Nigeria’s quest to boost food security and reduce rising cost of staple commodities has come into sharper focus as four agriculture-focused companies listed on the Nigerian Exchange (NGX) released their nine-month financial results, revealing a blend of revenue growth, widened losses in some cases, and strengthened profitability in others.
The performance of these firms comes as the Federal Government intensifies interventions aimed at expanding food production, lowering food prices, and addressing supply chain disruptions. Despite these efforts, food inflation remains elevated.
According to the latest figures from the National Bureau of Statistics (NBS), food inflation moderated slightly to 29.85 per cent in October 2025, down from 31.52 per cent in September, but remains one of the major drivers of Nigeria’s overall inflation and a key pressure point for households. FTN Cocoa Processors Plc recorded one of the most dramatic revenue rebounds in the sector.
Its turnover rose to N2.19 billion for the nine months ended September 2025, compared to N637.51 million in the same period of 2024, representing a 243 per cent increase.
However, the company remained in the red, posting a loss before tax of N693.29 million, albeit a major improvement from the N12.58 billion loss recorded the previous year. Total assets stood at N21.56 billion, slightly higher than December 2024 levels, though equity fell into negative territory at N108.32 million, underscoring persistent operational challenges in Nigeria’s cocoa processing value chain.
Presco Plc delivered the strongest performance among the agric counters, with revenue surging to N274.50 billion, up from N128.57 billion reported in 2024. Profit before tax climbed to N139.65 billion, while profit after tax doubled to N110.79 billion, reflecting sustained demand for palm oil and allied products.
The company’s performance reinforces the critical role of large-scale oil palm producers in reducing Nigeria’s dependence on imports—a major objective of federal food security programmes such as the dry season farming initiative and expansion of credit to agro-processors. Ellah Lakes Plc reported a sharp rise in revenue to N67.10 million from N780,000 in 2024, signalling a resumption of activity. However, the firm posted a deeper loss before tax of N1.60 billion, compared to N893.94 million previously.
Total assets rose to N31.05 billion, reflecting ongoing investments, though losses highlight the long gestation and capital-intensive nature of primary agriculture.
Okomu Oil Palm Plc also recorded robust growth, with revenue rising to N173.95 billion in nine months, up from N103.95 billion in 2024. Profit after tax increased significantly to N60.33 billion, from N28.34 billion, cementing its position as one of the sector’s top performers.
