Nigerian consumer goods stocks, compared

The consumer shelf side by side

Figures as of the 20 Oct 2026 close. Click a ticker for the full stock page.

Six smaller names (NNFM, Golden Guinea Breweries, Union Dicon Salt, McNichols, Multi-Trex and Enamelware) share about ₦41bn between them.

What the numbers are saying

• BUA Foods is the sector: a ₦518bn FY2025 profit, the largest consumer profit on the exchange, at 26.4x one year’s earnings. The market prices it as the quality compounder, and its results keep arguing back.
• The brewers are the turnaround shelf: Nigerian Breweries returned to a ₦99.1bn profit after two loss years, as finance costs collapsed following its rights issue; there is still no dividend, because retained earnings remain negative. International Breweries posted its first profit since 2017 (₦50.9bn) and trades at 33.1x, a price that assumes the recovery continues. Guinness changed its year-end, so its FY2025 was an 18-month period and it carries no clean multiple here yet.
• Multiples mislead at the bottom of a recovery: Champion Breweries shows 50x, not because it is expensive in any simple sense, but because its profit (₦1.8bn) is still tiny against its market value. Read turnaround names on revenue and margins first, multiples second.
• Pricing power separates the shelf: Nestle (20.8x) and Unilever (19.4x) sit near the covered names’ 20.8x median (covered names only; valuation covers 39 of 146 listed stocks) on brands households keep buying. NASCON is the cheapest covered name at 14.8x despite doubling its profit: salt is a commodity, and the market pays less for commodity earnings.
• An essential product is not safe earnings: Dangote Sugar lost ₦64.1bn in FY2025. Refining margins and currency moves overwhelmed the volume of a product every household buys. In this sector, the cost side can beat the brand.

Quick summary

• BUA Foods is over half the sector; the brewers are the recovery story; Dangote Sugar is the warning.
• Covered names cluster around a 20.8x earnings median, with NASCON cheapest and the recovering brewers optically dearest. That median counts covered names only: valuation covers 39 of 146 listed stocks, so it describes the covered set, not the whole sector.
• Judge this sector on pricing power and the cost side (FX, energy, inputs), not on how essential the product looks.

Sources: Nairaview market data (Nigerian Exchange), 20 Oct 2026 close; FY2025 profits as reported in audited company results (Nigerian Breweries via Investogist and BusinessDay). Verified 21 Oct 2026. Not investment advice.