Tinubu’s Reforms Drive Strong H1 2026 Earnings for Nigerian Exchange-Listed Companies — Onanuga
The strong financial performance recorded by several companies listed on the Nigerian Exchange (NGX) in the first half of 2026 can be linked, in significant part, to economic and structural reforms implemented by the administration of President Bola Ahmed Tinubu since 2023, according to the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
Onanuga said the reforms have contributed to a more predictable operating environment, improved market efficiency, strengthened investor confidence and enhanced the ability of businesses to plan and allocate capital.
FX Reform Boosts Export-Oriented Companies
One of the administration’s major reforms, he noted, was the unification of the foreign exchange market.
According to him, the establishment of a more market-determined exchange-rate framework has improved price discovery and enabled companies with significant foreign-currency exposure to more accurately account for their dollar-denominated revenues.
He noted that the development has particularly benefited export-oriented and foreign-exchange-earning companies such as Aradel Holdings and Seplat Energy, whose revenues are substantially linked to international oil prices and foreign-currency transactions.
Onanuga also highlighted the Federal Government’s approval of major upstream oil and gas transactions as another factor supporting investor confidence in the energy sector.
Among the landmark transactions were the Renaissance Africa Energy consortium’s acquisition of Shell Petroleum Development Company (SPDC) assets, in which Aradel Holdings is a consortium member, and Seplat Energy’s acquisition of the assets of Mobil Producing Nigeria Unlimited (MPNU).
He said the approvals removed significant regulatory uncertainty surrounding two major transactions in Nigeria’s upstream petroleum industry while strengthening the companies’ reserve bases, production capacity and long-term growth prospects.
According to him, facilitating the transfer of mature assets to well-capitalised indigenous operators is expected to deepen domestic participation in the petroleum industry and create opportunities for higher production, stronger revenues and improved earnings.
Naira-for-Crude Policy Supports Local Refining
Onanuga further pointed to the administration’s approval of naira payments for crude supplied to domestic refineries as another policy supporting the growth of Nigeria’s refining industry.
He said the policy has contributed to the expansion of local refining capacity, noting that the Dangote Refinery has emerged as a significant player in the domestic petroleum market and has begun exporting products, including Premium Motor Spirit (PMS) and aviation fuel.
Manufacturing Sector Gains
Manufacturing and industrial companies have also benefited from improvements in the foreign exchange market, according to the presidential aide.
Companies such as Dangote Cement, BUA Cement and HBM, formerly Lafarge Africa, have been better positioned to plan production, procure imported inputs and allocate capital under a more unified exchange-rate framework.
Improved access to foreign exchange, he said, has helped reduce operational bottlenecks, strengthen supply-chain planning and support production, contributing to stronger revenues and profitability among major industrial companies.
Fuel Subsidy Removal Strengthens Fiscal Position
Onanuga identified the removal of the petrol subsidy as another major reform, saying it has strengthened the Federal Government’s fiscal position.
The resulting improvement in public finances, he argued, has created greater fiscal space for infrastructure investment and revenue mobilisation while supporting broader efforts to strengthen macroeconomic stability.
He said these developments have contributed to a more supportive environment for large-scale businesses by improving investor confidence and strengthening expectations of longer-term economic sustainability.
Financial and Tax Reforms
The presidential aide also highlighted tighter monetary management and ongoing financial-sector reforms, saying they have contributed to a gradually improving macroeconomic environment.
According to him, developments in exchange-rate management, inflation, liquidity and financial-sector regulation have helped businesses make longer-term investment decisions with greater certainty.
He added that the ongoing banking-sector recapitalisation is strengthening the capacity of financial institutions to provide financing for large-scale corporate investments.
Tax reforms aimed at simplifying administration and broadening the revenue base are also expected to improve the business environment and reduce structural inefficiencies.
Reforms Translating Into Corporate Growth
Onanuga said the combined impact of the reforms has been particularly significant for capital-intensive, export-oriented and industrial companies, through improved market efficiency, stronger investor confidence and more efficient capital allocation.
He argued that the strong first-half financial results reported by many NGX-listed companies should therefore be viewed beyond isolated company-specific developments.
“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.”
He added that the improved operational efficiency, financial transparency and investment planning demonstrated by many companies provide an economic basis for understanding the significant increases in revenue and earnings before tax recorded by several listed firms.
According to him, the performance demonstrates how structural economic reforms can translate into measurable improvements in corporate performance by strengthening market fundamentals and creating a more predictable environment for businesses to invest, expand and create value.
Tinubu’s Reforms Drive Strong H1 2026 Earnings for Nigerian Exchange-Listed Companies — Onanuga