The Presidency has attributed the strong financial performance recorded by many companies listed on the Nigerian Exchange in the first half of 2026 to key economic reforms implemented by President Bola Ahmed Tinubu’s administration since mid-2023.
In a statement, Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the results reflect how comprehensive structural reforms are translating into measurable improvements in corporate financial performance.
Onanuga identified the unification of the foreign exchange market as one of the most significant reforms.
By establishing a single, market-determined exchange rate, he said the policy improved price discovery and enabled companies with substantial foreign currency exposure to more accurately reflect the value of their dollar-denominated revenues.
“This has been particularly beneficial for export-oriented and foreign exchange-earning businesses such as Aradel Holdings and Seplat Energy, whose revenues are largely linked to international oil prices and settled in foreign currency,” the statement noted.
Manufacturing and industrial firms including Dangote Cement, BUA Cement, and HBM, formerly Lafarge Africa, have also benefited from improved access to FX and a more predictable currency market.
According to the Presidency, the unified rate has helped them plan production, procure imported inputs more efficiently, and reduce operational bottlenecks, leading to stronger revenue growth and improved profitability.
The administration’s commitment to investor confidence in energy was also highlighted through timely approvals of major upstream transactions.
Notable among them are the Renaissance Africa Energy consortium’s acquisition of Shell Petroleum Development Company, SPDC, assets, with Aradel Holdings as a member, and Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited, MPNU, assets.
Onanuga said the approvals expanded reserve base, production capacity, and long-term growth prospects for both companies, while removing regulatory uncertainty around two of the largest transactions in Nigeria’s upstream 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,” he stated.
The President’s approval of Naira payment for crude was also cited as a key support for local refining. The policy, Onanuga said, has helped Dangote Refinery become a net exporter of PMS and aviation fuel, a model already adopted by some other African countries.
Complementing the FX reforms, the removal of petrol subsidy has strengthened government fiscal position. The Presidency said this has increased capacity for infrastructure investment, enhanced revenue mobilisation, and reinforced macroeconomic stability.
Tighter monetary management and financial sector reforms have contributed to greater exchange rate stability, moderating inflation, and improved liquidity, allowing companies to make long-term investment decisions with more certainty.
The ongoing banking sector recapitalisation has also strengthened capacity to support large-scale corporate financing, while tax reforms aimed at simplifying administration and broadening the revenue base have reduced structural inefficiencies.
“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,” Onanuga said.
He added that the 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.