Nigerian FMCG debt drop
Eight FMCG firms listed on the Nigerian Exchange reported revenue growth while total borrowing fell 28% from N1.66 trillion in 2024 to N1.20 trillion in 2025 — a notable deleveraging that boosted shareholder distributions. This shift suggests capital structure and dividend dynamics are changing across emerging‑market CPG players. (x.com)
Nestlé Nigeria’s interest‑bearing loans were reported at N476.04 billion as of December 31, 2025, down from an earlier peak of N653.70 billion in 2025, with the bulk of the earlier amount recorded as an intercompany loan. (nairametrics.com) Nigerian Breweries cut gross borrowings from N209.05 billion in 2024 to N59.71 billion in 2025 while recording net revenue of N1.47 trillion for the year ended December 31, 2025. (nairametrics.com) PZ Cussons was an outlier, increasing debt to N71.26 billion from N64.33 billion, even as Unilever Nigeria, Honeywell Flour Mills and Vitafoam trimmed borrowings to N2.2 billion, N26.97 billion and N7.04 billion respectively. (nairametrics.com) The sector’s total finance costs narrowed sharply from N392.83 billion to N100.96 billion in 2025, and Nestlé’s interest expense moderated to N90.58 billion from N101.76 billion year‑on‑year. (nairametrics.com) Dividend outcomes were mixed: Unilever Nigeria declared a final dividend of N1.25 per share for 2025, while Nigerian Breweries, despite a N99.1 billion profit in 2025, did not resume dividend payments for a third consecutive year. (kobokapitalist.com) Guinness Nigeria repaid N218.48 billion during 2025 and reported outstanding loans of N36.83 billion as at December 31, 2025, illustrating active liability management alongside operational recovery. (nairametrics.com) FP&A playbook item: quantify the P&L and EPS impact by applying the observed sector finance‑cost reduction of N291.87 billion (N392.83bn less N100.96bn) to baseline operating profits and stress‑test interest coverage using Nigerian Breweries’ operating profit of N205.2 billion as a calibration case. (nairametrics.com)
