Manufacturers in Nigeria recorded a total inventory of about ₦1.8 trillion in unsold finished goods in the first nine months of 2025, according to Financial Vanguard’s analysis of sector financial results. The figure was published on Monday.
The combined inventories of finished products and raw materials increased from roughly ₦1.6 trillion in the corresponding period of 2024 (9M’24) to about ₦1.8 trillion in the first nine months of 2025 (9M’25), representing an increase of about 18.8 per cent, the report showed.
A review of 17 major manufacturing firms showed rising inventory levels across many companies in the period. Dangote Cement Plc reported the highest inventory figure at ₦769.5 billion in 9M’25, compared with ₦669.7 billion in 9M’24.
Other companies with increased inventories included:
- Nigerian Breweries Plc: ₦224 billion in 9M’25 from ₦181.3 billion in 9M’24.
- Nestlé Nigeria Plc: ₦203.4 billion from ₦174.8 billion.
- Lafarge Africa Plc: ₦117 billion from ₦104.2 billion.
- BUA Foods Plc: ₦76.7 billion from ₦59.8 billion.
- Cadbury Nigeria Plc: ₦26.7 billion from ₦13.8 billion.
- International Breweries Plc: ₦107 billion from ₦89.7 billion.
- Guinness Nigeria Plc: ₦63.7 billion from ₦41.9 billion.
Some manufacturers recorded lower inventory figures in the period. For instance, Dangote Sugar Plc reported ₦130.5 billion in inventories in 9M’25, down from ₦131.5 billion in 9M’24. UAC of Nigeria Plc recorded ₦37.5 billion, compared with ₦54.9 billion previously.
Raw materials inventories also climbed for several manufacturers in the review. Nigerian Breweries Plc held ₦486.9 billion in raw materials stock at the end of 9M’25, up from ₦407.2 billion in 9M’24. Dangote Sugar Plc’s raw materials inventory rose to ₦450.7 billion from ₦401.6 billion.
Additional increases in raw materials holdings were seen at:
- Nestlé Nigeria Plc: ₦84 billion from ₦73.5 billion.
- Cadbury Nigeria: ₦10 billion from ₦5 billion.
- BUA Foods Plc: ₦52.5 billion from ₦38.6 billion.
- Guinness Nigeria Plc: ₦39.6 billion from ₦8.7 billion.
Other firms recorded declines in raw materials inventory. Dangote Cement Plc held ₦255.2 billion in raw materials stock in 9M’25, down from ₦299.8 billion in 9M’24.
Unilever Nigeria and NASCON Allied Industries Plc also reported lower raw materials inventories, the report showed.
The report indicates that manufacturers faced challenges in moving finished products from warehouses. Accumulation of both finished goods and raw materials coincided with a period of production cost pressures, including inflationary and foreign exchange factors.
