The Presidency has attributed the impressive financial performance recorded by many companies listed on the Nigerian Exchange during the first half of 2026 to the far reaching economic reforms introduced by President Bola Ahmed Tinubu’s administration.
According to a report by the News Agency of Nigeria (NAN), Presidential Spokesperson, Bayo Onanuga, said the reforms have strengthened the business environment, boosted investor confidence and positioned Nigerian companies for sustained growth across key sectors of the economy.
Onanuga identified the unification of the foreign exchange market as one of the administration’s most impactful reforms, noting that the adoption of a single market determined exchange rate has improved transparency, enhanced price discovery and enabled companies with significant foreign currency exposure to accurately reflect the value of their dollar denominated earnings.
He explained that export driven and foreign exchange earning firms, including Aradel Holdings and Seplat Energy, have particularly benefited from the policy, recording stronger financial performance as a result of the more predictable exchange rate system.
The Presidency also highlighted major approvals in the oil and gas sector, including the acquisition of Shell Petroleum Development Company (SPDC) assets by the Renaissance Africa Energy Consortium and Seplat Energy’s purchase of Mobil Producing Nigeria Unlimited (MPNU) assets.
According to Onanuga, these transactions have expanded production capacity, increased reserves, reduced regulatory uncertainty and encouraged greater indigenous participation in Nigeria’s petroleum industry.
He further stated that President Tinubu’s approval for crude oil transactions to be settled in naira has strengthened domestic refining, contributing to the emergence of the Dangote Refinery as a net exporter of Premium Motor Spirit, popularly known as petrol, and aviation fuel.
The Presidency noted that manufacturing and industrial companies have also recorded improved performance due to increased access to foreign exchange and a more stable currency market.
Companies such as Dangote Cement, BUA Cement and HBM, formerly known as Lafarge Africa, were identified among firms benefiting from the improved operating environment, which has eased supply chain challenges and supported higher production output.
Onanuga also linked the positive corporate results to the removal of the petrol subsidy, saying the policy has strengthened government finances, improved revenue generation and created more fiscal space for infrastructure development.
He added that reforms in the financial sector, including tighter monetary management, banking sector recapitalisation and improved liquidity, have provided businesses with greater certainty for long term planning and investment.
The Presidency further noted that ongoing tax reforms aimed at simplifying tax administration and expanding the revenue base have helped reduce structural inefficiencies while improving market efficiency and capital allocation.
According to Onanuga, the significant growth in revenue and earnings before tax reported by several publicly listed companies demonstrates the effectiveness of the administration’s economic reform agenda.
He maintained that the results provide clear evidence that comprehensive structural reforms are translating into stronger corporate performance, increased investor confidence and broader economic growth across Nigeria.
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