Suara Sherif
Eight of Nigeria’s largest listed consumer goods companies paid a combined N190.66 billion in income tax in the first half of 2026, a 53 percent increase year on year as higher rates under the new tax regime weighed on the sector.
The tax bill outpaced pre-tax profit growth of 48.8 percent, pushing the group’s blended effective tax rate up from 38.3 percent in H1 2025 to 39.4 percent in H1 2026.
The companies analysed are Nestlé Nigeria, NASCON Allied Industries, Nigerian Breweries, Cadbury Nigeria, International Breweries, Dangote Sugar Refinery, Guinness Nigeria and Champion Breweries.
The figures cover the first full half year under Nigeria’s revised tax regime, which took effect in January 2026.
Among the eight, Champion Breweries recorded the sharpest shift, moving from an effective tax rate of 33.8 percent in H1 2025 to a net tax credit position in H1 2026.
Dangote Sugar Refinery followed, swinging from a loss to an effective tax rate of 5.9 percent.
Cadbury Nigeria held steady at 30 percent, while NASCON and Guinness Nigeria posted modest increases of 1.0 and 3.3 percentage points respectively.
The data highlights a growing tax burden on consumer goods firms as they navigate the new fiscal landscape amid broader economic pressures
