Nestle Nigeria’s first quarter (Q1) 2015 net income declined by 51% as the consumer goods company struggled with a sluggish consumer spending, insecurity in the North of the country and skyrocketing borrowing cost.

The company’s profit was N2.95bn, compared with N6bn in 2014. Sales also fell by 34.40 percent to N27.55bn, from N33.bn in 2014.