After two years of volatile currency swings and steep foreign exchange losses, Nigeria’s biggest listed companies are reporting their strongest half-year cash flows in recent history. The naira’s relative stability in 2025 has eased FX pressures, turning losses into gains for some firms and pushing profits sharply higher. Yet, beyond the profit surge, the most telling indicator of resilience is the exceptional net cash flow from operating activities. In the first half of 2025, MTN Nigeria, Dangote Cement, Seplat Energy, Nestlé Nigeria, and BUA Cement collectively generated ₦2.922 trillion in operating cash flow—up 140% from H1 2024, and 14% more than their total for all of last year.
The turnaround has been fuelled by improved revenues, cost discipline, and reduced working capital pressures. MTN’s ₦956 billion cash flow outpaced its ₦415 billion profit, while Dangote Cement doubled its liquidity to ₦874 billion. Seplat Energy’s ₦755 billion cash haul came despite modest accounting profit, aided by substantial non-cash charges. Nestlé’s ₦187.6 billion swing into positive cash territory marked a major recovery, and BUA Cement’s ₦150 billion reflected strong earnings momentum.
Analysts believe these cash windfalls will give companies the flexibility to fund expansion projects, reduce debt, and restore or boost dividends. The surge in liquidity also strengthens intrinsic value, making these firms more attractive to investors and potentially lifting share prices. If sustained into the second half, 2025 could mark a turning point where operational cash flow—not just profits—defines corporate strength in Nigeria’s post-crisis recovery.
