Three years after the naira devaluation, Nigeria’s major companies have rebounded to record dollar profits, but analysts warn that rising living costs and weak wage growth mean most households are yet to feel the benefits of the economic recovery.
Three years after Nigeria’s dramatic naira devaluation, Corporate Nigeria is looking a lot healthier. The country’s biggest listed companies have not only recovered the dollar value of profits lost during the currency shock, they’ve actually surpassed pre-devaluation levels.
Data analysed by Nairametrics shows that combined profit before tax for 28 major companies climbed to $4.4 billion in 2025, beating the $3.8 billion recorded in 2022 before the naira float. Heavyweights like MTN Nigeria, Nestlé Nigeria, Nigerian Breweries, Dangote Cement and Seplat all posted impressive rebounds after suffering painful foreign exchange losses in 2023 and 2024.
But there’s a catch.
While boardrooms are celebrating stronger earnings, many Nigerian households are still struggling to keep up with soaring living costs. Analysts argue that much of the recovery has come from higher prices rather than stronger consumer demand.
“For most corporates, they’re just trying to recover their working capital — just coming back to normalcy,” said Ayokunle Olubunmi of Agusto & Co.
He added: “A lot of companies have been able to recover and get better profitability because of increases in price.”
That reality is becoming harder to ignore. Food, transportation, healthcare and education costs have surged, while wage growth has lagged behind inflation.
Chief Blakey Ijezie noted, “In 2015, I bought cement for N1,500. I bought a bag of cement last week at about N11,000 to N12,000.”
Economist Muda Yusuf believes reforms have improved the investment climate but insists ordinary Nigerians need targeted support.
“All these corporates also rely on the households,” he warned. “If this poor condition of the household lingers for too long, it may also impact on their prosperity.”
For now, Corporate Nigeria has recovered. Nigerian consumers, however, are still waiting for their comeback.
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