Fifteen Nigerian Firms Record N3.2tn Q1 Profit

Corporate Nigeria is proving surprisingly durable in the face of a punishing economy. At least 15 of the country’s largest firms posted a combined profit of N3.12 trillion in the first quarter of 2026. This surge comes despite chronic inflation, a volatile currency, and the high cost of diesel. Banks, cement giants, and telecommunications firms led the charge. They have managed to grow their earnings even as the consumers they serve grow poorer.

MTN Nigeria provided the most striking recovery of the lot. The telecom firm reported a profit before tax of N546.42 billion, a 170% jump from the previous year. This marks a dramatic pivot from the heavy losses it suffered in 2023 and 2024 following the naira’s collapse. Data has become a non-negotiable expense for many Nigerians. People now seem more willing to skip a meal than lose their internet connection.

The banking sector remains the engine room of these massive returns. Zenith Bank and FirstHoldco recorded profits before tax of N360.92 billion and N321 billion, respectively. Lenders are benefiting from the massive capital they raised over the past year. They are now deploying those funds into high-yielding treasury securities and loans. While United Bank for Africa saw a slight dip, the broader industry is feasting on high interest rates.

Industrial giants are also finding ways to thrive in the heat. Dangote Cement grew its profit before tax by 35% to N421.1 billion by looking beyond Nigerian borders. It increased its exports of cement and clinker to neighbouring markets by over 70%. BUA Cement followed a similar path, nearly doubling its profit to N192.88 billion. These firms are successfully passing rising production costs directly to the consumer.

Consumer goods companies showed they can still squeeze blood from a stone. Nestlé Nigeria reported a 44% rise in profit before tax despite the strain on household wallets. BUA Foods also saw double-digit growth by tightening its belt on operating costs. In the fields, Presco Plc grew its earnings through the steady demand for palm oil. High commodity prices are a curse for the shopper but a boon for the producer.

The insurance and agro-allied sectors rounded out this profitable quarter. AIICO Insurance managed to grow its premiums by 14% even as foreign exchange losses rose. It seems that in times of uncertainty, the appetite for risk mitigation increases. These results suggest a decoupling of corporate health from general economic welfare. Firms are becoming leaner and more efficient at harvesting what little remains in the local market.