By Dennis Okechukwu
President Bola Tinubu’s administration has attributed the strong financial performance posted by many companies listed on the Nigerian Exchange (NGX) in the first half of 2026 to the government’s sweeping economic reforms introduced since mid-2023.
In a statement issued on Wednesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency said key policy measures, including the unification of the foreign exchange market, removal of petrol subsidy, banking sector recapitalisation and reforms in the oil and gas sector, have significantly improved Nigeria’s business environment.
According to the statement, the adoption of a single, market-determined exchange rate enhanced price discovery and enabled companies with substantial foreign currency exposure to accurately reflect the value of their dollar-denominated earnings.
The Presidency noted that export-oriented firms such as Aradel Holdings and Seplat Energy were among the major beneficiaries of the reform, given that their revenues are largely earned in foreign currency and linked to international oil prices.
It also highlighted President Tinubu’s approval of major upstream oil transactions, including the acquisition of Shell Petroleum Development Company assets by the Renaissance Africa Energy consortium, in which Aradel Holdings is a member, as well as Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited assets.
The statement said the approvals expanded the reserve base and production capacity of both firms while eliminating regulatory uncertainties surrounding two of Nigeria’s biggest oil and gas transactions.
According to the Presidency, the reforms strengthened investor confidence, accelerated indigenous participation in the petroleum industry and positioned the companies for higher production, increased revenues and stronger earnings before tax.
The statement further credited the administration’s naira-for-crude policy with boosting domestic refining, noting that the Dangote Refinery has emerged as a net exporter of Premium Motor Spirit (petrol) and aviation fuel.
Manufacturing firms, including Dangote Cement, BUA Cement and HBM, formerly Lafarge Africa, were also said to have benefited from improved foreign exchange availability, enabling more efficient procurement of imported inputs, stronger supply chain planning and increased production.
The Presidency maintained that the removal of fuel subsidy improved the country’s fiscal position by creating more resources for infrastructure investment, enhancing revenue mobilisation and reinforcing macroeconomic stability.
It added that tighter monetary management, exchange rate stability, moderating inflation, improved liquidity, banking sector recapitalisation and ongoing tax reforms have further strengthened investor confidence and improved the operating environment for businesses.
The statement concluded that the impressive financial results recorded by many NGX-listed companies reflect the positive impact of the administration’s structural reforms rather than isolated company-specific factors, describing the corporate performance as evidence of stronger market fundamentals and a more predictable economic environment.