President Bola Tinubu has attributed the impressive financial results posted by several companies listed on the Nigerian Exchange (NGX) during the first half of 2026 to the sweeping economic reforms introduced by his administration. According to a statement released by the Presidency through Special Adviser on Information and Strategy, Bayo Onanuga, policies such as the unification of the foreign exchange market, fuel subsidy removal, banking sector recapitalisation, tax reforms, and tighter monetary measures have created a more stable business environment, allowing companies to record stronger earnings while boosting investor confidence.
The Presidency explained that the foreign exchange market reform has been one of the biggest drivers of corporate growth. By introducing a market-driven exchange rate, businesses with significant foreign currency earnings have been able to reflect the true value of their revenues and plan their operations with greater certainty. Oil and gas firms, particularly Aradel Holdings and Seplat Energy, were highlighted as major beneficiaries because their revenues are largely earned in foreign currencies and linked to international crude oil prices. The government also noted that recent approvals of major oil asset acquisitions have strengthened indigenous participation in the sector while removing regulatory uncertainty.
Financial results released by both companies support the government’s claims. Aradel Holdings recorded an impressive pre-tax profit of ₦752.71 billion for the six months ended June 30, 2026, representing a remarkable 293% increase compared to the same period last year. The company’s earnings were driven largely by increased crude oil production and sales, with crude oil contributing nearly 80% of its total revenue. Likewise, Seplat Energy reported a 74.1% year-on-year rise in pre-tax profit to ₦790.4 billion, supported by higher production volumes, stronger revenues, favorable oil prices, lower production costs, and reduced finance expenses.
Beyond the energy sector, the Presidency said its naira-for-crude initiative has strengthened local refining by helping the Dangote Refinery emerge as a net exporter of premium motor spirit (PMS) and aviation fuel. Major manufacturers including Dangote Cement, BUA Cement, and HBM (formerly Lafarge Africa) were also identified as beneficiaries of improved access to foreign exchange. The government believes easier access to forex has enabled manufacturers to source imported raw materials more efficiently, improve production planning, reduce supply chain disruptions, and ultimately increase profitability.
Despite these positive corporate earnings, challenges remain across Nigeria’s manufacturing sector. Many manufacturers continue to struggle with soaring production costs fueled by persistent inflation, high energy prices, and elevated interest rates. Recent Purchasing Managers’ Index (PMI) data showed the Manufacturing PMI edged up to 50.10 in June from 49.6 in May, but industry activity remains fragile, with many firms still reporting declines in output, production, and new orders. While the government’s reforms appear to be delivering strong results for several listed companies, analysts say broader economic stability and lower operating costs will be critical to sustaining growth across the wider business landscape.
