Presidency has attributed the impressive 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 policy measures had improved the business environment, strengthened investor confidence and positioned several companies for higher growth.
According to the Presidency, one of the most impactful reforms was the unification of Nigeria’s foreign exchange market, which established a single, market-driven exchange rate.
The statement noted that the policy improved price discovery and enabled companies with significant foreign currency exposure to more accurately reflect the value of their dollar earnings in their financial accounts.
It said export-oriented firms and foreign exchange earners, including Aradel Holdings and Seplat Energy, were among the major beneficiaries because much of their revenue is linked to international crude oil prices and earned in foreign currencies.
The Presidency also highlighted the Federal Government’s approval of key transactions in the oil and gas sector, describing them as a major boost for investor confidence.
Among the transactions 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 Onanuga, the approvals expanded the reserve base and production capacity of the companies while removing regulatory uncertainty surrounding two of the largest upstream transactions in Nigeria’s petroleum industry.
The statement added that the transfer of mature onshore assets to indigenous operators had strengthened local participation in the sector and positioned the companies for increased production, stronger revenues and improved earnings.
The Presidency further said President Tinubu’s approval of the naira-for-crude policy had boosted domestic refining, leading to increased production capacity at the Dangote Refinery, which it said has become a net exporter of Premium Motor Spirit (PMS) and aviation fuel.
It also noted that manufacturers, including Dangote Cement, BUA Cement and HBM (formerly Lafarge Africa), had benefited from improved access to foreign exchange, allowing them to plan production more effectively, source imported inputs efficiently and improve supply chain management.
The statement said the removal of the petrol subsidy had strengthened government finances, creating greater fiscal space for infrastructure development and enhancing macroeconomic stability.
It added that tighter monetary policies, ongoing financial sector reforms, banking recapitalisation and tax reforms had further improved the operating environment by increasing financial system capacity, simplifying tax administration and supporting business confidence.
According to the Presidency, the combination of these reforms has improved operational efficiency, increased market transparency and strengthened investment planning for companies across key sectors of the economy.
The statement concluded that the strong financial results recorded by many listed companies were not isolated corporate successes but evidence that structural economic reforms can deliver measurable improvements in business performance through stronger market fundamentals and a more predictable investment climate.