Reforms introduced by President Bola Ahmed Tinubu’s administration have been credited with driving stronger corporate earnings, improving investor confidence and creating a more stable business environment for companies listed on the Nigerian Exchange.
ABUJA, Nigeria — The Federal Government has attributed the strong financial performance recorded by many companies listed on the Nigerian Exchange (NGX) in the first half of 2026 to the wide-ranging economic reforms implemented by President Bola Ahmed Tinubu’s administration since assuming office in 2023.
According to the government, the reforms have strengthened investor confidence, improved macroeconomic stability and created a more predictable operating environment for businesses across key sectors of the economy.
A major policy identified as driving corporate performance is the unification of Nigeria’s foreign exchange market, which introduced a single market-determined exchange rate.
The government said the reform enhanced price discovery and enabled companies with significant foreign currency exposure to accurately reflect the value of their dollar-denominated revenues in their financial statements.
It noted that export-oriented and foreign exchange-earning companies, including Aradel Holdings and Seplat Energy, have particularly benefited from the policy because a substantial portion of their revenues is linked to international oil prices and earned in foreign currency.
The administration also highlighted the approval of major upstream oil and gas transactions as another significant factor supporting improved corporate performance.
Among the landmark approvals were the acquisition of Shell Petroleum Development Company (SPDC) assets by the Renaissance Africa Energy consortium, of which Aradel Holdings is a member, and Seplat Energy’s acquisition of the assets of Mobil Producing Nigeria Unlimited (MPNU).
According to the government, these approvals expanded the reserve base and production capacity of the affected companies, removed regulatory uncertainty and strengthened long-term growth prospects in Nigeria’s upstream petroleum sector.
The statement added that facilitating the transfer of mature onshore assets to indigenous operators has boosted investor confidence, expanded domestic participation in the oil and gas industry and positioned the companies for stronger revenues and improved profitability.
The Federal Government also credited the approval of naira-denominated crude oil sales for supporting local refining capacity, noting that the policy has enabled the Dangote Refinery to emerge as a net exporter of Premium Motor Spirit (PMS) and aviation fuel.
Manufacturing companies, including Dangote Cement, BUA Cement and HBM (formerly Lafarge Africa), were also said to have benefited from improved access to foreign exchange, allowing them to plan production more efficiently, procure imported inputs with greater certainty and strengthen supply chains.
The administration further stated that the removal of petrol subsidy has significantly improved the country’s fiscal position by increasing government revenue, expanding fiscal space for infrastructure development and reinforcing macroeconomic stability.
It added that tighter monetary management, banking sector recapitalisation and ongoing financial sector reforms have enhanced liquidity, improved exchange rate stability and strengthened business confidence.
The government also pointed to ongoing tax reforms aimed at simplifying tax administration and broadening the revenue base as measures that have improved the business environment and reduced structural inefficiencies.
According to the statement, the combined effect of these reforms has enhanced operational efficiency, improved financial transparency and strengthened investment planning for capital-intensive and export-oriented businesses.
The government concluded that the improved revenues and earnings reported by many companies listed on the Nigerian Exchange reflect the positive impact of broad structural reforms rather than isolated corporate developments, demonstrating how policy reforms can translate into stronger business performance and sustainable economic growth.
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