Tinubu’s Reforms Driving Strong Corporate Earnings – Presidency

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 economic reforms introduced by President Bola Tinubu’s administration since 2023.

In a statement on Wednesday, the President’s Special Adviser on Information and Strategy, Bayo Onanuga, attributed the improved corporate earnings to policies including the unification of the foreign exchange market, the removal of fuel subsidies, banking sector recapitalisation and tax reforms.

According to the Presidency, the adoption of a market-determined exchange rate improved price discovery and enabled companies with significant foreign currency exposure to better reflect the value of their dollar earnings.

It said export-oriented firms such as Aradel Holdings and Seplat Energy particularly benefited from the reforms, alongside government approvals for major upstream oil and gas acquisitions that expanded their reserves, production capacity and long-term growth prospects.

The statement also credited President Tinubu’s approval of naira-denominated crude oil sales with strengthening domestic refining, saying the policy had helped the Dangote Refinery become a net exporter of petrol and aviation fuel.

Manufacturing firms, including Dangote Cement, BUA Cement and HBM, formerly Lafarge Africa, were also said to have gained from improved access to foreign exchange, allowing them to plan production more efficiently, strengthen supply chains and improve profitability.

The Presidency argued that the removal of the petrol subsidy had strengthened government finances, creating greater fiscal space for infrastructure investment while boosting investor confidence and macroeconomic stability.

It added that tighter monetary management, ongoing financial sector reforms and banking recapitalisation had improved liquidity, enhanced business confidence and expanded the banking sector’s capacity to finance large-scale investments.

The statement maintained that the combined effect of the reforms had created a more predictable business environment, improved operational efficiency and supported the strong revenue and pre-tax earnings reported by many companies on the Nigerian Exchange in the first half of the year.

It concluded that the improved corporate results reflected the broader impact of structural economic reforms rather than isolated company-specific developments.