Nigerian business recover 2023-pre-devaluation revenue levels in dollar terms

Nigerian business are reporting record naira earnings just recently, particularly in H1 2026, however the more revealing concern is whether those profits have actually recuperated to pre-2023 levels when determined in dollars.

That concern has actually ended up being progressively essential following Nigeria’s forex reforms in 2023.

In June 2023, the Central Bank of Nigeria relocated to liberalise the forex market, enabling the naira to trade more easily.

The currency consequently diminished greatly, raising the expense of imported inputs and increasing the naira worth of foreign-currency responsibilities. The decline likewise set off considerable foreign-exchange losses for business with dollar-denominated liabilities, materially impacting earnings and balance sheets throughout a number of sectors.

The typical currency exchange rate deteriorated from about N425.98/$ in 2022 to N1,518.38/$ in 2025, while balancing about N1,376/$ in the very first 6 months of 2026.

This indicates that in between 2022 and 2025, a business required to increase its naira earnings by approximately 256% merely to preserve the exact same revenue in dollar terms.

Versus this background, Nairametrics took a look at the profits of significant Nigerian business to identify just how much of their pre-2023 dollar success has actually been recuperated.

The analysis at first evaluated a more comprehensive swimming pool of business before narrowing the similar sample to 29 business presently noted on the Nigerian Exchange.

To guarantee consistency, the sample was limited to business with December year-ends, favorable earnings after tax in both 2022 and 2025, and real January-to-June 2026 outcomes.

The business consist of:

• Okomu Oil and Presco in farming; Nigerian Breweries in drinks;
• NASCON, BUA Foods, Unilever Nigeria, Nestlé Nigeria and Cadbury Nigeria in durable goods;
• FirstHoldCo, FCMB, Wema Bank, Sterling Bank, Jaiz Bank and Ecobank Transnational Incorporated (ETI) in banking;
• AIICO Insurance, NEM Insurance, Custodian Investment, AXA Mansard and Mutual Benefits Assurance in insurance coverage;
• MTN Nigeria in telecoms;
• Dangote Cement, BUA Cement and WAPCO in cement;
• Aradel Holdings, Eterna, Seplat Energy and Conoil in oil and gas;
• Transcorp Power and Geregu Power.

Business with various monetary year-ends, those that had actually just launched Q1 2026 results at the time of the research study, and business that moved in between revenues and losses were omitted from the core like-for-like contrast.

Typical currency exchange rate of N425.98/$ for 2022, N1,518.38/$ for 2025 and N1,376/$ for H1 2026 were used to their reported naira earnings.

What the information are stating

The findings recommend that Nigerian business success has actually broadly recuperated to pre-2023 levels in dollar terms, although the healing stays unequal.

• The 29 business created a combined N1.56 trillion in earnings after tax in 2022, comparable to about $3.65 billion at the typical currency exchange rate for that year.
• By 2025, integrated PAT had actually increased dramatically to N6.17 trillion, a boost of about 296.4% in naira terms. When equated at the much weaker 2025 exchange rate, that earnings was worth $4.06 billion, representing a more modest 11.2% boost in dollar terms.
• While aggregate naira revenues practically quadrupled in between 2022 and 2025, the dollar worth of those earnings increased by simply over a tenth.

The healing was likewise broad at the business level. Twenty of the 29 business, or about 69%, created more revenue in dollar terms in 2025 than they performed in 2022, while 9 stayed listed below their pre-2023 levels.

• H1 2026 information recommend that the healing is deepening. The business created a combined N4.06 trillion in PAT in the very first 6 months of 2026, comparable to about $2.95 billion at the typical H1 currency exchange rate.
• That indicates that in simply 6 months, the business had actually currently created about 80.8% of their whole 2022-dollar earnings and 72.7% of their full-year 2025-dollar PAT.

By June 2026, 12 of the 29 business had actually currently produced more dollar revenue than they tape-recorded throughout the entire of 2022, while 25 had actually created a minimum of half of their full-year 2022-dollar incomes.

H1 2026 reveals healing is acquiring momentum

The H1 2026 numbers supply an even clearer sign that the healing in dollar success is extending beyond 2025.

• Of the 29 business evaluated, 12 had actually currently created more earnings in dollar terms in the very first 6 months of 2026 than they made throughout the entire of 2022.
• In farming and durable goods, Presco moved from PAT of N13.03 billion, or $30.59 million, in 2022 to N121.35 billion, or $79.92 million, in 2025.
• Its H1 2026 PAT of N82.27 billion equated to $59.79 million, currently nearly two times its full-year 2022 dollar earnings.

Nigerian Breweries likewise moved from N13.19 billion ($30.96 million) in 2022 to N99.10 billion ($65.27 million) in 2025, before creating N92.96 billion, or $67.55 million, in H1 2026.

• Unilever Nigeria increased dollar PAT from $10.49 million in 2022 to $20.25 million in 2025, while its N15.60 billion H1 2026 PAT deserved $11.34 million, currently above its whole 2022 profits.
• Cadbury Nigeria, although originating from a much smaller sized base, followed the exact same pattern: dollar PAT increased from $1.37 million to $7.96 million in between 2022 and 2025, while H1 2026 PAT of N3.64 billion equated to $2.64 million, practically two times its 2022 dollar revenue.

Banking supplies a few of the clearest indications of velocity. FCMB’s dollar PAT increased from $72.54 million in 2022 to $116.51 million in 2025, before reaching $101.64 million from N139.86 billion PAT in H1 2026.

• Wema Bank moved from $26.65 million to $128.08 million in between 2022 and 2025, while its N131.37 billion H1 2026 PAT equated to $95.47 million, more than 3 times its whole 2022 dollar earnings.
• FirstHoldCo sticks out since its healing came later on. Its dollar PAT fell from $319.67 million in 2022 to $96.98 million in 2025, however H1 2026 PAT rose to N526.13 billion, comparable to $382.36 million. In 6 months, the group had actually currently created about 120% of its full-year 2022 dollar earnings.

Insurance coverage likewise added to the group. NEM Insurance increased dollar PAT from $12.68 million in 2022 to $15.87 million in 2025, and its N18.09 billion H1 2026 earnings equated to $13.15 million, currently above the 2022 criteria.

• Mutual Benefits Assurance moved from $2.19 million in 2022 to $13.75 million in 2025, while its N4.02 billion H1 2026 PAT deserved $2.92 million, likewise above its full-year 2022 level.

The exact same momentum appears in cement and energy. WAPCO increased dollar PAT from $125.94 million in 2022 to $179.88 million in 2025, before producing N208.35 billion, or $151.41 million, in H1 2026.

• Aradel Holdings moved from $35.54 million to $264.24 million in between 2022 and 2025, while its N120.29 billion H1 2026 PAT equated to $87.42 million.
• Seplat Energy likewise continued to reinforce. Its dollar PAT increased from $104.31 million in 2022 to $159.10 million in 2025, while H1 2026 PAT of N229.10 billion was comparable to $166.50 million, currently about 160% of its whole 2022-dollar profits.

More insight

The contrast demonstrates how much of the current rise in business revenues has actually been needed just to balance out the naira’s devaluation.

• In between 2022 and 2025, the currency exchange rate moved from N425.98/$ to N1,518.38/$, suggesting business required to grow naira earnings by about 256% simply to maintain their 2022 dollar profits. The 29 business ultimately grew combined naira PAT by 296.4%, however this equated to just an 11.2% boost in dollar terms.
• What this recommends is that the healing in business success is genuine, however far less remarkable than the heading naira numbers indicate. Tape-record naira revenues do not always suggest business are numerous times more successful than they were before the 2023 reforms.

The H1 2026 numbers, nevertheless, indicate a more powerful stage of healing. With the business currently producing 80.8% of their whole 2022 dollar PAT in 6 months, and 12 companies currently surpassing their full-year 2022 dollar profits, the information recommend that more business are starting to move beyond simply recuperating the worth lost to decline.