Debt levels among Nigeria’s listed corporates showed mixed patterns in the first half of 2025.
Some companies aggressively expanded leverage to fund growth and operations, while others reduced borrowings in response to margin pressures and higher finance costs.
Nigeria’s corporate debt landscape in H1 2025 reveals a sharp divergence between aggressive borrowing by some firms and strategic deleveraging by others.
Total borrowings across key listed companies highlight both sectoral pressures and growth-driven capital deployment.
Oil and gas operators like Oando Plc and Seplat Energy Plc expanded their debt significantly to fund upstream projects and restructuring, while Dangote Cement maintained high leverage to support capacity expansion.
In contrast, consumer-facing giants like Nigerian Breweries and Nestlé Nigeria scaled back borrowings to preserve margins amid inflationary and foreign-exchange headwinds.
The debt ratios provide further insight: negative equity positions at Oando, Nestlé, and MTN Nigeria flag balance sheet risks despite strong or improving operating cash flows, while firms like BUA Cement, Transcorp, and Beta Plc display disciplined leverage and robust interest coverage.
This mix of aggressive borrowing, conservative funding strategies, and balance-sheet recalibration underscores the varied approaches Nigerian corporates are taking to navigate volatile macroeconomic conditions, high interest rates, and capital-intensive growth plans.
Below is a breakdown of each company’s debt position, growth trend, and structure.