The relatively stable naira and sustained calm in Nigeria’s foreign exchange (FX) market are beginning to reflect positively on fast-moving consumer goods (FMCG) stock prices, as five companies recorded nearly 150 per cent gain year to date (YTD) as at the close of trading yesterday.
The five major FMCG stocks are Nestlé Nigeria, Nigerian Breweries, Cadbury Nigeria, Champion Breweries and Dangote Sugar Refinery. They have collectively posted year-to-date (YTD) gains of nearly 150 per cent with a combined market capitalisation of approximately N4.7 trillion.
The rally is a sharp reversal from the prolonged bearish sentiment that had hitherto trailed the stock prices, indicating a significant vote of confidence in Nigeria’s macroeconomic reforms.
The companies, long plagued by years of profitability pressures due to an erratic FX regime, have returned to a solid financial footing. The unaudited financial statements for the first half (H1) of 2025 show broad-based profitability, driven by stronger revenues, cost efficiencies and improved operational resilience.
The turnaround is a direct outcome of policy shifts that have helped stabilise the naira, ease FX pressures, and bolster investor sentiment across key consumer sectors.
For instance, Cadbury Nigeria closed trading yesterday at N63, reflecting a massive 193 per cent gain from its opening price of N21.50 as of January 2025.
This recovery is even more significant when compared to the stock’s September 2024 price of just N16. The company now boasts a market capitalisation of N144 billion.
Similarly, Nestlé Nigeria ended trading yesterday at N1,870 on the Nigerian Stock Exchange (NGX). The company began the year at N875 per share, marking a 114 percent increase year-to-date.
As of September 2024, Nestlé’s stock price was N810.00. It rose steadily to N875 as of January 2025, to N1,020 in April and N1,870 yesterday. Its market capitalisation stood at N1.48 trillion.
Nigerian Breweries also demonstrated strong growth, closing at N73 per share on September 30, 2025. It started the year at N32 and has since gained 128 percent. The stock price had been N29.20 in September 2024 before rising steadily to N32 in January 2025 and now N73 kobo.
The firm boasts a market capitalisation of N2.26 trillion, reflecting its significant scale.
Champion Breweries saw an even more dramatic increase. The company’s share price rose from N2.96 in September 2024 to N3.81 at the beginning of 2025 and further climbed to N13.75 kobo by the end of September 30, representing an impressive over 280 per cent gain year-to-date. Champion Breweries has a market capitalisation of N123 billion, reflecting its growing market presence.
Dangote Sugar Refinery closed at N61 yesterday. It began the year with a share price of N32.50, achieving an 87.7 per cent increase year-to-date. The firm has a market capitalisation of about N741 billion.
A review of the unaudited financial statements for the first half of 2025 reveals the impressive scale of the recovery. Cadbury Nigeria Plc reported a profit before tax (PBT) of N14.5 billion for H1 2025, a strong turnaround from the N13.88 billion loss recorded in the same period in 2024.
This reflects a 205 percent year-on-year improvement driven by strong revenue growth and enhanced operational efficiency. Nigerian Breweries Plc also returned to profitability with a pre-tax profit of N88.42 billion in H1 2025, reversing the N85.2 billion loss it posted in the first half of 2024. This turnaround was largely supported by a robust second-quarter performance, which recorded a pre-tax profit of N43.87 billion compared to a loss of N33 billion in Q2 2024.
Nestlé Nigeria Plc experienced a significant recovery, reporting a pre-tax profit of N88.4 billion in the first half of 2025, in stark contrast to the N252.5 billion pre-tax loss it recorded during the same period in 2024.
Champion Breweries Plc returned to profitability with a pre-tax profit of N3.4 billion in H1 2025, bouncing back from a N333 million loss in the first half of 2024. Its Q2, 2025 pre-tax profit stood at N1.7 billion, a remarkable 262 percent increase from N465.4 million in Q2 2024.
Dangote Sugar Refinery Plc also showed signs of recovery, reporting a pre-tax profit of N523.8 million in Q2 2025. This is a stark turnaround from the N104.5 billion loss it sustained in the same quarter last year. The company’s rebound helped slash its half-year loss to N22.1 billion, a significant improvement from the N211.4 billion loss reported in H1 2024.
An Independent investor, Amaechi Egbo, expressed optimism about Nigeria’s economic direction, citing recent half-year earnings reports from Fast-Moving Consumer Goods (FMCG) companies as strong evidence that ongoing macroeconomic reforms are beginning to produce tangible results.
According to Egbo, the improving performance of FMCG firms reflects a gradual easing of foreign exchange (FX) pressures as well as a rebound in consumer confidence and spending. The developments, he noted, are significant indicators of a stabilising economic environment.
“We’re beginning to see the early gains of key macroeconomic adjustments — particularly in how they’re translating into improved topline and bottom-line numbers for consumer goods companies,” Egbo stated.
He added that with inflationary pressures moderating slightly and access to foreign exchange becoming more predictable, FMCG companies are now better positioned to plan, price, and grow profitably.
Heading into the second half of 2025, the outlook for the FMCG sector appears increasingly positive. The combination of stronger consumer demand, improved supply chain efficiency, and greater policy consistency is fostering a more supportive environment for business growth,” he said.
Egbo added that if current trends are sustained, the consumer goods sector could be one of the key drivers of Nigeria’s broader economic recovery in the months ahead.
