The Presidency has attributed the strong financial performance recorded 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 since assuming office in 2023.
In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency said key reforms, including the unification of the foreign exchange market, removal of fuel subsidy, banking sector recapitalisation and ongoing tax reforms, have created a more stable and investor-friendly business environment.
According to the statement, the foreign exchange reforms have enabled companies with significant foreign currency earnings, particularly in the oil and gas sector, to better reflect the value of their revenues and improve financial performance.
The Presidency cited Aradel Holdings and Seplat Energy as examples of firms that have benefited from the reforms, noting that government approvals for major upstream oil asset acquisitions have expanded their production capacity and strengthened investor confidence.
It also highlighted the Federal Government’s approval of crude oil sales in naira, saying the policy has boosted local refining and supported the growth of the Dangote Refinery, which it described as a net exporter of Premium Motor Spirit (PMS) and aviation fuel.
The statement added that manufacturing firms, including Dangote Cement, BUA Cement, and HBM (formerly Lafarge Africa), have benefited from improved access to foreign exchange, allowing them to plan production more efficiently, strengthen supply chains and increase output.
According to the Presidency, the removal of fuel subsidy has improved government finances, creating greater fiscal capacity for infrastructure development while reinforcing macroeconomic stability.
The statement further noted that tighter monetary policies, banking reforms and efforts to simplify the tax system have enhanced liquidity, improved business confidence and strengthened the financial system’s ability to support large-scale investments.
The Presidency maintained that the combination of these reforms has improved market efficiency, increased investor confidence and created a more predictable business environment, contributing to higher revenues and profitability for many companies.
It added that the strong corporate earnings reported in recent months reflect the broader impact of structural economic reforms rather than isolated gains by individual firms.
