Tinubu’s Reforms Driving Strong Corporate Performance – Presidency

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 it assumed office in 2023.

In a statement, the special adviser to the President on Information and Strategy, Bayo Onanuga, said key policy measures, including the unification of the foreign exchange market, the removal of the fuel subsidy, banking sector recapitalisation and ongoing tax reforms, had created a more stable and predictable business environment that boosted corporate earnings.

According to the Presidency, the unification of the foreign exchange market improved price discovery. It enabled companies with significant foreign currency exposure to reflect the value of their dollar-denominated revenues more accurately in their financial statements.
It noted that export-oriented firms such as Aradel Holdings and Seplat Energy benefitted significantly from the policy, as much of their revenue is linked to international oil prices and earned in foreign currency.

The statement also highlighted the administration’s 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, increased production capacity and removed regulatory uncertainty surrounding two of the largest transactions in Nigeria’s upstream petroleum industry.

According to the Presidency, the transfer of mature onshore assets to indigenous operators strengthened investor confidence, accelerated local participation in the sector and positioned both Aradel and Seplat for stronger revenues and improved earnings.

The statement further credited President Tinubu’s approval of the naira-for-crude policy with supporting domestic refining capacity, noting that the Dangote Refinery has become a net exporter of Premium Motor Spirit (PMS) and aviation fuel.

Manufacturing firms, including Dangote Cement, BUA Cement, and HBM (formerly Lafarge Africa), also benefited from improved access to foreign exchange and a more predictable currency market, the Presidency said.

It explained that greater foreign exchange availability enabled manufacturers to plan production more efficiently, procure imported inputs with greater certainty and strengthen supply chain management, leading to higher production volumes and improved profitability.

The Presidency also linked improved corporate performance to the removal of petrol subsidy, saying the policy strengthened government finances, enhanced revenue mobilisation and created greater fiscal space for infrastructure investment.

It added that tighter monetary policy, improved liquidity conditions, and moderated inflationary pressures had reinforced macroeconomic stability, while banking recapitalisation and tax reforms had strengthened the financial system and improved the overall business climate.

The statement maintained that the combination of these reforms had enhanced market efficiency, increased investor confidence and facilitated more efficient capital allocation across the economy.

It argued that the strong half-year financial results reported by many NGX-listed companies were not isolated developments but evidence that the administration’s structural reforms were translating into measurable improvements in corporate performance, driven by stronger market fundamentals and a more predictable operating environment.