After two years of whiplash from currency swings, surging finance costs, and record foreign exchange losses, Nigeria’s biggest corporations are finally catching their breath.
In 2025, a more stable naira has not only halted the FX hemorrhage—it has flipped the script, delivering gains that are fattening profits and transforming cash positions across corporate Nigeria.
For investors, the headline profits now flashing on corporate results sheets tell only half the story. The real pulse of a business—its ability to generate cash from daily operations—is beating faster than at any time in recent memory. This surge in operating cash flow is funding expansion, cutting debt, and positioning firms for generous shareholder payouts.
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A NairaMetrics analysis of five market heavyweights—MTN Nigeria, Dangote Cement, Seplat Energy, Nestlé Nigeria, and BUA Cement—shows combined net cash flow from operating activities hitting N2.922 trillion in the first half of 2025. That’s a staggering 140% jump from the same period last year, and 14% more than their entire 2024 full-year total. Their combined bottom line has swung from a N403 billion loss a year ago to a profit of N1.21 trillion, underscoring a dramatic reversal in fortunes.
MTN Nigeria: Cash First, Profits Second
In the ICT space, MTN Nigeria turned in a robust N956 billion in operating cash flow, well above its N415 billion profit for the period. Revenue growth and effective pricing strategies helped deliver profits of N622 billion in H1 2025, a sharp turnaround from 2024’s FX-driven losses.
The company has slashed its negative equity from N458 billion at year-end to N42.51 billion by June. Analysts say the telco is now primed to resume dividend payments this year, with an operating cash flow per share yield of 9.8% boosting its appeal to income-focused investors.
Dangote Cement Was Consistent
Dangote Cement continues to deliver consistency. Its N874 billion in operating cash flow—more than double last year’s figure—was supported by solid profits of N521 billion, lower inventories, and reduced prepayments. The liquidity gives Africa’s largest cement maker greater flexibility to fund plant expansions, pay down debt, and maintain dividends.
Seplat Energy: Accounting Profit Understates the Story
Seplat’s headline net income of N42 billion in H1 2025 might look modest, weighed down by taxes. But beneath the surface, the company’s cash engine is roaring, with N755 billion in operating cash flow driven by strong pre-tax earnings and a massive N518.9 billion depreciation and amortization charge.
CEO Roger Brown says the cash cushion allows Seplat to keep its dividend streak alive while paying off an extra $100 million in debt this year. With a 24% operating cash flow yield—well above its 4.55% dividend yield—Seplat is stockpiling capacity for reinvestment and deleveraging.
Nestlé Nigeria Made A Quiet but Remarkable Turnaround
For Nestlé, the swing is remarkable. From a N177 billion loss in H1 2024 to a N50.57 billion profit this year, the real headline is its N187.6 billion in positive operating cash flow, up from a negative N27.65 billion last year. With a 13% operating cash flow yield, the FMCG giant is rebuilding liquidity, giving it options for future dividends, debt reduction, or market expansion, even without immediate payouts.
BUA Cement: Profit-Rich, Cash-Light
BUA Cement’s N150 billion in operating cash flow more than doubled from last year, but still lagged behind its N181 billion profit. This suggests that while the cement producer’s accounting profits are strong—thanks to a pre-tax profit surge of 435%—its cash conversion is being weighed down by higher working capital needs or slower customer payments.
The Macroeconomic Shift
What unites these companies is not just the naira’s newfound stability but a broader macroeconomic shift. The Central Bank’s tighter FX controls, a cooler inflationary environment, and price adjustments across sectors have restored breathing space for corporate balance sheets. The shift from headline profit growth to strong, recurring cash flow signals a phase where Nigerian blue chips are once again on the front foot—better able to self-finance growth and withstand shocks.
For investors, 2025 may mark a turning point. Sustained operating cash flow strengthens intrinsic value, attracts fresh capital, and can drive share price gains. Analysts believe the second half of the year will test whether this cash surge is a one-off windfall or the foundation of a longer cycle of stability. However, the tills for now are ringing louder than they have in years, and in corporate Nigeria, that sound is the clearest sign of resilience.