Four of Nigeria’s major listed food manufacturers generated approximately N1.58 trillion in combined revenue during the first half of 2026, although overall turnover declined by about four per cent as weaker sales at BUA Foods outweighed gains elsewhere in the sector.
The companies — BUA Foods, Nestlé Nigeria, Cadbury Nigeria and NASCON Allied Industries — manufacture products ranging from sugar, flour and pasta to beverages, confectionery, seasonings and salt.
An analysis of their half-year financial statements shows sharply contrasting performances across the companies.
BUA Foods Revenue Drops 16.2%
BUA Foods remained the largest contributor to combined turnover, recording revenue of approximately N765.1 billion.
However, that represented a 16.2 per cent decline from N912.5 billion in the corresponding period of 2025.
The decline was partly linked to normalising sugar prices after an earlier period of sharp price increases. Despite lower revenue, BUA Foods increased profit after tax by 12.4 per cent to N292.3 billion.
The combination of falling revenue and rising profit suggests that improved margins and cost management compensated for the weaker top line.
Nestlé Revenue Climbs 12%
Nestlé Nigeria recorded the second-highest turnover among the four, with revenue increasing by approximately 12 per cent to N651 billion, from N581 billion a year earlier.
Profit increased by about 28 per cent to N64.8 billion.
Cadbury Nigeria also recorded growth, with turnover rising 7.9 per cent from approximately N77.25 billion to N83 billion.
The company returned to profitability with earnings of approximately N3.47 billion.
NASCON Allied Industries generated about N81 billion in revenue, representing growth of 3.8 per cent, while profit increased to N19.6 billion.
The figures show that the overall four per cent revenue decline was not industry-wide. Instead, BUA Foods’ much larger turnover and 16.2 per cent contraction were sufficient to offset increases at the other three companies.
Consumer Market Enters New Phase
The results also point to changing conditions within Nigeria’s consumer-goods industry.
Companies have spent recent years confronting sharp currency depreciation, elevated energy and transportation expenses, imported-input costs and weakened household purchasing power.
During the period of particularly high inflation, manufacturers frequently relied on price increases to protect revenue and margins.
As some commodity and inflationary pressures moderate, companies may have less room to generate headline revenue growth through repeated price adjustments.
Profitability will consequently depend increasingly on production efficiency, procurement, financing costs and the ability to maintain consumer volumes.
The latest results suggest some manufacturers are already making that transition, with earnings growing faster than revenue despite persistent operating pressures.
