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Nigeria’s FMCG Market Proves Resilient

Unilever Nigeria still has a lot to do to turn the corner after a return to profitability in the second quarter, investors and analysts say. The results for the three months to 30 June, announced before this week’s holiday in Nigeria, saw pre-tax profit rebound to N940m ($2.3m) after a loss of N1.5bn a year earlier. Revenue jumped 41% to N19.7bn. Expectations of post-Covid reflation have lifted world equities this year on expectations that companies will be able to lift prices. But higher costs are likely to hurt companies with increased need for raw materials. The global parent company Unilever, which holds 76% of Unilever Nigeria, said on 22 July that increasing commodity costs would harm its full-year operating margin, driving shares down on the London Stock Exchange.