than in 2022 despite strong growth in naira revenue, according to an analysis by Nairametrics Research.
The ten companies generated combined dollar revenue of $4.85 billion in 2025, down 22% from $6.22 billion in 2022. Over the same period, combined naira revenue increased 178.3% from N2.65 trillion to N7.37 trillion.
Nairametrics Research said inflation-adjusted naira revenue still grew 39.6%, indicating genuine expansion in pricing and volumes, but the growth was overwhelmed by the naira’s depreciation. The analysis used audited financial statements filed by listed companies with the Nigerian Exchange, alongside exchange-rate and inflation data from the Central Bank of Nigeria and National Bureau of Statistics.
The companies covered were BUA Foods, Nigerian Breweries, Nestlé Nigeria, Dangote Sugar Refinery, International Breweries, Guinness Nigeria, Honeywell Flour Mill, PZ Cussons Nigeria, Unilever Nigeria and Cadbury Nigeria.
Dangote Sugar recorded the largest dollar revenue decline, falling 42.4% to $545.5 million in 2025 from $946.6 million in 2022. Guinness Nigeria, PZ Cussons and Unilever Nigeria also recorded declines of 36.2%, 36% and 32.2%, respectively.
BUA Foods was the exception, with dollar revenue rising 18.9% from $982.1 million to $1.17 billion. The company also recorded the strongest real naira revenue growth in the group.
The companies have responded to the foreign-exchange shock through price increases, deleveraging, rights issues and greater localisation of production and supply chains.
What’s Being Said
“The devaluation of the Nigerian Naira in 2023, which led to a revaluation of our foreign currency obligations, undoubtedly impacted our financing cost and consequently the profit after tax.” Wassim Elhusseini, then Managing Director and CEO, Nestlé Nigeria.
Nairametrics Research’s analysis indicates that the sector’s strong nominal naira growth has not translated into equivalent dollar earnings because currency depreciation has substantially reduced the international value of domestic revenues.
What’s Next
Consumer goods companies will continue to face the competing pressures of naira pricing, imported input costs and foreign-currency obligations. Their ability to localise production, reduce dollar liabilities and generate genuine volume growth will remain important to earnings performance.
The financial performance of the companies through 2026 will provide a further indication of whether the sector’s recent restructuring is translating into stronger real and dollar-denominated growth.
The Bottom Line:
Nigeria’s consumer goods sector has grown substantially in naira terms since 2022, but the currency’s depreciation has absorbed much of that expansion when measured in dollars. The divergence shows that higher nominal revenue alone does not necessarily translate into stronger international earnings power.
