Nestlé Nigeria’s 75% revenue growth in 2024 is its highest in a decade

Key takeaways

  • Nestlé Nigeria’s revenue grew by 75.3% in 2024, its highest growth rate since 2014.
  • Revenue jumped from ₦547.1 billion in 2023 to ₦958.8 billion in 2024, a ₦411.7 billion increase.
  • The 2024 growth rate is over three times the 22.5% growth recorded in 2023.
  • The company has grown revenue for ten straight years without decline.
  • Between 2014 and 2024, revenue increased by an average of 22.4% on a year-on-year basis.

Nestlé Nigeria recorded its strongest revenue growth in a decade, with a 75.3% increase in 2024. Revenue jumped by ₦411.7 billion naira, more than tripling the growth rate of 2023. Despite occasional slowdowns, the company has achieved consistent year-on-year revenue growth for ten years, expanding by over 570% since 2014.

However, this revenue surge contrasts with Nestlé Nigeria’s recent heavy losses, highlighting potential challenges in cost management and economic pressures affecting profitability.

Source:

Nestlé Nigeria’s annual reports

Period:

2014-2024
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Key Takeaways:
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