The Presidency has attributed the strong financial performance posted by many companies listed on the Nigerian Exchange (NGX) in the first half of 2026 to the economic reforms introduced by President Bola Ahmed Tinubu’s administration since assuming office in 2023.
In a statement issued on Wednesday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the administration’s key policy reforms have created a more stable and predictable business environment, enabling companies across critical sectors of the economy to record significant growth in revenue and profitability.
According to the statement, the unification of Nigeria’s foreign exchange market remains one of the administration’s most impactful reforms. By adopting a single, market-driven exchange rate, the government improved price discovery and allowed companies with substantial foreign currency exposure to accurately reflect the value of their dollar-denominated earnings in their financial statements.
The Presidency noted that export-oriented firms and foreign exchange earners, including Aradel Holdings and Seplat Energy, have particularly benefited from the policy, as their revenues are largely tied to international oil prices and settled in foreign currencies.
It also highlighted the administration’s support for the oil and gas sector through the approval of major upstream transactions. Among these were the Renaissance Africa Energy consortium’s acquisition of Shell Petroleum Development Company (SPDC) assets, in which Aradel Holdings is a consortium member, and Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited (MPNU) assets.
According to the statement, the approvals significantly expanded the reserve base and production capacity of both companies while eliminating regulatory uncertainty surrounding two of the largest transactions in Nigeria’s upstream petroleum industry. The move, it added, has strengthened investor confidence, encouraged greater indigenous participation in the sector, and positioned the companies for stronger earnings and long-term growth.
The Presidency also cited President Tinubu’s approval of naira payments for crude oil as another major policy initiative that has boosted local refining. It said the policy has enhanced domestic refining capacity, with the Dangote Refinery now emerging as a net exporter of Premium Motor Spirit (PMS) and aviation fuel.
Manufacturing and industrial firms, including Dangote Cement, BUA Cement and HBM (formerly Lafarge Africa), were also identified as beneficiaries of the foreign exchange reforms. The statement explained that improved access to foreign exchange and a more predictable currency market have enabled manufacturers to plan production more effectively, procure imported inputs efficiently, strengthen supply chains and increase output.
The Presidency further argued that the removal of the petrol subsidy has significantly improved the country’s fiscal position by strengthening government revenues and increasing funding for infrastructure development. It said the improved fiscal outlook has reinforced macroeconomic stability, boosted investor confidence and created a more favourable operating environment for businesses.
Onanuga added that tighter monetary policies, banking sector recapitalisation and ongoing tax reforms have further enhanced the business climate by improving liquidity, stabilising the exchange rate, moderating inflationary pressures and increasing the financial system’s capacity to support large-scale investments.
He maintained that the combination of these reforms has improved market efficiency, strengthened macroeconomic stability and encouraged more efficient capital allocation, particularly for capital-intensive and export-driven companies.
“The impressive financial results recorded by many companies listed on the Nigerian Exchange are not isolated corporate achievements but evidence of how comprehensive structural reforms can translate into stronger market fundamentals, improved operational efficiency and sustainable economic growth,” the statement said.
