This picture taken on January 29, 2016 in Lagos shows 1000 naira banknotes, Nigeria's currency. - Nigeria's central bank governor, Godwin Emefiele, on January 26 dismissed calls to devalue the naira in his monetary policy committee statement. Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions. As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can't access dollars required for imports. (Photo by PIUS UTOMI EKPEI / AFP) (Photo by PIUS UTOMI EKPEI/AFP via Getty Images)
By David Akinmola
Nigeria’s bold economic reforms have breathed new life into its long-overlooked conglomerate sector, as listed industrial giants record staggering stock gains—some rising by over 500 per cent in just two years.
Market analysts say the rally underscores how sweeping government reforms since 2023 particularly the unification of exchange rates, removal of fuel subsidies, tighter monetary policy, and incentives for private-sector growth—have rekindled investor confidence and unlocked value in previously stagnant stocks.
Once viewed as laggards weighed down by infrastructure gaps and foreign exchange constraints, conglomerates such as UAC of Nigeria Plc, Unilever Nigeria Plc, SCOA Nigeria Plc, and John Holt Plc have turned into unexpected market stars.
UAC of Nigeria Plc stands out as a clear winner. Its share price has surged from ₦10.60 in 2023 to ₦72.70 as of October 10, 2025 a remarkable 586 per cent increase.
The company’s profit before tax more than doubled to ₦25.83 billion in 2024, signaling a strong turnaround anchored on operational restructuring and improved cost efficiency.
Unilever Nigeria Plc has followed a similar trajectory, rising from ₦14.50 in 2023 to ₦74 in 2025 a 410 per cent leap. The consumer goods maker, which once battled foreign exchange revaluation losses, posted ₦98.1 billion in turnover in the first half of 2025, up 54 per cent from the same period in 2024. Operating profit also jumped 444 per cent to ₦18.8 billion, reflecting the company’s renewed profitability under a more stable macroeconomic regime.
Smaller players like SCOA Nigeria Plc have also benefitted from the reform wave. Its share price climbed from ₦1.40 in 2023 to ₦6.59, a gain of about 370 per cent, while John Holt Plc saw a similarly dramatic rise — from ₦1.72 to ₦7.20 representing a 318 per cent increase.
These gains mark a striking reversal of fortunes for a sector once plagued by high import costs, poor infrastructure, and weak consumer demand. Between 2019 and 2022, many conglomerates struggled to stay afloat as inflation, currency volatility, and energy challenges eroded margins.
The tide began to shift in 2023 when the Federal Government embarked on bold market-oriented reforms aimed at restoring macroeconomic balance. The foreign exchange unification, in particular, is credited with improving transparency and drawing back foreign investors who had retreated during the years of multiple exchange rate windows.
According to independent investor, Amaechi Egbo, the re-rating of industrial and diversified companies is far from over. “The policy reforms have fundamentally reset investor sentiment. As inflation eases and corporate earnings stabilize, we’ll continue to see capital flow into sectors that were previously undervalued,” he said.
Beyond stock performance, experts say the resurgence of conglomerates signals a deeper structural recovery — one that could reposition Nigeria’s industrial sector as a vital engine for long-term economic growth.“These gains show that policy consistency and reform credibility can unlock hidden value,” one market analyst remarked. “The market is simply rewarding resilience and adaptability.”
With improved earnings, stable macroeconomic policies, and returning investor confidence, Nigeria’s conglomerates appear to have turned a decisive corner from stagnation to resurgence proving that reform-driven markets can indeed reward patience and strategic vision.
