Presidency Links Strong Corporate Earnings to Tinubu’s Economic Reforms

The Presidency has attributed the stronger 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 Tinubu’s administration, saying the policies have improved business efficiency, boosted investor confidence and strengthened the operating environment.

In a statement 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, banking sector recapitalisation, tax reforms and approvals of major oil and gas transactions had combined to drive improved corporate earnings.

According to him, the unification of the foreign exchange market created a single market-determined exchange rate, improved price discovery and enabled companies with significant foreign currency exposure to better reflect the value of their dollar-denominated revenues.

He said export-oriented firms such as Aradel Holdings and Seplat Energy benefited from the policy, adding that government approvals for major upstream oil and gas transactions further strengthened their growth prospects.

“The Tinubu administration’s commitment to strengthening investor confidence in the energy sector was further demonstrated through the timely approval of several landmark upstream transactions,” Onanuga said.

He noted that the approvals for Renaissance Africa Energy Consortium’s acquisition of Shell Petroleum Development Company assets and Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited assets expanded reserves, increased production capacity and removed regulatory uncertainty surrounding two of the industry’s largest transactions.

Onanuga also said the approval of naira payments for crude oil supported local refining and contributed to Dangote Refinery becoming a net exporter of premium motor spirit and aviation fuel.

He added that manufacturing firms, including Dangote Cement, BUA Cement and HBM Holdings, benefited from improved access to foreign exchange and a more predictable currency market, allowing them to plan production more effectively, procure imported inputs with greater ease and reduce operational bottlenecks.

Onanuga further said the removal of petrol subsidy strengthened the government’s fiscal position, creating greater capacity for infrastructure investment while reinforcing macroeconomic stability.

“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,” Onanuga said.

He added that the financial results recorded by many NGX-listed firms in the first half of 2026 show how structural economic reforms can translate into stronger corporate performance through improved market fundamentals and a more predictable business environment.