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 taking office in 2023.
In a statement issued on Wednesday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the administration’s policies had improved the business environment, strengthened investor confidence and created conditions that enabled companies to post significant increases in revenue and earnings before tax.
According to the Presidency, one of the most impactful reforms was the unification of the foreign exchange market, which introduced a single, market-determined exchange rate.
The statement explained that the policy improved price discovery and allowed companies with significant foreign currency exposure to more accurately reflect the value of their dollar-denominated revenues in their financial statements.
It noted that export-oriented and foreign exchange-earning firms such as Aradel Holdings and Seplat Energy particularly benefited because much of their revenue is linked to international oil prices and earned in foreign currency.
The Presidency also highlighted the approval of major upstream oil and gas transactions as another factor boosting investor confidence in the energy sector.
It cited the approval of the Renaissance Africa Energy consortium’s acquisition of Shell Petroleum Development Company (SPDC) assets, in which Aradel Holdings is a consortium member, as well as Seplat Energy’s acquisition of the assets of Mobil Producing Nigeria Unlimited (MPNU).
According to the statement, these approvals expanded the reserve base and production capacity of both companies, removed regulatory uncertainty surrounding two of the industry’s largest transactions, and positioned them for stronger revenue growth and improved earnings.
The Presidency said the administration’s decision to approve naira payments for crude oil also strengthened local refining capacity, noting that the Dangote Refinery has become a net exporter of Premium Motor Spirit (PMS) and aviation fuel.
It added that manufacturing and industrial companies, including Dangote Cement, BUA Cement and HBM, formerly Lafarge Africa, had equally benefited from improved access to foreign exchange and a more predictable currency market.
The statement said the unified exchange rate had enabled manufacturers to plan production more effectively, procure imported inputs with greater certainty, improve supply chain management and increase production volumes, all of which contributed to stronger financial performance.
The Presidency further argued that the removal of the petrol subsidy had strengthened government finances by improving fiscal capacity for infrastructure investment, enhancing revenue mobilisation and reinforcing macroeconomic stability.
According to the statement, tighter monetary management, ongoing financial sector reforms, banking recapitalisation and tax reforms have also contributed to exchange rate stability, easing inflationary pressures, improving liquidity and creating a more supportive environment for long-term investments.
It said banking sector recapitalisation had increased the financial system’s ability to support large-scale corporate financing, while tax reforms aimed at simplifying administration and broadening the revenue base had improved the overall business climate.
The Presidency maintained that the combination of these reforms had enhanced market efficiency, strengthened macroeconomic stability, improved investor confidence and enabled more efficient capital allocation.
It added that the strong financial results reported by many NGX-listed companies were not isolated developments but evidence that broad structural reforms can translate into measurable improvements in corporate performance by creating stronger market fundamentals and a more predictable operating environment.