Abuja, Nigeria — September 20, 2025
Nigeria’s leading companies are showing signs of financial relief as their combined working capital rose to ₦2.27 trillion in the first half of 2025, compared with ₦1.58 trillion recorded during the same period in 2024.
The improvement signals easing liquidity pressures that had weighed heavily on corporate performance in recent years.
United Capital led the pack with positive working capital of about ₦1.09 trillion, followed by Seplat Energy at ₦491 billion and BUA Foods at ₦292 billion. Collectively, the ten firms surveyed grew revenues by over 75 percent, reaching approximately ₦6 trillion, driven by stronger demand, improved foreign exchange stability, and a slowdown in inflation.
Despite the gains, analysts caution that not all large corporations are enjoying the same relief.
Several firms, including Oando, MTN, and Dangote Cement, still operate with negative working capital, highlighting persistent financial strains within parts of the private sector.
Experts note that the liquidity boost offers companies a temporary breather, but risks tied to foreign exchange volatility, high interest rates, and inflation remain.
They warn that the outlook for the second half of the year will depend on continued macroeconomic stability and policy support.
