Nigeria’s major consumer goods companies recorded significant profit increases in the first nine months of 2026, despite weak consumer spending. Nestlé Nigeria’s pre-tax profit rose 52% to ₦193.9 billion, while Guinness Nigeria and Nigerian Breweries reported increases of 55% and 33%, respectively.
However, six of seven listed consumer goods companies reviewed recorded revenue growth below the 14.6% inflation rate, indicating that sales volumes remained under pressure. Lower raw material costs, a stronger naira and reduced finance expenses helped improve profits, even as households struggled with rising living costs.
The report noted that the economic recovery has benefited companies more quickly than consumers, with poverty and food costs remaining major concerns. Although easing inflation and lower interest rates could support future demand, businesses may find it harder to sustain their profit growth in 2027 without stronger sales.
