Nine of Nigeria’s Top 10 Consumer Goods Firms Earned Less Dollar Revenue in 2025 Than in 2022
Nine of Nigeria’s ten largest listed consumer goods companies generated lower dollar-denominated revenue in 2025 than they did in 2022, despite recording substantial growth in naira revenue over the same period.
The companies collectively generated $4.85 billion in revenue in 2025, representing a 22.0% decline from the $6.22 billion recorded in 2022, the last full year before Nigeria’s foreign exchange reforms.
In contrast, their combined naira revenue surged 178.3% over the three-year period, rising from N2.65 trillion in 2022 to N7.37 trillion in 2025.
The figures highlight the significant impact of the naira’s depreciation on the dollar value of corporate earnings, even as the companies recorded strong nominal and real revenue growth in their domestic currency.
Real Revenue Growth
Adjusted for inflation, the companies’ combined real naira revenue increased by 39.6% between 2022 and 2025.
This indicates that the increase in revenue was not driven entirely by inflation or higher prices, as the companies collectively recorded genuine real growth during the period.
However, the pace of real revenue expansion was insufficient to offset the sharp depreciation of the naira against the US dollar.
The naira depreciated by approximately 72% against the dollar over the period, significantly reducing the dollar value of revenues generated by companies whose businesses remain largely exposed to the domestic economy.
Companies Covered
The analysis was conducted by Nairametrics Research using audited annual financial statements filed by listed companies with the Nigerian Exchange (NGX).
Exchange-rate and inflation data were sourced from the Central Bank of Nigeria (CBN) and the National Bureau of Statistics (NBS).
The analysis covers the ten largest listed consumer goods companies by 2025 naira revenue for which comparable 2022 data was available.
They are BUA Foods, Nigerian Breweries, Nestlé Nigeria, Dangote Sugar Refinery, International Breweries, Guinness Nigeria, Honeywell Flour Mill, PZ Cussons Nigeria, Unilever Nigeria and Cadbury Nigeria.
Of the ten companies, only one recorded higher dollar revenue in 2025 than in 2022, underscoring the broad-based effect of the naira’s depreciation on the sector.
Exchange Rate Effect
For the comparison, dollar revenues were calculated using average annual CBN exchange rates of N425.98 per dollar in 2022 and N1,520.11 per dollar in 2025.
The sharp movement in the exchange rate means that companies could report significantly higher naira revenues while still recording lower dollar-equivalent earnings.
The analysis also accounts for Honeywell Flour Mill’s reporting cycle. The most recent available period for the company is the quarter ended June 2026, representing the first quarter of its financial year ending March 2027.
Overall, the figures illustrate the divergence between domestic-currency growth and hard-currency performance among Nigeria’s leading consumer goods companies since the country’s FX reforms.
