The Independent Media and Policy Initiative (IMPI) has said that ongoing economic reforms under President Bola Ahmed Tinubu are beginning to yield measurable gains in Nigeria’s real sector, despite criticisms from the opposition.
In Policy Statement 036 issued by its chairman, Omoniyi M. Akinsiju, the group dismissed what it described as “deliberate attempts” by opposition actors to portray the reforms as ineffective, arguing instead that available economic indicators point to a recovery in corporate performance and broader market stability.
IMPI said its analysis shows that the reform process—though initially accompanied by economic volatility—is now supporting stronger revenues and profitability across key sectors of the economy, aided by improving macroeconomic conditions and relative stability in the foreign exchange market.
The organisation cited performance data from 20 listed companies on the Nigerian Exchange (NGX), which it said collectively generated N27.8 trillion in revenue in the 2025 financial year. This, it noted, represents a 28.7 per cent increase compared to N21.62 trillion recorded in 2024.
According to the group, several major firms recorded significant turnarounds during the period under review. These include MTN Nigeria Communications Plc, which reportedly moved from a N550.3 billion loss in 2024 to a profit before tax of N1.7 trillion in 2025.
Other companies said to have returned to profitability include Airtel Africa Plc, Nigerian Breweries, International Breweries Plc, and Guinness Nigeria Plc, which IMPI said posted its first profit after tax since 2023.
The statement also highlighted strong revenue growth from major industrial players such as Dangote Cement, Seplat Energy, and Unilever Nigeria, attributing the gains to improved pricing power, operational efficiency, and expansion into new revenue streams.
IMPI further claimed that stronger corporate earnings have translated into increased shareholder returns, estimating about N1.7 trillion in payouts across listed firms. It also projected that the improved performance could support employment for about 9.64 million Nigerians in the private sector.
In addition, the group referenced a Moniepoint 2025 survey which it said showed a 65 per cent revenue increase in the informal sector, where a large portion of Nigeria’s workforce is engaged.
Concluding, IMPI said the current earnings cycle reflects how businesses are adapting to the new policy environment and argued that the reforms are laying the foundation for broader economic growth and improved GDP performance.