Nigeria’s leading listed manufacturers recorded improved cost efficiency in H1 2026, as inflationary pressures softened and exchange rate volatility stabilized. An analysis of 12 major firms in the consumer goods, food, beverage, and cement sectors revealed that their aggregate input-cost ratio fell to 47.07 percent, down from 53.62 percent in H1 2025. Dangote Sugar, BUA Foods, and cement giants Dangote Cement and BUA Cement led these gains, successfully converting more revenue into gross profit. While this trend signals a broader margin recovery, manufacturers continue to face high energy, logistics, and borrowing costs. Furthermore, smaller players like Unilever Nigeria and Champion Breweries faced deterioration in their cost ratios, highlighting the competitive advantage of scale in the current economic environment. Aggregate profit after tax for the surveyed group rose to N1.74 trillion from N1.29 trillion in the previous year.