Nigerian corporate giants have defied inflationary pressures, exchange rate volatility, weak power supply, rising energy costs, cybersecurity risks, and global economic uncertainty to post a combined ₦3.12 trillion profit in the first quarter of 2026.
A review of unaudited results across banking, telecommunications, manufacturing, insurance, and agro-allied sectors shows that at least 15 listed firms recorded strong earnings growth, driven by pricing adjustments, higher demand in select sectors, and improved operational efficiency.
In the banking sector, Zenith Bank Plc posted a profit before tax of ₦360.92 billion, up 2.88 percent from the previous year, while profit after tax rose to ₦314.02 billion, supported by steady income growth despite rising impairment charges and costs.
First HoldCo Plc delivered one of the strongest performances with a 72 percent jump in profit before tax to ₦321 billion, driven by strong interest income and fee-based revenue.
Guaranty Trust Holding Company Plc recorded a modest increase in profit before tax to ₦302.89 billion, although profit after tax declined due to higher tax obligations.
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Access Holdings Plc reported a 22.2 percent rise in profit before tax to ₦272.21 billion, reflecting improved balance sheet strength and diversified earnings.
Ecobank Transnational Incorporated posted a slight increase in profit before tax to ₦270.24 billion, while Stanbic IBTC Holdings Plc delivered a 42 percent jump to ₦165.4 billion.
United Bank for Africa Plc, however, recorded a decline in profit before tax, falling to ₦160.7 billion from ₦204.3 billion in the previous year.
In the manufacturing and industrial space, BUA Foods Plc reported a profit before tax of ₦153.76 billion, representing a 12.74 percent increase, supported by lower operating and finance costs.
BUA Cement Plc delivered a sharp rise in profit before tax to ₦192.88 billion from ₦99.7 billion, driven by strong revenue growth and increased sales volumes.
Dangote Cement Plc posted a profit before tax of ₦421.1 billion, up 35 percent, supported by higher production volumes, stronger exports, and expanded capacity across Africa.
Nestlé Nigeria Plc recorded a 44 percent increase in profit before tax to ₦73.77 billion, driven by double-digit revenue growth and improved margins.
In the telecommunications sector, MTN Nigeria posted a profit before tax of ₦546.42 billion, a 169.64 percent increase year-on-year, reflecting strong data demand and a continued recovery from earlier currency-driven losses.
In insurance, AIICO Insurance Plc recorded growth in gross premiums to ₦62.6 billion and revenue growth of 11.8 percent, with normalised profit after tax rising by more than 32 percent despite higher foreign exchange losses.
In the agro-allied sector, Presco Plc posted a profit before tax of ₦69.24 billion, an 18.2 percent increase supported by steady demand for palm oil products.
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Analysts say the performance reflects a mix of structural adjustments and sector-specific advantages across the economy.
Financial analyst Ayokunle Olubunmi noted that recapitalisation in the banking sector has strengthened lending capacity and asset deployment, supporting earnings growth.
He also highlighted inflation-driven pricing power and rising data consumption as key drivers of profitability across industries.
According to him, despite economic pressures on consumers, corporate Nigeria has continued to demonstrate resilience and adaptability in a challenging operating environment.
