The Presidency has attributed the strong financial performance recorded by Nigeria’s leading publicly listed companies in the first half of 2026 to the economic reforms introduced by President Bola Ahmed Tinubu, saying the policies have strengthened investor confidence, improved market efficiency and created a more stable business environment.
In a statement issued on Wednesday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said reforms including the unification of the foreign exchange market, removal of petrol subsidy, the naira-for-crude policy, banking recapitalisation and tax reforms were responsible for the improved earnings posted by many companies listed on the Nigerian Exchange (NGX).
According to the Presidency, the unification of the foreign exchange market created a single, market-determined exchange rate that improved price discovery and allowed companies with significant foreign currency exposure to accurately reflect the value of their earnings.
“By establishing a single, market-determined exchange rate, the reform improved price discovery and enabled companies with substantial foreign currency exposure to more accurately reflect the value of their dollar-denominated revenues in their financial statements,” the statement said.
It noted that export-oriented firms such as Aradel Holdings and Seplat Energy were among the biggest beneficiaries because their revenues are largely earned in foreign currency.
The Presidency also linked the improved outlook in the oil and gas sector to President Tinubu’s approval of major upstream transactions, including Renaissance Africa Energy Consortium’s acquisition of Shell Petroleum Development Company assets and Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited’s assets.
“These strategic approvals significantly expanded the reserve base, production capacity and long-term growth prospects of both companies while removing regulatory uncertainty surrounding two of the largest transactions in Nigeria’s upstream oil and gas industry,” the statement added.
According to the Presidency, the approvals strengthened investor confidence and accelerated indigenous participation in the petroleum sector.
“By facilitating the transfer of mature onshore assets to well-capitalised indigenous operators, the administration strengthened investor confidence, accelerated domestic participation in the petroleum sector and positioned both Aradel and Seplat to capture higher production volumes, stronger revenues and improved earnings before tax.”
The statement further credited President Tinubu’s approval of naira payments for crude oil with boosting domestic refining capacity.
“President Tinubu’s approval of Naira payment for crude… has also supported local refining capacity, such that Dangote Refinery has become a net exporter of PMS and Aviation fuel.”
Manufacturing companies, including Dangote Cement, BUA Cement and HBM Nigeria, also benefited from improved access to foreign exchange, which the Presidency said reduced production bottlenecks and improved supply chain planning.
The Presidency said the removal of petrol subsidy had strengthened public finances, increased fiscal capacity for infrastructure investment and reinforced macroeconomic stability.
“The resulting improvement in public finances has increased fiscal capacity for infrastructure investment, enhanced revenue mobilisation and reinforced broader macroeconomic stability.”
It added that tighter monetary management, banking recapitalisation and ongoing tax reforms had created a more stable investment climate.
“Greater exchange rate stability, moderating inflationary pressures and improving liquidity conditions have enhanced business confidence, allowing companies to make longer-term investment decisions with greater certainty.”
The statement noted that the country’s 10 largest listed companies posted a combined revenue of ₦14.4 trillion in the first half of 2026, representing a 36 per cent increase over the ₦10.59 trillion recorded in the corresponding period of 2025.
Combined profit before tax also rose by 66.7 per cent to ₦4.99 trillion, compared to ₦2.99 trillion in the first half of 2025.
Among the strongest performers were MTN Nigeria, which reported ₦2.99 trillion in revenue and ₦1.09 trillion in profit before tax; Dangote Cement with ₦2.51 trillion in revenue and ₦981 billion in profit before tax; Seplat Energy with ₦2.5 trillion in revenue; and Aradel Holdings, whose revenue surged by 576.9 per cent to ₦2.49 trillion.
The Presidency maintained that the improved financial performance reflected the cumulative impact of structural reforms rather than isolated corporate successes.
“Taken together, these reforms have enhanced the operating environment for capital-intensive and export-oriented firms by improving market efficiency, strengthening macroeconomic stability, increasing investor confidence and facilitating more efficient capital allocation.”
It concluded that the financial results underscored the broader impact of the administration’s economic agenda.
“Rather than reflecting isolated firm-level developments, these results illustrate how comprehensive structural reforms can translate into measurable improvements in corporate financial performance through stronger market fundamentals and a more predictable business environment,” the statement said.