Nigeria’s beverage, food sectors drive market growth amid mixed performance

Nigeria’s beverage and food industries continue to demonstrate their pivotal role in the nation’s economy, with a combined market capitalisation of N10.84 ttrillion as of Wednesday’s trading on the Nigerian Exchange Limited.

The food products sector emerged as the standout performer, contributing a significant N8.04tn to the total. BUA Foods Plc. dominated the sector, accounting for N7.47 trillion, underscoring its leading position in Nigeria’s agribusiness and manufacturing space. Other major contributors included Dangote Sugar Refinery Plc. with N400.85 billion and Honeywell Flour Mills Plc. at N72.24 billion, highlighting the diversity and scale of the sector. Despite this impressive showing, some companies, like Multi-Trex Integrated Foods Plc., faced challenges, reporting no trading activity.

Meanwhile, the beverage sector, encompassing breweries and distilleries, accounted for N2.06 trillion. Market leaders Nigerian Breweries Plc. and International Breweries Plc. contributed N997.65 billion and N908.77 billion, respectively, reflecting strong consumer demand. However, the sector experienced mixed price movements, with Guinness Nigeria Plc. recording a 7.47 per cent decline in its share price to close at N65.00. Smaller players, such as Golden Guinea Breweries Plc., added a modest N8.85 billion to the sector’s market cap.

The diversified food products category, driven by multinational corporations, recorded a total market capitalisation of N745.56 billion. Nestlé Nigeria Plc. maintained its leadership position within the sub-sector, contributing an impressive N693.57 billion, while Cadbury Nigeria Plc. added N51.99 billion.

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