Consumer Goods Index Soars 101% — A Decade-High Comeback for Nigerian Investors!
After years of sluggish growth and prolonged capital erosion, the Consumer Goods Index on the Nigerian Exchange (NGX) has staged a jaw-dropping comeback — delivering over 100% returns for the first time in a decade!
As of October 17, 2025, the index surged 101.87% year-to-date, up from 80% in early September — an impressive 28% jump in just three weeks. This historic rise signals a wave of renewed investor confidence, robust corporate earnings, and improved macroeconomic conditions across Nigeria’s economy.
A Decade in the Making
For years, the consumer goods sector was one of the worst-performing on the NGX. Here’s a quick look back at its bumpy ride:
2014: -17.88%
2015: -17.21%
2016: -4.49%
2017: +36.97% (brief recovery)
2018–2022: consecutive declines, ending with a marginal -0.06% in 2022
But everything began to change in 2023, following key macroeconomic reforms, greater exchange rate stability, and stronger consumer spending.
✅ 2023: +90.39%
✅ 2024: +52.20%
✅ 2025 (so far): +101.87%
That’s a cumulative 665% growth in ten years — an extraordinary turnaround for a sector once written off!
Best Performing Sector on the NGX
According to NGX data, the Consumer Goods Index outperformed all six other major indices, including:
• All-Share Index (ASI): +44.74%
• Industrial Goods: +52.29%
• Insurance: +79.61%
• Banking: +40.01%
• Oil & Gas: -1.87% (still in the red)
The results show that consumer stocks are back at the heart of Nigeria’s market rally — driving growth, restoring confidence, and rewarding long-term investors.
Top Movers Powering the Rally
The surge has been driven by stellar performances from heavyweight consumer brands:
Nestlé Nigeria Plc
• From ₦875 ➜ ₦1,915 (+119%)
• Q1 2025 profit before tax: ₦51.15bn (vs ₦252.5bn loss in 2024!)
• H1 2025 profit: ₦88.4bn
Honeywell Flour Mills
• From ₦6.30 ➜ ₦22.15 (+252%)
• Rebounded from ₦8.83bn loss to ₦12.28bn profit (9M 2025)
Vitafoam Nigeria Plc
• From ₦23 ➜ ₦87 (+278%)
• 8th best-performing stock YTD
Nigerian Breweries & International Breweries
• NB: ₦32 ➜ ₦76 (+138%)
• IB: ₦5.55 ➜ ₦14.50 (+161%)
Northern Nigeria Flour Mills (NNFM)
• ₦43.90 ➜ ₦93.65 (+113%)
Each of these stocks not only recorded price appreciation but also showed solid financial rebounds, confirming that this rally is backed by strong fundamentals — not mere speculation.
Market Reactions & Expert Views
According to Patrick Ajudua, President of the New Dimension Shareholders Association of Nigeria,
“With investor sentiment revived and corporate fundamentals improving, the consumer goods sector is once again asserting its central role in Nigeria’s equity market narrative.”
He, however, urged regulators to maintain policy consistency, ensure FX stability, and create an enabling environment for consumer companies — especially those reliant on imported raw materials.
What This Means for Investors
The consumer goods sector is now the top-performing sector of 2025 — signaling renewed investor appetite.
Companies with strong brand equity, stable demand, and improved cost efficiency are leading the charge.
For long-term investors, this rally reaffirms that patience pays, especially in fundamentally strong sectors.
Sustained macro reforms and FX stability could further fuel sector growth into 2026 and beyond.
In Summary
From a decade of decline to a year of record-breaking growth, the Consumer Goods Index has become the comeback story of 2025.
Driven by robust earnings, investor optimism, and renewed consumer confidence, this sector’s rally is reshaping Nigeria’s equity narrative — proving that resilience and fundamentals still win in the long run.
After years of sluggish growth and prolonged capital erosion, the Consumer Goods Index on the Nigerian Exchange (NGX) has staged a jaw-dropping comeback — delivering over 100% returns for the first time in a decade!
As of October 17, 2025, the index surged 101.87% year-to-date, up from 80% in early September — an impressive 28% jump in just three weeks. This historic rise signals a wave of renewed investor confidence, robust corporate earnings, and improved macroeconomic conditions across Nigeria’s economy.
A Decade in the Making
For years, the consumer goods sector was one of the worst-performing on the NGX. Here’s a quick look back at its bumpy ride:
2014: -17.88%
2015: -17.21%
2016: -4.49%
2017: +36.97% (brief recovery)
2018–2022: consecutive declines, ending with a marginal -0.06% in 2022
But everything began to change in 2023, following key macroeconomic reforms, greater exchange rate stability, and stronger consumer spending.
✅ 2023: +90.39%
✅ 2024: +52.20%
✅ 2025 (so far): +101.87%
That’s a cumulative 665% growth in ten years — an extraordinary turnaround for a sector once written off!
Best Performing Sector on the NGX
According to NGX data, the Consumer Goods Index outperformed all six other major indices, including:
• All-Share Index (ASI): +44.74%
• Industrial Goods: +52.29%
• Insurance: +79.61%
• Banking: +40.01%
• Oil & Gas: -1.87% (still in the red)
The results show that consumer stocks are back at the heart of Nigeria’s market rally — driving growth, restoring confidence, and rewarding long-term investors.
Top Movers Powering the Rally
The surge has been driven by stellar performances from heavyweight consumer brands:
Nestlé Nigeria Plc
• From ₦875 ➜ ₦1,915 (+119%)
• Q1 2025 profit before tax: ₦51.15bn (vs ₦252.5bn loss in 2024!)
• H1 2025 profit: ₦88.4bn
Honeywell Flour Mills
• From ₦6.30 ➜ ₦22.15 (+252%)
• Rebounded from ₦8.83bn loss to ₦12.28bn profit (9M 2025)
Vitafoam Nigeria Plc
• From ₦23 ➜ ₦87 (+278%)
• 8th best-performing stock YTD
Nigerian Breweries & International Breweries
• NB: ₦32 ➜ ₦76 (+138%)
• IB: ₦5.55 ➜ ₦14.50 (+161%)
Northern Nigeria Flour Mills (NNFM)
• ₦43.90 ➜ ₦93.65 (+113%)
Each of these stocks not only recorded price appreciation but also showed solid financial rebounds, confirming that this rally is backed by strong fundamentals — not mere speculation.
Market Reactions & Expert Views
According to Patrick Ajudua, President of the New Dimension Shareholders Association of Nigeria,
“With investor sentiment revived and corporate fundamentals improving, the consumer goods sector is once again asserting its central role in Nigeria’s equity market narrative.”
He, however, urged regulators to maintain policy consistency, ensure FX stability, and create an enabling environment for consumer companies — especially those reliant on imported raw materials.
What This Means for Investors
The consumer goods sector is now the top-performing sector of 2025 — signaling renewed investor appetite.
Companies with strong brand equity, stable demand, and improved cost efficiency are leading the charge.
For long-term investors, this rally reaffirms that patience pays, especially in fundamentally strong sectors.
Sustained macro reforms and FX stability could further fuel sector growth into 2026 and beyond.
In Summary
From a decade of decline to a year of record-breaking growth, the Consumer Goods Index has become the comeback story of 2025.
Driven by robust earnings, investor optimism, and renewed consumer confidence, this sector’s rally is reshaping Nigeria’s equity narrative — proving that resilience and fundamentals still win in the long run.