Nigerian corporates rebound sharply in 2025 as stable naira fuels record operating cash flows, outpacing profits.
After two years of currency volatility and FX-driven losses, Nigeria’s corporate heavyweights are back in profit—driven not just by earnings, but by a surge in operating cash flow, the clearest sign of financial health.
An analysis of MTN Nigeria, Dangote Cement, Seplat Energy, Nestlé Nigeria, and BUA Cement shows they generated a combined ₦2.92 trillion in net operating cash flow in H1 2025—140% higher than a year earlier and exceeding their full-year 2024 total. Profits after tax swung to ₦1.21 trillion from a ₦403 billion loss last year.
1. MTN Nigeria posted ₦956B in operating cash flow—more than double its profit—helping slash negative equity and paving the way for a dividend return.
2. Dangote Cement generated ₦874B in cash, strengthening its ability to fund expansion and sustain payouts.
3. Seplat Energy’s ₦755B cash haul dwarfed its ₦42B profit, boosted by heavy depreciation charges, enabling debt repayment and strong dividends.
4. Nestlé Nigeria swung from negative to ₦187.6B cash inflow, signaling strong liquidity despite modest profits.
5. BUA Cement delivered ₦150B cash flow, though below its profit, pointing to higher working capital needs.
Analysts say these cash surpluses position companies to cut debt, reinvest, or reward shareholders, while also boosting market appeal. The sustainability of this trend in the second half will be key, but for now, Nigeria’s corporate sector is enjoying a liquidity boom not seen in years.
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