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Nigerian (NSE) Food Industry Analysis

UpdatedMay 26, 2026
DataAggregated Company Financials
Companies15
  • 7D-0.5%
  • 3M18.9%
  • 1Y125.6%
  • YTD31.7%

Over the last 7 days, the Food industry has remained flat, although notably Zichis Agro Allied Industries gained 5.3%. As for the the longer term, the industry is up 126% over the past 12 months. Looking forward, earnings are forecast to grow by 29% annually.

Industry Valuation and Performance

Has the Nigerian Food Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 26 May 2026₦26.8t₦5.5t₦879.4b21.8x30.5x4.9x
Thu, 23 Apr 2026₦20.9t₦4.2t₦708.2b20.7x29.5x5x
Sat, 21 Mar 2026₦20.0t₦4.2t₦696.6b17.2x28.7x4.7x
Mon, 16 Feb 2026₦19.9t₦4.2t₦739.8b18x26.9x4.7x
Wed, 14 Jan 2026₦19.1t₦4.2t₦708.7b30.3x26.9x4.5x
Fri, 12 Dec 2025₦16.5t₦4.2t₦708.7b13.8x23.3x3.9x
Sun, 09 Nov 2025₦16.5t₦4.2t₦709.8b14.7x23.3x3.9x
Tue, 07 Oct 2025₦15.5t₦4.0t₦570.9b14.5x27.1x3.8x
Thu, 04 Sep 2025₦14.6t₦4.0t₦570.9b14.5x25.6x3.6x
Sat, 02 Aug 2025₦13.0t₦4.0t₦567.1b14.9x22.9x3.2x
Mon, 30 Jun 2025₦11.3t₦3.7t₦376.9b12.8x30.1x3x
Wed, 28 May 2025₦10.5t₦3.7t₦372.4b12.7x28.1x2.8x
Fri, 25 Apr 2025₦9.7t₦3.4t₦210.2b11.7x46.3x2.8x
Sun, 23 Mar 2025₦9.6t₦3.3t₦257.9b12.1x37.4x3x
Tue, 18 Feb 2025₦8.4t₦2.6t₦446.8b10.3x18.8x3.3x
Thu, 16 Jan 2025₦8.8t₦2.2t₦322.6b12x27.1x4x
Sat, 14 Dec 2024₦8.5t₦5.2t₦351.1b8.2x24.1x1.6x
Mon, 11 Nov 2024₦8.4t₦5.2t₦351.0b9.2x23.9x1.6x
Wed, 09 Oct 2024₦8.4t₦4.5t₦269.7b13.9x31.2x1.9x
Fri, 06 Sep 2024₦8.4t₦4.5t₦269.6b9.5x31.1x1.9x
Sun, 04 Aug 2024₦7.9t₦4.5t₦262.4b10.2x30.3x1.8x
Tue, 02 Jul 2024₦7.9t₦3.9t₦200.6b14.1x39.2x2x
Thu, 30 May 2024₦7.7t₦3.7t₦219.4b9.5x35.2x2.1x
Sat, 27 Apr 2024₦8.2t₦3.7t₦122.2b10.7x67.3x2.2x
Mon, 25 Mar 2024₦8.4t₦3.7t₦131.6b11x63.8x2.3x
Wed, 21 Feb 2024₦8.1t₦3.7t₦207.4b15.4x39.2x2.2x
Fri, 19 Jan 2024₦6.3t₦3.4t₦203.6b15x30.7x1.8x
Sun, 17 Dec 2023₦5.1t₦3.4t₦203.6b11.5x24.9x1.5x
Tue, 14 Nov 2023₦5.2t₦3.4t₦203.6b11.6x25.5x1.5x
Thu, 12 Oct 2023₦5.1t₦3.2t₦215.2b16.1x23.9x1.6x
Sat, 09 Sep 2023₦4.9t₦3.2t₦215.2b15.8x22.8x1.6x
Mon, 07 Aug 2023₦3.6t₦3.0t₦261.4b12.1x13.9x1.2x
Wed, 05 Jul 2023₦4.4t₦3.4t₦266.0b13x16.7x1.3x
Fri, 02 Jun 2023₦4.2t₦3.4t₦266.0b11.9x15.8x1.3x
Price to Earnings Ratio

15.8x


Total Market Cap: ₦4.2tTotal Earnings: ₦266.0bTotal Revenue: ₦3.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Food Industry Price to Earnings3Y Average 30.5x202420252026
Current Industry PE
  • Investors are relatively neutral on the Nigerian Food industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 30.5x.
  • The 3-year average PS ratio of 2.7x is lower than the industry's current PS ratio of 4.9x.
Past Earnings Growth
  • The earnings for companies in the Food industry have grown 49% per year over the last three years.
  • Revenues for these companies have grown 18% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Nigerian Consumer Staples industry?

NG Market-0.56%
Consumer Staples-0.90%
Food-0.54%
Agricultural Products-0.019%
Packaged Foods and Meats-0.64%
Industry PE
  • Investors are most optimistic about the Packaged Foods and Meats industry even though it's trading below its 3-year average PE ratio of 39.4x.
    • Analysts are expecting annual earnings growth of 28.9%, which is lower than the prior year's growth of 66.1% per year.
  • Investors are most pessimistic about the Agricultural Products industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 11.9x.
Forecasted Growth
  • Analysts are most optimistic on the Packaged Foods and Meats industry, expecting annual earnings growth of 29% over the next 5 years.
  • However this is lower than its past earnings growth rate of 66% per year.
  • In contrast, the Packaged Foods and Meats industry is expected to see its earnings grow by 29% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ZICHIS Zichis Agro Allied Industries₦29.852.5%
+₦864.0m		n/an/a
MCNICHOLS McNichols₦7.909.0%
+₦725.9m		257.5%PE20.8x

Latest News

ZICHIS
₦29.85
Zichis Agro Allied Industries
7D
2.5%
1Y
n/a
Narrative Update • May 21

Zichis Agro-Allied Industries Plc Delivers Exceptional Q1 2026 Earnings Growth Driven by Strong Agricultural Output and Margin Expansion

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Zichis Agro-Allied Industries Plc delivered a very strong financial performance for the three months ended 31 March 2026, driven by significant revenue expansion across all major agricultural segments including poultry, eggs, palm oil, and feed production. Revenue surged by 256% YoY to ₦420.0 million , reflecting increased production capacity and stronger demand across core agro-allied products.
CADBURY
₦69.00
Cadbury Nigeria
7D
-2.7%
1Y
80.6%
UACN
₦183.00
UAC of Nigeria
7D
-8.5%
1Y
457.9%
FTNCOCOA
₦9.00
FTN Cocoa Processors
7D
-8.1%
1Y
296.5%
LIVESTOCK
₦9.40
Livestock Feeds
7D
-8.7%
1Y
11.9%
DANGSUGAR
₦78.30
Dangote Sugar Refinery
7D
-10.0%
1Y
106.1%
ELLAHLAKES
₦10.00
Ellah Lakes
7D
-9.1%
1Y
189.9%
Narrative Update • May 07

Ellah Lakes Plc – Transition to Execution Phase & Palm Oil Value Chain Expansion

Author: Qudus Adebara Scaling Production, Deepening Processing & Unlocking Agribusiness Value Strategic Update Overview Ellah Lakes Plc has announced its transition into an execution-driven phase , signalling a shift from investment and development to large-scale production, processing, and value chain integration. The update was delivered at the company’s 2026 Annual General Meeting (AGM) in Lagos, where management emphasized that prior investments are now beginning to translate into measurable operational outcomes and value creation.
MCNICHOLS
₦7.90
McNichols
7D
9.0%
1Y
257.5%
NASCON
₦208.00
Nascon Allied Industries
7D
-1.0%
1Y
262.4%
Narrative Update • May 06

Nascon Allied Industries Plc Delivers Exceptional FY 2025 Earnings Growth Driven by Strong Revenue Expansion and Finance Income Surge

Analyst: Qudus Adebara (Research Analyst) Executive Summary Nascon Allied Industries Plc delivered an outstanding FY 2025 performance, underpinned by strong revenue growth across its Salt and Seasoning segments, improved operating efficiency, and a significant increase in finance income. Revenue increased by 26.8% YoY to ₦152.69 billion , driven primarily by strong performance in the Salt segment.
HONYFLOUR
₦18.20
Honeywell Flour Mills
7D
-2.2%
1Y
-4.7%