In 2025, will Nigeria’s foreign multinationals be booming, bursting or saying goodbye?

Foreign-owned companies in Nigeria are facing some pretty big challenges as debt and FX losses continue to eat into their margins. Pre-tax losses have surged by as much as 381 per cent year-on-year (YoY) at FMCGs like Nestlé Nigeria, despite growing revenues. Guinness Nigeria, now owned by Tolaram Group, is in a new era, and telecom giants like MTN and Airtel are trying to reduce their FX exposure and consumer pressure.