The top 10 manufacturing companies listed on the Nigerian Exchange (NGX) collectively spent N2.24 trillion on operating expenses in 2025, reflecting a 3.46% year-on-year increase from the N2.17 trillion recorded in 2024. This analysis, based on financial statements from 29 listed consumer goods and industrial goods manufacturers, reveals that total operating expenses across all firms rose 4.02% to N2.39 trillion in 2025, up from N2.30 trillion in the prior year. Notably, the top 10 manufacturers accounted for 93.80% of total operating expenses, underscoring the concentration of cost pressures among Nigeria’s largest industrial players.
The manufacturing sector faced significant headwinds in 2025, driven by inflation, foreign exchange volatility, global geopolitical tensions, and elevated energy prices. Breweries, cement producers, and food manufacturers dominated the upper end of operating costs, highlighting the challenging environment despite stronger revenues and improving economic activity. Data from the National Bureau of Statistics (NBS) showed that average diesel prices in Nigeria rose to approximately N1,813 per litre in June 2025, up 23.98% year-on-year from N1,462.98 per litre in June 2024. This further escalated operational costs due to heavy reliance on self-generated power, as grid electricity remained unreliable.
Among the top spenders, PZ Cussons Nigeria Plc recorded operating expenses of N40.59 billion in 2025, a sharp decline of 77.65% from the previous year. This translated to an operating leverage of 117.31%, indicating significant cost rationalization and improved expense control as revenue growth far outpaced cost growth. Its OPEX ratio of 19.09% reflects enhanced cost efficiency within its FMCG operations. The Research Team at Nairametrics meticulously monitors and curates extensive macroeconomic and microeconomic data from Nigeria and across Africa, utilizing documents, tables, and charts for analysis.
In related developments, the broader economic landscape continues to shape corporate performance. For instance, Adebayo Adelabu Resigns from his role amid ongoing policy adjustments, while Nma Lagos Fg, initiatives aim to stabilize fiscal frameworks. Meanwhile, Banks’ Non-performing Loans have drawn regulatory attention as financial institutions navigate credit risks. On the humanitarian front, Un: North-east Faces persistent challenges, and Uk Medical Graduates are increasingly sought after for specialized roles in Nigeria’s healthcare sector. These factors collectively influence the operating environment for manufacturers and other key industries.
