Nigerian Consumer Goods Firms Earn Fewer Dollars Than Before the 2023 Reforms
Nigeria · MARKETS
Key Facts
- —What happened Nine of Nigeria’s ten largest listed consumer goods firms earned less dollar revenue in 2025 than in 2022, the last full year before the foreign exchange reforms.
- —The numbers Combined dollar revenue fell 22 percent from US$6.22 billion in 2022 to US$4.85 billion in 2025, while naira revenue rose 178.3 percent from ₦2.65 trillion (US$6.22 billion) to ₦7.37 trillion (US$4.85 billion).
- —The exception BUA Foods Plc grew dollar revenue 18.9 percent, from US$982.1 million in 2022 to US$1.17 billion in 2025.
- —The cost Leading consumer goods firms recorded ₦839.24 billion (about US$1.3 billion) in foreign exchange losses in 2023 — 18.06 percent of their ₦4.64 trillion (about US$7.1 billion) revenue that year.
- —The turn Half-year 2026 results show dollar profits recovering as companies shed foreign debt and localise supply chains.
Nigerian consumer goods firms are earning significantly less in dollars than before the 2023 foreign exchange reforms — even as their naira revenues nearly tripled and their balance sheets slowly recover.
Nigeria’s largest listed consumer goods companies earned 22 percent less dollar revenue in 2025 than in 2022, the last full year before President Bola Tinubu’s administration floated the naira — even as their combined naira revenue jumped 178.3 percent, according to a Nairametrics Research analysis of audited annual reports filed with the Nigerian Exchange.
Growing in naira, shrinking in dollars
The ten companies covered — BUA Foods, Nigerian Breweries, Nestlé Nigeria, Dangote Sugar Refinery, International Breweries, Guinness Nigeria, Honeywell Flour Mill, PZ Cussons Nigeria, Unilever Nigeria and Cadbury Nigeria — generated a combined US$4.85 billion in dollar revenue in 2025, down from US$6.22 billion in 2022. In naira, the same group grew from ₦2.65 trillion (US$6.22 billion) to ₦7.37 trillion (US$4.85 billion) over the three years.
Nairametrics converted the figures at average annual Central Bank of Nigeria rates of about ₦426 per dollar in 2022 and about ₦1,520 per dollar in 2025. Adjusted for inflation, combined real naira revenue still grew 39.6 percent — a genuine expansion in volume and pricing, but nowhere near enough to offset a currency that lost about 72 percent of its dollar value over the period.
The 2023 reform that reset the rules
In June 2023, the Tinubu administration ended Nigeria’s multiple exchange-rate windows and let the naira float. The official rate, which opened 2023 at about ₦461 to the dollar, closed that year near ₦907 and ended 2024 at ₦1,535 per dollar. It trades around ₦1,327 per dollar today.
The reform was designed to attract foreign capital and end arbitrage between official and parallel rates. For consumer goods firms with dollar-linked input costs and foreign-currency debt, it delivered a shock: leading firms logged ₦839.24 billion (about US$1.3 billion at the 2023 average rate) in exchange losses in 2023 alone.
Nigerian Breweries took a ₦153 billion (about US$235 million) exchange loss that year, contributing to a ₦106 billion (about US$163 million) net loss, company secretary Uaboi Agbebaku said. Nestlé Nigeria ended 2023 with a ₦79.5 billion (about US$122 million) after-tax loss, which then-CEO Wassim Elhusseini tied to the revaluation of foreign-currency obligations. Guinness Nigeria reported a ₦49.1 billion (about US$76 million) unrealised exchange loss; Dangote Sugar booked roughly ₦209 billion (about US$140 million) in revaluation losses in 2024, and even BUA Foods recorded ₦173.3 billion (about US$115 million) in unrealised losses that year.
Company by company: nine fall, one rises
Dangote Sugar posted the steepest dollar decline, down 42.4 percent from US$946.6 million to US$545.5 million, despite naira revenue more than doubling. Guinness Nigeria fell 36.2 percent to US$310.0 million, PZ Cussons 36.0 percent to US$171.3 million, Unilever Nigeria 32.2 percent to US$141.0 million and Honeywell Flour Mill 31.4 percent to US$237.4 million. Nigerian Breweries dropped 25.3 percent to US$965.3 million, Nestlé Nigeria 24.3 percent to US$794.5 million, International Breweries 20.7 percent to US$407.2 million, and Cadbury Nigeria — the smallest decliner — 14.4 percent to US$111.0 million.
The sole exception was BUA Foods, which grew dollar revenue 18.9 percent to US$1.17 billion and delivered the group’s strongest real naira growth at 112.8 percent — evidence that local sourcing and pricing power can beat the currency headwind.
How the sector fought back
The response has been deleveraging, price increases and localisation. Nigerian Breweries raised about ₦600 billion (about US$400 million) in a rights issue and says it now carries zero borrowings, with net finance expense down 61 percent. International Breweries raised roughly ₦588 billion (about US$400 million) in 2024 and had no outstanding loans by June 2026. Nestlé cut interest-bearing borrowings from ₦653.7 billion to ₦476.0 billion (about US$430 million to US$313 million), while PZ Cussons shrank its net dollar liability from US$67.6 million to US$13.8 million.
Guinness Nigeria’s parent Diageo sold its 58.02 percent controlling stake to Tolaram, retaining the brand under licence. BUA Foods absorbed ₦90.9 billion (about US$60 million) in unrealised exchange losses in 2025 and still posted ₦518.4 billion (about US$341 million) in profit after tax.
Signs of a turn
The newest results point to repair. Dangote Sugar swung from a ₦24.3 billion loss in the first half of 2025 to a ₦41.5 billion (about US$31 million) profit in the first half of 2026, booking an ₦11.83 billion (about US$9 million) exchange gain. A follow-up Nairametrics analysis on 11 September found that Nigerian companies are reclaiming their pre-devaluation profit levels in dollar terms — revenue is still catching up, but the profit line has turned.
The reform era has also thinned the field: Equinor sold its Nigerian assets to Chappal Energies for up to US$1.2 billion, Kimberly-Clark closed its Lagos plant in 2024, Procter & Gamble went import-only, GlaxoSmithKline moved to third-party distribution in 2023, and Shoprite’s franchise collapsed entirely by March 2026.
What it means
For investors, the lesson of the data is that naira growth and dollar value have decoupled: a company can post record local sales and still shrink in hard currency. The gap between the two is now the defining feature of Nigeria’s post-reform consumer market — and a core currency-risk case study in the wider contest for African markets covered in Africa: The New Scramble.
What to watch in 2026: whether the naira holds near current levels, whether the remaining decliners can convert real volume growth back into dollars, and whether BUA Foods’ localisation model spreads across the sector.
Frequently Asked Questions
Why did Nigerian consumer goods firms earn less in dollars after 2023?
The naira lost about 72 percent of its dollar value between 2022 and 2025 after Nigeria floated the currency in June 2023, so record naira sales converted into fewer dollars.
Which Nigerian consumer goods firm increased its dollar revenue?
BUA Foods Plc grew dollar revenue 18.9 percent, from US$982.1 million in 2022 to US$1.17 billion in 2025 — the only one of the ten largest firms to do so.
Are Nigerian consumer goods firms recovering?
Yes at the profit line: half-year 2026 results show companies such as Dangote Sugar back in profit, and Nairametrics found dollar profits reclaiming pre-devaluation levels, though dollar revenue still lags.
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