Leading manufacturing companies in Nigeria recorded combined inventory levels of about N1.8 trillion in the first nine months of 2025, reflecting increased stock of finished goods and raw materials, Vanguard reported.
Data compiled by Financial Vanguard show that inventories among major manufacturers rose by about N200 billion in 9M’25, compared with the same period in 2024. The rise occurred against a backdrop of challenging operating conditions for the sector.
The combined inventories of leading firms totalled about N1.8 trillion in 9M’25, up from roughly N1.6 trillion in 9M’24. Over the same period, raw materials inventories increased to nearly N1.5 trillion, a rise of about 15.4 per cent compared with the previous year.
Inventory data from 17 major manufacturing companies showed varying stock positions.
Dangote Cement Plc had the highest inventory value at N769.5 billion in 9M’25, compared with N669.7 billion in 9M’24.
Nigerian Breweries Plc’s inventory rose to N224 billion from N181.3 billion. Nestlé Nigeria Plc’s inventory increased to N203.4 billion from N174.8 billion, while Lafarge Africa Plc’s inventory rose to N117 billion from N104.2 billion.
BUA Foods Plc recorded inventories of N76.7 billion, up from N59.8 billion. Cadbury Nigeria Plc reported inventories of N26.7 billion, up from N13.8 billion.
International Breweries Plc’s stock rose to N107 billion from N89.7 billion, and Guinness Nigeria Plc reported N63.7 billion compared with N41.9 billion previously.
Some companies showed lower inventory levels in 9M’25 compared with 9M’24. Dangote Sugar Plc reported N130.5 billion in inventories, down from N131.5 billion.
UAC of Nigeria Plc’s inventory declined to N37.5 billion from N54.9 billion, and NASCON Allied Industries Plc recorded N14.3 billion compared with N17.6 billion.
Unilever Nigeria Plc’s inventories were N28.3 billion against N30.8 billion previously, and Berger Paints reported N2.5 billion compared with N3.3 billion.
In raw materials holdings, Nigerian Breweries Plc’s stock rose to N486.9 billion from N407.2 billion. Dangote Sugar Plc’s raw materials inventory increased to N450.7 billion from N401.6 billion.
Nestlé Nigeria had raw material stock of N84 billion versus N73.5 billion, and Cadbury Nigeria posted N10 billion compared with N5 billion.
BUA Foods recorded raw materials worth N52.5 billion versus N38.6 billion. Guinness Nigeria’s raw materials rose to N39.6 billion from N8.7 billion.
Northern Nigeria Flour Mills showed N17.7 billion compared with N14.7 billion, and Champion Breweries Plc reported N6.9 billion versus N4.9 billion. Vitafoam Nigeria Plc’s raw materials inventory was N21.9 billion compared with N16.3 billion.
Some manufacturers recorded weaker raw materials inventories. Dangote Cement Plc’s raw materials stock declined to N255.2 billion from N299.8 billion.
Unilever Nigeria’s raw material holdings were N14.4 billion compared with N19.8 billion, and NASCON Allied Industries Plc’s stock fell to N6.6 billion from N11.2 billion.
Lafarge Africa Plc’s raw materials decreased to N9.7 billion versus N10.0 billion, and Berger Paints reported N4.6 billion compared with N4.7 billion.
