Nigeria's Top Firms Face Rising Customer Debts Amid Sales Growth

In the first half of 2026, Nigeria's largest listed companies experienced a significant increase in sales and profits, yet their customer debts rose at a faster rate, raising concerns about cash flow and working capital. An analysis of 18 companies within the NGX 30 revealed that their combined trade receivables surged by 80.3% to N4.83 trillion from N2.68 trillion in H1 2025, while their combined revenue increased by 31.1% from approximately N11.93 trillion to N15.63 trillion.

Notably, Aradel Holdings contributed significantly to this increase, with trade receivables soaring from N41.64 billion to N2.51 trillion, a rise of over 5,900%. Other companies, including MTN Nigeria and BUA Foods, also reported substantial increases in receivables, with MTN's rising 37.7% to N369.52 billion.

The Central Bank of Nigeria maintained a high Monetary Policy Rate of 26.5% in July 2026, indicating a restrictive monetary environment that could impact cash flow for businesses.