In a year marked by monetary turmoil and macroeconomic recalibration, seven of Nigeria’s largest corporations bore the brunt of a historic currency collapse—incurring a staggering N1.794 trillion in foreign exchange losses.

This extraordinary erosion of corporate value follows the naira’s unprecedented depreciation, a direct consequence of the Tinubu administration’s foreign exchange unification policy introduced in June 2023.

The naira, once pegged at N461.5/$1 at the start of 2023, plunged to N1,535/$1 by the close of 2024, reconfiguring the financial landscape for companies with dollar-denominated obligations.

Revaluation of these liabilities in local currency terms inflicted brutal losses on corporate income statements, undermining profitability despite surging revenues.

At the epicenter of this financial reckoning stands MTN Nigeria, which alone accounted for N925.361 billion (2023: N740.434bn) in forex losses—42.65 per cent of the total losses across the seven firms.

The telecoms giant reported N562 billion in realised FX losses and N363 billion in unrealised losses, driving its pre-tax loss up by a staggering 209.4 per cent to N550.325 billion, up from N177.886 billion in 2023. Next in line is Nestlé Nigeria, which posted N290.699 billion in FX losses—a 49 per cent yearon-year surge, up from N195.072 billion in 2023.

The blow was largely unrealised, reflecting the brutal impact of revaluation on the company’s dollar-based liabilities. Nestlé’s pre-tax loss rose by 113 per cent, reaching N221.589 billion up from N104.025 billion in 2023, highlighting the devastating interplay between currency volatility and corporate performance. Dangote Group was not spared.

Across its cement and sugar operations, the conglomerate recorded a combined N458.225 billion in FX losses. While Dangote Cement reported N249.322 billion in such losses, Dangote Sugar Refinery incurred N208.903 billion, driving its pre-tax loss up by a jaw-dropping 149 per cent.

Ironically, the cement division still managed to grow profits by 34 per cent, underscoring the group’s multi-financial fortunes. BUA Group—through its cement and food arms— suffered N265.399 billion in FX-related impairments. BUA Foods alone accounted for N173.293 billion, up 112 per cent year-on-year.

Despite this, it delivered one of the strongest profit margins among peers at 17 per cent, a testament to its cost discipline and market positioning. Nigerian Breweries reported N157.597 billion in FX losses.

Although the company clawed back into profitability in Q4’24, fullyear pre-tax losses widened to N182.419 billion, a 26.08 per cent jump year-on-year. Meanwhile, Cadbury Nigeria saw its FX losses ease by 24.6 per cent, dropping to N28.311 billion, helping pare down its pre-tax loss to N28.326 billion.