ABUJA, Nigeria – The Presidency says the strong financial results posted by several companies listed on the Nigerian Exchange (NGX) in the first half of 2026 are a direct outcome of the economic reforms introduced by the administration of President Bola Tinubu since 2023.
Okay News reports that the Presidency highlighted the unification of Nigeria’s foreign exchange market as one of the most significant reforms, saying the policy created a market-driven exchange rate, improved transparency, and allowed companies with foreign currency earnings to better reflect their revenues in financial statements.
According to the statement, energy firms including Aradel Holdings and Seplat Energy benefited from the reforms due to their dollar-linked earnings. It also credited the Federal Government’s approval of major upstream oil transactions, including Renaissance Africa Energy Consortium’s acquisition of Shell Petroleum Development Company assets and Seplat Energy’s purchase of Mobil Producing Nigeria Unlimited assets, with expanding production capacity and boosting investor confidence.
The Presidency further said the naira-for-crude policy has strengthened domestic refining, enabling Dangote Refinery to become a net exporter of petrol and aviation fuel. It added that manufacturers such as Dangote Cement, BUA Cement, and HBM benefited from improved access to foreign exchange, allowing better production planning, smoother supply chains, and stronger profitability.
The statement also linked the removal of the petrol subsidy, banking sector recapitalisation, tax reforms, and tighter monetary management to improved macroeconomic stability. It argued that these measures have enhanced investor confidence, increased access to financing, and created a more predictable business environment, contributing to higher revenues and earnings across many of Nigeria’s largest publicly traded companies.
