Kayode Tokede

Despite grappling with macroeconomic headwinds, Nigeria’s biggest companies have remained resilient, with 15 of them, including Dangote Cement, MTN Nigeria, and Seplat Energy, generating a combined revenue of N12.7 trillion in the first half (H1) of 2025.
According to their unaudited financial results for the six months ended June 30, the figure represents a 44.3 per cent increase from the N8.82 trillion earned in the same period of 2024.
The companies cut across critical sectors—cement production, oil and gas, power generation, fast-moving consumer goods (FMCG), and telecommunications, underscoring the broad base of Nigeria’s private sector resilience.
The performance comes at a time when Nigeria’s economy was inching toward stability.
Headline inflation eased to 22.22 per cent in June 2025, due largely to the Central Bank of Nigeria’s (CBN) monetary tightening.
Though foreign exchange volatility persisted, recent trends signal tentative market confidence.
A slight uptick in oil production also boosted fiscal revenues and foreign reserves through higher inflows and more disciplined forex management.
At the top of the table is MTN Nigeria Communications Plc, which posted a staggering N2.38 trillion in revenue, up 54.5 per cent from N1.54 trillion in the same period last year.
Close behind is Seplat Energy Plc, which posted N2.17 trillion, a jaw-dropping 277 per cent increase over N575.05 billion posted in H1 2024.
Dangote Cement Plc rounded off the top three, reporting N2.07 trillion, or 18 per cent growth from the N1.76 trillion posted in H1 2024.
However, Oando Plc was the only company among the group that recorded a decline, with its revenue slipping 15.3 per cent to N1.72 trillion from the N2.03 trillion posted in the same period last year.
Meanwhile, Nigerian Breweries Plc delivered an impressive performance with N738.14 billion in revenue, up 54 per cent from the N479.77 billion last year.
BUA Cement Plc also posted N580.3 billion, a nearly 60 per cent increase from the N363.9 billion in 2024.
Analysts say the numbers reflect resilience in the face of daunting challenges, though rising costs remain a concern.
“Companies in Nigeria have shown remarkable resilience amid economic difficulties. The relative stability we are beginning to see has had a positive impact on revenue generation,” said an investment banker and stockbroker, Tajudeen Olayinka.
For the Managing Director of HighCap Securities Limited, David Adonri, the mixed results were not surprising. “Nigeria’s economy is still reverberating from CBN’s foreign exchange reforms and contending with inflationary pressures, insecurity, and other challenges. These continue to produce varied outcomes across different sectors,” he noted.
Chief Operating Officer of InvestData Consulting, Ambrose Omordion, added that policy shifts under President Bola Tinubu have been especially tough on manufacturers.
“The reforms initially dragged companies into losses, but we are now seeing signs of recovery as business activity improves and global crude oil prices rise. While 2025 looks promising for listed companies, operating expenditure will keep climbing due to the high cost of doing business,” he explained.

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