Linking Revenue Growth with Investor Returns in Nigeria’s Consumer Goods Companies

Obianuju Precious Chekwube-Aziekwe; Joseph Amedu; PhD.; Gilbert Ogechukwu Nworie

doi:10.56201/ijefm.v11.no4.2026.pg228.241

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Linking Revenue Growth with Investor Returns in Nigeria’s Consumer Goods Companies

Obianuju Precious Chekwube-Aziekwe, Joseph Amedu, PhD., Gilbert Ogechukwu Nworie

Abstract

This study examined the nexus between revenue growth and investor returns among listed consumer goods companies in Nigeria. An ex-post facto research design was adopted, and the population consisted of 20 consumer goods firms listed on the Nigerian Exchange Group as at 31 December 2024, from which 15 firms were selected using purposive sampling. Secondary data were collected from the audited annual reports of the selected firms covering the period 2015 to 2024. The hypotheses were tested using panel regression analysis under a random effects model, with heteroskedasticity corrected using White cross section standard errors. The findings revealed that revenue growth had a significant positive effect on investor returns (β = 0.707578, p-value = 0.0000), leading to the conclusion that firms should strengthen revenue expansion strategies to enhance shareholder value. Thus, management of listed consumer goods companies in Nigeria should strengthen strategies that support steady and sustained revenue expansion through improved market penetration, product innovation, and efficient distribution systems, since consistent sales growth has been shown to align with stronger investor returns.

Keywords

Revenue GrowthInvestor ReturnsNigeria’s Consumer Goods Companies

References

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Linking Revenue Growth with Investor Returns in Nigeria’s Consumer Goods Companies

Abstract

Keywords

References

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