The NGX 30 index companies reported a 33.81% surge in first-quarter after-tax profit to ₦3.55 trillion ($2.58 billion), according to data compiled by MoneyCentral, as firms have fully recovered from the sharp currency devaluation that hit the Nigerian economy a few years ago.
MTN Nigeria Plc (₦355.5 billion), Dangote Cement (₦321.1 billion) Zenith Bank (₦314 billion) and Airtel Africa Plc (₦312 billion) dominated the earnings landscape, with their combined ₦1.30 trillion net income accounting for 36.61% of the total NGX 30 figure.
This corporate earnings boom has served as the primary engine for the NGX All-Share Index (ASI), which has returned 60.01% year-to-date, solidifying its position as Africa’s second-largest stock exchange.
The corporate recovery aligns perfectly with broader macroeconomic resilience, as the National Bureau of Statistics (NBS) reported that Nigeria’s real GDP expanded by 3.89% in Q1 2026 despite upstream crude constraints.
Earnings drivers
Most companies benefited from charging higher prices on key products, a move driven by imported inflation and spiraling energy costs following the removal of fuel subsidies.
MTN Nigeria and Airtel Africa, the two dominant telecommunications players, capitalized on strong demand for data and voice services.
The Nigerian Communications Commission reports the market is consolidating, with MTN, Airtel, Globacom and 9mobile now controlling 96% of mobile connections totaling approximately 203 million active SIMs.
Sector breakdown
The aggregate index performance remains highly concentrated, with just four cross-sector giants generating nearly half of the entire index’s bottom-line wealth.
Cement giants Dangote Cement, BUA Cement and Lafarge Africa rode government infrastructure spending, with cumulative profit spiking 75.63% to ₦595.43 billion as of March 2026.
Banking sector resilience
Banks grappling with derivative losses and rising impairment charges on financial assets still posted combined profit of ₦1.64 trillion, 7.22% higher than 2025’s ₦1.53 trillion. The sector’s ability to grow earnings despite credit quality pressures signals improving loan book management and pricing power in a high-interest environment.
Oil & Gas tailwinds
Seplat Energy’s profit jumped 48.38% to ₦52.50 billion, benefiting from higher oil prices expected to persist through year-end amid the protracted Middle East conflict. Stronger crude prices should boost the oil and gas giant’s free cash flow and earnings trajectory.
Headwinds for consumer goods
Consumer goods firms face earnings pressure from the cost-of-living crisis. Higher transportation costs, spiraling food prices and energy bills continue to drain consumer wallets. The sector’s largest and most liquid firms posted combined profit of ₦295.71 billion, up 11.05% from 2025’s ₦266.28 billion, but margins remain under pressure.
Market and macro backdrop
The NGX All-Share Index (NGXASI) has returned 60.01% year-to-date as investors react positively to impressive earnings reports. Nigeria’s economy expanded 3.89% in real terms in Q1 2026 despite declining crude oil production, according to the National Bureau of Statistics, underscoring the economy’s growing reliance on non-oil sectors.
The NGX 30 earnings surge reflects a Nigerian corporate sector that has not only absorbed the currency devaluation shock but has re-priced products and optimized operations to deliver strong profit growth.
The concentration of earnings among the top four firms—a third of total NGX 30 profit—suggests large-cap dominance will continue, while smaller firms may struggle with cost pressures. Investors will watch whether the 60% YTD index gain is sustainable, particularly if consumer demand weakens or if oil prices continue to decline.
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