Top Nigerian Stocks to Watch: Insights from FY 2024 Results & Q1 2025 Performance
As Nigeria navigates a post-pandemic economic resurgence amid monetary tightening and FX reforms, discerning investors are seeking companies with solid fundamentals, resilient earnings, and scalable business models. The FY 2024 financial statements and Q1 2025 results have revealed a compelling group of outperformers on the Nigerian Exchange (NGX), spanning sectors from healthcare to telecommunications, FMCG, agriculture, and hospitality.
Here are carefully selected top-notch stocks to watch for 2025–2026, based on profitability, earnings per share (EPS), revenue momentum, and strategic positioning.
1. May & Baker Nigeria Plc – Top Pick
Revenue: N9.5B (+48%) | Profit: N1.15B (+74%) | EPS: N0.66 | Share Price: N11.75
May & Baker leads our list as a top pick, thanks to stellar double-digit growth across all key metrics. A 74% surge in net profit highlights the company’s efficiency in scaling pharmaceutical production and responding to increased demand for healthcare products. As one of Nigeria’s foremost indigenous pharma company, its capacity expansion, new product launches, and strategic government contracts signal strong forward momentum.
*Value Proposition:* Healthcare demand remains robust post-COVID, and May & Baker is well-positioned to leverage upon Nigeria’s import substitution policies.
2. Nascon Allied Industries Plc*
Revenue: N41.85B (+77%) | Profit: N11.36B (+515%) | EPS: N3.74 | Share Price: N56.05
Nascon posted a dramatic 515% profit increase, underscoring strong pricing power and improved cost control. The salt and seasoning producer’s aggressive market penetration, coupled with efficient logistics, fueled its robust revenue and margin growth.
*Future Trajectory:* Continued population growth and increased domestic food processing bode well for consistent long-term performance, resulting in the improved earnings.
3. Cadbury Nigeria Plc
Revenue: N37.2B (+57%) | Profit: N5.9B (from N7.3B loss) | EPS: N2.62 | Share Price: N38.20
Cadbury made a remarkable turnaround, bouncing back from a prior loss to a solid N5.9B profit. This reflects effective cost restructuring and stronger consumer demand for its beverage and confectionery lines. Market re-engagement and price innovation helped drive this resurgence.
*Investment Case:* With brand loyalty and product diversification, Cadbury is regaining its competitive edge in the FMCG market space.
4. Nigerian Breweries Plc
Revenue: N383.6B (+68.9%) | Profit: N44.55B | EPS: N1.43 | Share Price: N54.00
Despite FX volatility and inflationary pressure, Nigerian Breweries recorded near-70% revenue growth, reflecting strategic pricing and improved operational scale. Its diverse product portfolio has helped cushion against consumer income pressure.
*Outlook:* Strategic partnerships and innovations in non-alcoholic beverages aid volume growth in 2025.
5. Airtel Africa Plc (FY ended March 2025)
Pre-tax Profit: $661M | Net Profit: $328M | EPS: N134 | Share Price: N2,156.90
With operations across 14 African markets, Airtel Africa continues to lead in mobile money and voice/data growth. Its high EPS reflects solid fundamentals, underpinned by strong ARPU and network investments.
*Why It Matters:* Digital connectivity and fintech growth in Africa make Airtel a long-term value play coupled with consistent revenue and profitability across the diverse markets.
6. Nestlé Nigeria Plc
Revenue: N294B (+61%) | Profit: N30.2B (from N142.7B loss) | EPS: N38.00 | Share Price: N1,590.50
Nestlé’s swing back to profitability demonstrates its resilience in Nigeria’s challenging macroeconomic environment. Product innovation and localised (backward integration) sourcing played key roles in its margin recovery.
*Growth Catalyst:* Urban population growth and increased brand penetration in rural markets offer significant upside.
7. CWG Plc
Revenue: N15.32B (+90%) | Profit: N1.48B (+380%) | EPS: N0.59 | Share Price: N10.20
CWG Plc’s robust earnings growth underscores its pivotal role in Nigeria’s digital transformation. It benefited from increased enterprise solutions demand, particularly in cloud computing and payment automation.
*Investment Insight:* Tech-driven infrastructure and e-government demand boost CWG’s revenue base and value proposition.
8. Beta Glass Plc
Revenue: N41.1B (+80%) | Profit: N9.99B (+500%) | EPS: N16.60 | Share Price: N258.50
Beta Glass capitalised on increased demand from the beverage and pharmaceutical industries. Its extensive client base and export potential offer diversified income streams catalyised revenue drive.
*Strategic Advantage:* Rising environmental consciousness and demand for reusable packaging bolster its long-term value position.
9. Lafarge Africa Plc
Revenue: N248B (+80%) | Profit: N48.6B | Share Price: N82.40
Lafarge Africa is benefiting from rising infrastructure investments and real estate expansion coupled with Geocycle reprocessing and co-processing through waste for energy generation from recycled materials using different types of waste. The cement manufacturer’s consistent growth through new brands products like ReadyMix and Mortar reflects operational excellence and pricing strength.
*Forecast:* Continued government capital expenditure and housing deficits ensure steady demand.
10. Okomu Oil Palm Plc
Revenue: N58B | Profit: N18B (+71%) | EPS: N22.79 | Share Price: N600.00
Okomu Oil continues to be a consistent cash generator. The company leverages strong global demand for palm oil and favourable agro-climatic conditions in Nigeria.
*Key Advantage:* Export potential and global palm oil price trends favour Okomu’s growth.
11. Presco Plc
Revenue: N93.78B (+105%) | Profit: N47B (+97%) | EPS: N47.00 | Share Price: N950.00
Presco’s impressive top- and bottom-line growth cements its leadership in Nigeria’s agro-industrial sector. Expansion in processing capacity and land acquisitions are positioning it for future dominance.
*Why Invest:* Agro-industrial self-sufficiency is key to Nigeria’s economic resilience—and Presco is at the center of it.
12. Fidson Healthcare Plc
Revenue: N35B (+90%) | Profit: N3.25B (+190%) | EPS: N1.42 | Share Price: N27.85
Fidson’s strong revenue growth is supported by increased local demand for generic drugs and capacity utilization of its WHO-compliant manufacturing plant.
*Forward View:* Government policy favoring local production will drive sector-wide growth, with Fidson at the forefront.
13. Ikeja Hotels Plc
Revenue: N6.11B (+50%) | Profit: N1.61B (+200%) | EPS: N0.77 | Share Price: N15.40
With tourism and business travel rebounding, Ikeja Hotels has returned to profitability. The ongoing refurbishment of Lagos Sheraton and increased occupancy rates are boosting earnings.
*Investment Edge:* Hospitality and MICE segments (Meetings, Incentives, Conferences, Exhibitions) creates accelerate growth.
14. MTN Nigeria Plc
Revenue: N1T (+40%) | Profit: N133.6B (from N390B loss) | EPS: N6.38 | Share Price: N270.00
MTN Nigeria’s turnaround is a testament to its resilience and innovation. With over 70 million subscribers, increased fintech adoption, and fiber broadband expansion, MTN is positioned as a digital behemoth.
*Growth Drivers:* 5G rollout, digital banking, and infrastructure sharing are key value unlocks.
As the Nigerian Exchange has continued to shown that amid macroeconomic volatility, companies that embrace innovation, local integration, and strategic expansion outperform. These stocks, diversified across key growth sectors, offer not just strong historical performance but compelling future prospects. For investors with an eye on long-term value creation, these are the equities to watch in 2025–2026.
*Disclaimer:* Market conditions are subject to change. Always consult with your financial advisor or stockbroker before making any informed investment decisions. #Top Nigerian Stocks to Watch: Insights from FY 2024 Results & Q1 2025 Performance#
