Twelve Companies' Costs Surge to N10.14 Trillion in H1 2026

In the first half of 2026, twelve companies listed on the Nigeria Exchange Limited (NGX) experienced a 16.9% increase in cost of sales and operating expenses (OPEX), totaling N10.14 trillion, compared to N8.67 trillion in the same period of 2025. The cost of sales reached N7.67 trillion, a 16.96% increase from N6.6 trillion in H1 2025, while OPEX rose to N2.47 trillion from N2.2 trillion.

This growth outpaced the June 2026 inflation rate of 15.91% reported by the National Bureau of Statistics. Despite a stronger naira, which closed at N1,380 against the dollar at the end of H1 2026, the companies faced increased costs due to inflation, high power costs, and global supply chain strains from geopolitical conflicts.

Oando Plc reported the highest costs, with N1.96 trillion in sales and a loss before tax of N32.84 billion. Seplat Energy and Dangote Cement also reported significant figures, with Seplat's sales at N1.38 trillion and Dangote's at N924.31 billion, reflecting ongoing economic pressures.