The Presidency says the strong financial performance posted by many companies listed on the Nigerian Exchange in the first half of 2026 reflects the impact of the economic reforms introduced by President Bola Tinubu’s administration since 2023.
According to a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, reforms including the unification of the foreign exchange market, the removal of petrol subsidy, banking sector recapitalisation, tighter monetary management and ongoing tax reforms have strengthened the business environment, improved investor confidence and enhanced macroeconomic stability.
The Presidency said the unified foreign exchange market has improved price discovery and enabled companies with significant foreign currency earnings to better reflect the value of their revenues.
It identified Aradel Holdings and Seplat Energy as among the major beneficiaries, noting that government approvals for the Renaissance Africa Energy consortium’s acquisition of Shell Petroleum Development Company assets and Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited assets have expanded their production capacity, reserve base and long-term growth prospects.
The statement also attributed improved performance in the manufacturing sector to better access to foreign exchange and a more predictable exchange rate.
It said companies such as Dangote Cement, BUA Cement and HBM have benefited from easier procurement of imported inputs, improved production planning and stronger operational efficiency.
The Presidency further said the approval of naira payments for crude oil has strengthened local refining capacity, adding that the Dangote Refinery has emerged as a net exporter of Premium Motor Spirit, PMS, and aviation fuel.
It also argued that the removal of petrol subsidy has strengthened government finances, creating greater fiscal space for infrastructure investment while supporting long-term economic stability.
According to the statement, tighter monetary management, improving liquidity conditions, banking sector recapitalisation and ongoing tax reforms have further enhanced the investment climate by making it easier for businesses to access financing and plan for long-term growth.
The Presidency maintained that the strong half-year results recorded by many listed companies are not isolated corporate achievements but evidence that the administration’s structural reforms are improving market efficiency, encouraging investment and delivering measurable gains for the Nigerian economy.
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(Editor: Terverr Tyav)
