Nigeria’s manufacturing sector recorded a sharp rise in unsold goods in the first nine months of 2025 (9M’25), underscoring persistent demand weakness and cost pressures despite official claims of macroeconomic improvement.
Combined inventories of 17 leading manufacturing firms increased by N200 billion to N1.8 trillion in 9M’25, up from N1.6 trillion in the corresponding period of 2024—an 18.8 per cent growth. Over the same period, raw material inventories rose by 15.4 per cent to nearly N1.5 trillion, reflecting both slow sales of finished goods and precautionary stockpiling of inputs.
Industry analysts attribute the buildup to inflationary pressures, exchange-rate volatility, elevated borrowing costs, and constrained consumer purchasing power. They argue that the sustained rise in inventory levels contradicts claims that inflation moderated significantly in 2025, as production and replacement costs remain high.
Inventory Levels by Company
Dangote Cement Plc recorded the highest inventory at N769.5 billion, up from N669.7 billion in 9M’24. Nigerian Breweries Plc rose to N224 billion from N181.3 billion, while Nestlé Nigeria Plc increased to N203.4 billion from N174.8 billion.
Lafarge Africa Plc posted N117 billion from N104.2 billion, and BUA Foods Plc recorded N76.7 billion from N59.8 billion. Guinness Nigeria Plc’s inventory rose to N63.7 billion from N41.9 billion, while International Breweries Plc increased to N107 billion from N89.7 billion. Cadbury Nigeria Plc nearly doubled its stock to N26.7 billion from N13.8 billion.
However, some firms posted declines. Dangote Sugar Plc recorded N130.5 billion compared to N131.5 billion in 2024, UAC of Nigeria Plc fell to N37.5 billion from N54.9 billion, while NASCON Allied Industries, Unilever Nigeria, and Berger Paints also reported lower inventory positions.
Raw Materials Stockpiling
Raw materials holdings also expanded significantly. Nigerian Breweries led with N486.9 billion, up from N407.2 billion, followed by Dangote Sugar at N450.7 billion from N401.6 billion. Nestlé Nigeria rose to N84 billion from N73.5 billion, while Guinness Nigeria climbed sharply to N39.6 billion from N8.7 billion.
Some firms, including Dangote Cement, Unilever Nigeria, NASCON, Lafarge Africa, and Berger Paints, recorded reductions in raw material stocks.
Overall, the data reflect structural stress within the sector, driven by weak consumer demand and macroeconomic instability, even as policymakers point to broader economic stabilization.
