The Presidency has attributed the strong financial performance recorded by several companies listed on the Nigerian Exchange during the first half of 2026 to the economic reforms introduced by President Bola Tinubu’s administration.
In a statement released on Wednesday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the government’s policies had strengthened investor confidence, improved market efficiency and created a more stable business environment.
According to the statement, one of the administration’s most significant decisions was the unification of the foreign exchange market, which established a single, market-determined exchange rate.
The Presidency said the reform improved price discovery and enabled companies with substantial foreign exchange exposure to more accurately account for their foreign currency earnings.
It noted that export-oriented companies such as Aradel Holdings and Seplat Energy were among the major beneficiaries because a significant portion of their revenues is earned in foreign currencies and linked to international oil prices.
The statement also highlighted the Federal Government’s approval of major transactions in the oil and gas sector, including the acquisition of Shell Petroleum Development Company assets by the Renaissance Africa Energy consortium and Seplat Energy’s takeover of Mobil Producing Nigeria Unlimited assets.
According to the Presidency, these approvals increased production capacity, expanded reserves and enhanced the long-term growth prospects of the affected companies.
The statement further credited the administration’s decision to approve crude oil sales in naira for strengthening domestic refining capacity and supporting the operations of the Dangote Petroleum Refinery.
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Manufacturing firms, including Dangote Cement, BUA Cement and Holcim Building Materials, formerly Lafarge Africa, were also identified as beneficiaries of improved access to foreign exchange and greater market stability.
The Presidency maintained that the removal of fuel subsidies had strengthened public finances and created more room for investment in infrastructure and other development projects.
It added that reforms in the banking sector, tax administration and monetary policy had improved liquidity conditions, boosted business confidence and encouraged long-term investments.
The statement argued that the improved financial results recorded by many companies were evidence of the positive impact of the administration’s economic reforms rather than isolated achievements by individual firms.
According to the Presidency, the reforms have contributed to improved operational efficiency, greater financial transparency and stronger investor confidence across key sectors of the economy.
The statement reaffirmed the government’s commitment to implementing policies aimed at strengthening the economy and promoting sustainable growth.