Tinubu’s Reforms Driving Strong Corporate Earnings, Presidency Says

The Presidency has attributed the strong financial performance of many companies listed on the Nigerian Exchange (NGX) in the first half of 2026 to the economic reforms introduced by President Bola Tinubu’s administration since assuming office in 2023.

In a statement issued on Wednesday, the President’s Special Adviser on Information and Strategy, Bayo Onanuga, said key policy measures, including the unification of the foreign exchange market, fuel subsidy removal, banking sector recapitalisation and tax reforms, had created a more stable and predictable business environment that boosted corporate profitability.

According to the Presidency, the adoption of a single, market-determined exchange rate improved price discovery and enabled companies with significant foreign currency earnings to accurately reflect the value of their dollar-denominated revenues.

The statement noted that export-oriented firms such as Aradel Holdings and Seplat Energy were among the major beneficiaries, as their revenues are largely tied to international oil prices and earned in foreign currencies.

The Presidency also highlighted the approval of major upstream oil and gas transactions, including the Renaissance Africa Energy consortium’s acquisition of Shell Petroleum Development Company (SPDC) assets and Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited (MPNU) assets.

It said the approvals expanded the reserve base and production capacity of both firms, eliminated regulatory uncertainty and strengthened investor confidence in Nigeria’s energy sector by promoting indigenous participation.

The statement further credited President Tinubu’s approval of naira payments for crude oil with strengthening local refining capacity, noting that the Dangote Refinery had emerged as a net exporter of Premium Motor Spirit (PMS) and aviation fuel.

Manufacturing companies, including Dangote Cement, BUA Cement and HBM (formerly Lafarge Africa), were also said to have benefited from improved access to foreign exchange, enabling more efficient procurement of imported inputs, better production planning and stronger revenue growth.

The Presidency maintained that the removal of petrol subsidy had improved the government’s fiscal position, increased resources for infrastructure development, enhanced revenue mobilisation and reinforced macroeconomic stability, creating a more favourable environment for large-scale investments.

It added that tighter monetary policies, exchange rate stability, moderating inflation, improved liquidity, banking sector recapitalisation and ongoing tax reforms had collectively strengthened business confidence and enhanced access to long-term financing.

Onanuga said the combined impact of the reforms had improved operational efficiency, financial transparency and investment planning, providing a clear explanation for the significant increases in revenue and earnings before tax recorded by many NGX-listed companies.

He added that the strong corporate results reflected the success of the administration’s structural reforms in improving market efficiency, strengthening macroeconomic stability and fostering a more predictable environment for business growth.