Tinubu Reforms Have Driven Companies’ Revenue Gains – Think-tank

The Independent Media and Policy Initiative (IMPI), a policy group, has stated that reform policies under the Tinubu administration have led to higher revenue in Nigeria’s real sector.

In a policy brief by its chairman, Dr Omoniyi Akinsiju, IMPI noted that companies in the productive sector have reported higher annual returns amid the new policy environment.

The brief addressed public debate on the reforms, stating: “We have followed the political opposition’s comments on the economic reforms implemented by the President Bola Ahmed Tinubu-led federal administration.

“From our standpoint, the opposition’s views on the reforms lack empirical support and rely on generalisations.

“Our review of economic data since 2023 shows changes in the real sector. While reforms involve implementation challenges, Tinubu’s policies have affected revenue and profitability in privately managed companies.

“This is based on market conditions, including consumer behaviour, competitor actions, and economic factors, compared to pre-2023 subsidy conditions.

“Our assessment uses data from quoted companies on the Nigerian Stock Exchange and informal sector enterprises.”

IMPI provided examples of 2025 financial results for publicly quoted companies.

Guinness Nigeria Plc reported a profit after tax of N41 billion in its audited 18-month results ending December 31, 2025, after losses since 2023.

MTN Nigeria Communications Plc recorded a profit before tax of N1.7 trillion in 2025, compared to a N550.3 billion loss in 2024.

Airtel Africa Plc reported a profit after tax of $328 million, reversing a $89 million loss in 2024.

Nigerian Breweries reported revenue of N383.6 billion in 2025, up 68.9 per cent from N222.17 billion in 2024.

International Breweries Plc reported a pre-tax profit of N88.9 billion in 2025, compared to a N111.8 billion loss in 2024.

Dangote Cement reported revenue of N4.31 trillion, up 20.28 per cent from N3.58 trillion in 2024.

Seplat Energy reported revenue of N4.14 trillion in 2025, up 150.4 per cent from N1.65 trillion in 2024.

Unilever Nigeria Plc reported gross profit of N90 billion, up 62 per cent, and net profit of N32 billion, up from N15 billion in 2024.