The Presidency has attributed the impressive financial results posted by several companies listed on the Nigerian Exchange, NGX, in the first half of 2026 to the far-reaching economic reforms introduced by President Bola Tinubu’s administration.
The government noted that the policies are creating a more stable and investment-friendly business environment.
A statement issued by the Presidential Spokesperson, Mr. Bayo Onanuga, on Wednesday, said the strong earnings growth recorded across key sectors of the economy reflects the positive impact of reforms implemented since mid-2023, particularly the unification of the foreign exchange market, removal of fuel subsidy, banking sector recapitalisation, and ongoing fiscal and tax reforms.
According to the statement, the administration’s decision to establish a single, market-determined exchange rate has improved transparency and price discovery in the foreign exchange market, enabling companies with significant foreign currency exposure to accurately reflect the value of their earnings and strengthen financial reporting.
Onanuga noted that export-oriented firms and major foreign exchange earners such as Aradel Holdings and Seplat Energy have particularly benefited from the reforms, as a substantial portion of their revenues is linked to international oil prices and denominated in foreign currencies.
The Presidency said the improved policy environment has enhanced the companies’ revenue outlook and strengthened investor confidence.
It further highlighted President Tinubu’s approval of major upstream oil and gas transactions, including the acquisition of Shell Petroleum Development Company assets by the Renaissance Africa Energy consortium, of which Aradel Holdings is a member, and Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited assets.
According to the Presidency, the approvals removed regulatory uncertainties surrounding two of the largest transactions in Nigeria’s petroleum industry and significantly expanded the reserve base, production capacity and long-term growth prospects of the companies involved.
The move also accelerated indigenous participation in the sector while boosting confidence among local and foreign investors.
The statement added that the administration’s policy of allowing crude oil transactions in naira has strengthened local refining operations, with the Dangote Refinery emerging as a net exporter of Premium Motor Spirit, PMS, and aviation fuel.
The policy, it said, has contributed to increased domestic value addition and reduced dependence on imported refined petroleum products.
Manufacturing and industrial firms were also identified as major beneficiaries of the economic reforms.
Companies such as Dangote Cement, BUA Cement and HBM, formerly Lafarge Africa, were said to have gained from improved access to foreign exchange and greater predictability in the currency market, enabling more efficient procurement, production planning and capital allocation.
The Presidency noted that the removal of fuel subsidy has improved government finances, creating greater fiscal space for infrastructure development and enhancing macroeconomic stability.
It added that tighter monetary management, improving liquidity conditions and moderating inflationary pressures have further strengthened business confidence and encouraged long-term investment decisions.
The statement also pointed to ongoing banking recapitalisation and tax reform initiatives as key factors improving the business climate by strengthening access to corporate financing and reducing structural inefficiencies in the economy.
According to the Presidency, the strong revenue growth and higher earnings before tax reported by many NGX-listed companies demonstrate how comprehensive structural reforms can translate into measurable improvements in corporate performance, market efficiency and economic competitiveness.
It maintained that the results underscore the growing impact of the administration’s reform agenda on Nigeria’s private sector and broader economic outlook.
