Nigerian Giants Defy Economic Storm to Rake in N6.4 Trillion in Q1 2025
Despite navigating through one of Nigeria’s most economically turbulent periods, a group of 21 leading companies—including Seplat Energy, MTN Nigeria, and Dangote Cement—posted a combined revenue of ₦6.4 trillion in Q1 2025, an impressive 63.7% jump from ₦3.92 trillion recorded in Q1 2024.
This bold leap in revenue occurred against the backdrop of rising inflation, a weakened naira, insecurity, and harsh logistics conditions that plagued businesses across the country. Yet, these top players not only weathered the storm but appeared to thrive in it.
Sectors Leading the Surge
The 21 firms span critical sectors including:
• Telecommunications
• Oil & Gas
• Power generation
• Fast-Moving Consumer Goods (FMCG)
• Cement manufacturing
What they shared in common was their strategic move to pass rising operational costs onto customers, a decision that significantly boosted their topline results.
Top Three Revenue Generators
1. Seplat Energy stood out as the strongest performer, declaring ₦1.22 trillion in Q1 revenue—a stunning 357% increase from ₦268.62 billion in Q1 2024. This performance was largely attributed to oil sector reforms and pricing advantages.
2. MTN Nigeria followed closely with ₦1.06 trillion revenue, marking a 40.5% rise from the previous year. CEO Karl Toriola highlighted stable exchange rates and improving inflation as factors that supported this growth, despite macroeconomic uncertainties.
3. Dangote Cement secured third place, raking in ₦994.7 billion, up 22% from ₦817.35 billion in Q1 2024. Price hikes—cement reaching an average of ₦10,000 per bag—played a significant role in this growth.
Combined, the cement giants (Dangote, BUA Cement, and Lafarge Africa) posted a total of ₦1.53 trillion in Q1 2025, compared to ₦1.12 trillion in the same quarter of 2024.
The Nigerian Consumer Feels the Heat
The companies’ revenue boom came at a cost to consumers. With inflation surging across Africa and the naira struggling, many firms passed their increased input and operational costs to buyers through higher prices on goods and services. This not only fueled corporate growth but also put additional pressure on households already struggling with weakened purchasing power.
Encouraging Economic Indicators
Interestingly, Nigeria’s Stanbic IBTC Purchasing Managers’ Index (PMI) rose to 54.3 in March 2025, the highest since early 2024. This signals solid improvement in private sector business conditions, driven by new orders, better employment figures, and easing inflation.
It suggests that while the economy remains under pressure, green shoots of recovery are beginning to show—offering hope that Q2 could see even stronger corporate performance.
Analysts Speak
• Tajudeen Olayinka, investment banker, described the revenue jump as a direct reflection of Nigeria’s inflationary realities, adding that the price transfers were a smart survival tactic in a challenging market.
• David Adonri, MD of High Cap Securities, commended the firms for outperforming expectations amid subsidy removal, FX instability, and insecurity, predicting that sustained revenue increases may lead to stronger profitability and dividend payouts in the near future.
Despite navigating through one of Nigeria’s most economically turbulent periods, a group of 21 leading companies—including Seplat Energy, MTN Nigeria, and Dangote Cement—posted a combined revenue of ₦6.4 trillion in Q1 2025, an impressive 63.7% jump from ₦3.92 trillion recorded in Q1 2024.
This bold leap in revenue occurred against the backdrop of rising inflation, a weakened naira, insecurity, and harsh logistics conditions that plagued businesses across the country. Yet, these top players not only weathered the storm but appeared to thrive in it.
Sectors Leading the Surge
The 21 firms span critical sectors including:
• Telecommunications
• Oil & Gas
• Power generation
• Fast-Moving Consumer Goods (FMCG)
• Cement manufacturing
What they shared in common was their strategic move to pass rising operational costs onto customers, a decision that significantly boosted their topline results.
Top Three Revenue Generators
1. Seplat Energy stood out as the strongest performer, declaring ₦1.22 trillion in Q1 revenue—a stunning 357% increase from ₦268.62 billion in Q1 2024. This performance was largely attributed to oil sector reforms and pricing advantages.
2. MTN Nigeria followed closely with ₦1.06 trillion revenue, marking a 40.5% rise from the previous year. CEO Karl Toriola highlighted stable exchange rates and improving inflation as factors that supported this growth, despite macroeconomic uncertainties.
3. Dangote Cement secured third place, raking in ₦994.7 billion, up 22% from ₦817.35 billion in Q1 2024. Price hikes—cement reaching an average of ₦10,000 per bag—played a significant role in this growth.
Combined, the cement giants (Dangote, BUA Cement, and Lafarge Africa) posted a total of ₦1.53 trillion in Q1 2025, compared to ₦1.12 trillion in the same quarter of 2024.
The Nigerian Consumer Feels the Heat
The companies’ revenue boom came at a cost to consumers. With inflation surging across Africa and the naira struggling, many firms passed their increased input and operational costs to buyers through higher prices on goods and services. This not only fueled corporate growth but also put additional pressure on households already struggling with weakened purchasing power.
Encouraging Economic Indicators
Interestingly, Nigeria’s Stanbic IBTC Purchasing Managers’ Index (PMI) rose to 54.3 in March 2025, the highest since early 2024. This signals solid improvement in private sector business conditions, driven by new orders, better employment figures, and easing inflation.
It suggests that while the economy remains under pressure, green shoots of recovery are beginning to show—offering hope that Q2 could see even stronger corporate performance.
Analysts Speak
• Tajudeen Olayinka, investment banker, described the revenue jump as a direct reflection of Nigeria’s inflationary realities, adding that the price transfers were a smart survival tactic in a challenging market.
• David Adonri, MD of High Cap Securities, commended the firms for outperforming expectations amid subsidy removal, FX instability, and insecurity, predicting that sustained revenue increases may lead to stronger profitability and dividend payouts in the near future.