FMCGs' Tax Bill Surges 53% to N190bn in H1 2026

In the first half of 2026, eight of Nigeria’s largest listed consumer goods companies collectively paid N190.66 billion in income tax, marking a 53% increase from N124.59 billion in the same period in 2025. This rise in tax payments outpaced the sector's pre-tax profit growth of 48.8%.

The blended effective tax rate for these companies increased from 38.3% in H1 2025 to 39.4% in H1 2026, following the implementation of Nigeria’s revised tax regime in January 2026. Champion Breweries experienced the most favorable shift, moving from an effective tax rate of 33.8% to a net tax credit position.

In contrast, International Breweries faced the steepest increase, with its effective tax rate rising from 32.9% to 48.8%. Notably, Nestlé Nigeria paid N61.99 billion in taxes, up 63.9% from N37.82 billion the previous year, with its effective tax rate climbing to 48.9%.