FMCGs’ tax bill jumps 53% to N190bn in H1 2026

Nigeria’s largest listed consumer-goods companies paid N190.66 billion in income tax during the first half of 2026, a 53% increase from the N124.59 billion paid in the same period last year. Their tax bill grew faster than their combined pre-tax profit, which rose 48.8%.

The increase pushed the group’s blended effective tax rate from 38.3% to 39.4%. The figures cover Nestlé Nigeria, NASCON Allied Industries, Nigerian Breweries, Cadbury Nigeria, International Breweries, Dangote Sugar Refinery, Guinness Nigeria and Champion Breweries. They represent the companies’ first full half-year under Nigeria’s revised tax regime, which took effect in January 2026.

Champion Breweries recorded the most favourable change, moving from an effective tax rate of 33.8% in the first half of 2025 to a net tax credit position this year. Dangote Sugar Refinery moved from a loss-making position to an effective tax rate of 5.9%. Cadbury Nigeria held its rate at 30%, while NASCON and Guinness reported smaller increases.

International Breweries had the sharpest deterioration. Its effective tax rate rose from 32.9% to 48.8%, an increase of 15.9 percentage points. Nigerian Breweries also recorded a steep increase. Both companies posted strong pre-tax profit growth, but International Breweries’ tax charge rose so much faster that net income fell 7.2%.

Nestlé Nigeria paid N61.99 billion in tax, up 63.9% from a year earlier. Its effective tax rate climbed to 48.9%, while revenue rose 12% and pre-tax profit increased 43.4%. Net profit still grew 28.1% to N64.78 billion. NASCON posted one of the most stable results, with its effective tax rate moving from 33% to 34% and net profit rising 25.7% to N19.60 billion.