The Presidency has attributed the stronger financial results reported by several companies listed on the Nigerian Exchange to economic reforms introduced since 2023.
Presidential spokesperson Bayo Onanuga said the unification of the foreign exchange market improved price discovery and allowed companies with foreign currency earnings to report their revenues more accurately.
He said export-oriented and foreign exchange-earning companies, including Aradel Holdings and Seplat Energy, benefited from the more transparent currency framework.
The Presidency also cited the approval of major upstream oil and gas acquisitions, including the purchase of Shell Petroleum Development Company assets by the Renaissance Africa Energy consortium and Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited.
According to the statement, the approvals expanded production capacity, reserves and long-term growth opportunities while reducing regulatory uncertainty.
The government said the policy allowing local refiners to pay for crude in naira had also supported domestic refining and helped Dangote Refinery become an exporter of petroleum products.
Manufacturers were said to have benefited from improved foreign exchange access and a more predictable operating environment.
The Presidency said companies such as Dangote Cement, BUA Cement and HBM had been able to plan production and procure imported inputs more efficiently.
It also linked improved fiscal conditions to the removal of the petrol subsidy and said tighter monetary management, banking recapitalization and tax reforms were strengthening business confidence.
The statement argued that the combined reforms improved market efficiency, investment planning, capital allocation and corporate profitability.
It said the stronger results reflected broader changes in the business environment rather than isolated company performance.
