Nigeria’s largest listed companies have reported their strongest profit growth in five years as a steadier foreign-exchange environment and clearer monetary conditions begin to reshape corporate performance.
Naira stability supports earnings
The naira has traded within the N1,483–N1,540 range to the US dollar for several months at the official market, bringing a period of stability after two years of volatility that weakened company earnings. The relative calm, alongside a retained 27 percent Monetary Policy Rate and inflation easing to 16.05 percent in October from 18.02 percent in September 2025, is reducing pressure on firms.
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Inflation has fallen by 52 percent from the 33.88 percent recorded in October 2024. Nigeria’s economy expanded by 4.23 percent in the second quarter of 2025, according to data from the National Bureau of Statistics, driven by trade, real estate, telecommunications and agriculture.
An analysis of NGX 30 companies shows that 28 firms recorded a combined 72.7 percent increase in after-tax profit to N7.6 trillion in the first nine months of 2025, up from N4.4 trillion in the same period of 2024.
The companies reviewed include BUA Foods, MTN Nigeria, Dangote Cement, BUA Cement, Geregu Power, Transcorp Power, Nigerian Breweries, Lafarge Africa, International Breweries, Transcorp Hotel, Nestlé Nigeria and several leading banks including Access Holdings, Fidelity Bank, GTCO, Zenith Bank, UBA and Stanbic IBTC.
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Corporate results show broad recovery
BUA Foods reported profit of N405 billion, up from N201 billion a year earlier. Dangote Cement recorded N1 trillion, from N279 billion in 2024, its highest in five years.
Tunde Abioye of FBNQuest said the growth is linked to currency stability. “The growth is mainly reflective of the stability and slight appreciation of the naira. Last year was quite bad for most firms because of FX,” he said.
He added that the trend depends on the exchange rate environment. “The trend is sustainable as long as the naira remains stable. However, the year-on-year growth might not be in the same magnitude as this year.”
Adebayo Adebanjo of CardinalStone Research agreed. “It’s going to be sustainable going into the future,” he said, explaining that revenue growth had remained firm even during periods of pressure.
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Telecoms and consumer goods firms show resilience
MTN Nigeria posted a N750 billion profit in 9M’25 after a N513 billion loss last year. Revenue rose 57 percent to N3.73 trillion, supported by data and fintech services.
“We will continue to execute with discipline, leveraging our broad revenue streams and strengthened balance sheet,” said Karl Toriola, CEO of MTN Nigeria.
Consumer-facing companies posted mixed outcomes. Nestlé Nigeria returned to profit with N72 billion, while Nigerian Breweries earned N85 billion after two years of losses. The brewer said its 2024 Rights Issue supported its turnaround.
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Energy, agriculture and banking sectors move steadily
Seplat Energy reported N146 billion in profit, up from N52 billion. Oando Plc earned N201 billion. Power firms such as Geregu and Transcorp Power benefited from steady naira-denominated financing.
Agricultural producers Presco and Okomu Oil recorded earnings growth of 116 percent due to export competitiveness and efficient operations.
Banks saw mixed results. While FX stability reduced revaluation gains compared with 2024, profits remained steady across the sector. Zenith Bank posted N764 billion, UBA recorded N537 billion, and GTCO and Stanbic IBTC showed growth supported by lower impairment charges.
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Outlook for 2026
Companies are expected to maintain stable earnings if the exchange rate remains steady. MTN Nigeria has announced a N5 interim dividend, restoring investor confidence after suspending dividends in 2022.
Adebanjo said firms with negative equity may return to dividend payments as retained earnings improve. He added, “Unless we see a recurrence of what happened in 2023 and 2024 with currency volatility, which I doubt, I think these improvements will be sustainable for the foreseeable future.”
