Tinubu Reforms Drive Surge in Corporate Revenues, Says IMPI
Nigeria’s real sector is witnessing a significant rebound in revenue and profitability, a development attributed to the economic reforms introduced by President Bola Tinubu’s administration, according to the Independent Media and Policy Initiative (IMPI).
In a policy brief released by its Chairman, Dr. Omoniyi Akinsiju, the think tank stated that companies in the productive sector have begun to adjust positively to the new economic environment, recording stronger financial performances and higher annual returns.
IMPI criticized opposition narratives that portray the reforms as ineffective, arguing that such claims lack empirical support and are driven by sentiment rather than data. The group maintained that while challenges are inevitable in any reform process, the current policies have already achieved a key objective—revitalizing the real sector of the economy.
According to the report, improved performance among private companies signals broader economic gains, including potential growth in GDP, job creation, poverty reduction, and increased wealth generation.
The think tank emphasized that its conclusions are based on “market reality,” reflecting actual business conditions and performance indicators rather than pre-reform subsidy-driven conditions that previously shaped the economy.
Citing verifiable data, IMPI highlighted the turnaround of several major companies listed on the Nigerian Stock Exchange, as well as growth in informal sector enterprises.
Among the top performers, Guinness Nigeria Plc reported a profit after tax of N41 billion in its audited 18-month results ending December 31, 2025, marking its first return to profitability since 2023.
MTN Nigeria Communications Plc posted a profit before tax of N1.7 trillion in 2025, a sharp recovery from a N550.3 billion loss recorded in 2024. Airtel Africa Plc also returned to profit, reporting $328 million after tax, reversing a $89 million loss the previous year.
In the manufacturing sector, Nigerian Breweries recorded a 68.9 percent increase in revenue to N383.6 billion, while International Breweries Plc posted a pre-tax profit of N88.9 billion, recovering from a loss position in 2024.
Dangote Cement reported revenue growth of over 20 percent to N4.31 trillion, while Seplat Energy saw revenue surge by 150.4 percent to N4.14 trillion. Unilever Nigeria Plc also recorded strong gains, with gross profit rising 62 percent to N90 billion and net profit doubling to N32 billion.
IMPI concluded that these performance indicators reflect a broader recovery in Nigeria’s real sector, suggesting that the Tinubu administration’s reforms are beginning to yield measurable economic benefits.
