Financial disclosures across top listed companies revealed that trade receivables surged to ₦4.83 trillion in H1 2026, tying up 31% of short-term assets despite a 44% overall growth in net corporate profits. The surge in receivables is a concern for the corporate sector.
The rise in trade receivables suggests companies are struggling to collect payments from customers. The tied-up capital is a drag on corporate liquidity. The surge in receivables signals a challenging business environment, despite profit growth.
This echoes the 2015-2016 cash crunch, which also saw a surge in receivables and a liquidity squeeze. The mechanism then was different, but the result was the same: a corporate sector struggling with cash flow.
The winners: companies that can collect payments quickly, and the Nigerian government, which benefits from a vibrant corporate sector. The losers: companies that are struggling with receivables, and the Nigerian economy, which suffers from reduced liquidity.
Bottom Line: Trade receivables are up 44%. Cash is tied up. The question is whether companies can collect their payments, or the problem will worsen.