Tinubu’s Reforms Driving Strong Corporate Performance, Presidency Says
The Presidency has attributed the strong financial performance recorded by several companies listed on the Nigerian Exchange (NGX) in the first half of 2026 to economic reforms implemented by President Bola Ahmed Tinubu’s administration since 2023.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, made this known in a statement issued on Wednesday, August 5, 2026.
According to Onanuga, the unification of the foreign exchange market has been one of the administration’s significant reforms, creating a single, market-determined exchange rate that has improved price discovery and enabled companies with substantial foreign currency exposure to better reflect the value of their dollar-denominated revenues.
He noted that export-oriented and foreign exchange-earning companies, including Aradel Holdings and Seplat Energy, have particularly benefited from the reform, given their strong links to international oil prices and foreign currency revenues.
The Presidency also highlighted the administration’s approval of major upstream oil and gas transactions, including the acquisition of Shell Petroleum Development Company (SPDC) assets by the Renaissance Africa Energy consortium, of which Aradel Holdings is a member, as well as Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited (MPNU).
It said the transactions expanded the companies’ reserve base and production capacity while reducing regulatory uncertainty around two major deals in Nigeria’s upstream petroleum industry.
According to the statement, the transfer of mature onshore assets to well-capitalised indigenous operators is expected to deepen domestic participation in the petroleum sector and improve the long-term production and earnings prospects of the companies involved.
Onanuga also cited President Tinubu’s approval of naira payments for crude oil as another policy supporting the growth of Nigeria’s domestic refining industry.
He said the policy had supported local refining capacity, noting that the Dangote Refinery had emerged as a net exporter of Premium Motor Spirit (PMS) and aviation fuel.
The Presidency further stated that manufacturing and industrial companies such as Dangote Cement, BUA Cement and HBM, formerly known as Lafarge Africa, had benefited from improved access to foreign exchange and greater predictability in the currency market.
It said the removal of the petrol subsidy had also strengthened the government’s fiscal position, creating additional capacity for infrastructure investment and revenue mobilisation while contributing to broader macroeconomic stability.
The statement added that tighter monetary management, financial-sector reforms and the recapitalisation of the banking sector had strengthened the economy’s capacity to support large-scale corporate financing.
Onanuga further pointed to ongoing tax reforms aimed at simplifying tax administration and broadening the revenue base as measures contributing to a more favourable business environment.
“Taken together, these reforms have enhanced the operating environment for capital-intensive and export-oriented firms by improving market efficiency, strengthening macroeconomic stability, increasing investor confidence, and facilitating more efficient capital allocation,” the statement said.
The Presidency maintained that the improved corporate performance should not be viewed merely as isolated developments within individual companies, but as evidence of how structural economic reforms can translate into stronger business performance through improved market fundamentals and a more predictable operating environment.
