Bayo Onanuga, special adviser to the president on information and strategy, says the strong financial performance posted by many companies listed on the Nigerian Exchange (NGX) in the first half of 2026 is a result of the economic reforms introduced by President Bola Tinubu’s administration since 2023.
In a statement on Wednesday, Onanuga attributed the improved corporate earnings to major reforms such as the unification of the foreign exchange (FX) market, removal of petrol subsidy, banking sector recapitalisation, tax reforms, and approvals of major oil and gas transactions.
According to the statement, the unification of the FX market established a single, market-determined exchange rate, improving price discovery and enabling companies with significant foreign currency exposure to better reflect the value of their dollar-denominated revenues.
He said the reform particularly benefited export-oriented and FX-earning firms such as Aradel Holdings and Seplat Energy, whose revenues are largely linked to international oil prices and settled in foreign currency.
“The Tinubu administration’s commitment to strengthening investor confidence in the energy sector was further demonstrated through the timely approval of several landmark upstream transactions,” Onanuga said.
“Among the most notable approvals was the Renaissance Africa Energy consortium’s acquisition of Shell Petroleum Development Company (SPDC) assets, of which Aradel Holdings is a consortium member. Another was the approval of Seplat Energy’s acquisition of the assets of Mobil Producing Nigeria Unlimited (MPNU).
“These strategic approvals significantly expanded the reserve base, production capacity, and long-term growth prospects of both companies while removing regulatory uncertainty surrounding two of the largest transactions in Nigeria’s upstream oil and gas industry.”
The presidential aide said the approvals also accelerated domestic participation in the petroleum sector and positioned Aradel and Seplat for stronger revenues and earnings.
Onanuga also said the administration’s approval of naira payments for crude oil also supported local refining, contributing to Dangote refinery becoming a net exporter of premium motor spirit (PMS) and aviation fuel.
He said manufacturing companies, including Dangote Cement, BUA Cement and HBM Holdings (formerly Lafarge Africa), also benefited from improved access to FX and a more predictable currency market.
The presidential aide said the improved FX environment enabled manufacturers to plan production better, procure imported inputs more efficiently, reduce operational bottlenecks and support higher production volumes.
“Complementing the foreign exchange reforms was the removal of the petrol subsidy, which significantly strengthened the government’s fiscal position,” the statement said.
“The resulting improvement in public finances has increased fiscal capacity for infrastructure investment, enhanced revenue mobilisation, and reinforced broader macroeconomic stability.
“These developments have created a more supportive operating environment for large-scale businesses by improving investor confidence and strengthening expectations of long-term economic sustainability.”
Onanuga said tighter monetary management, financial sector reforms, and banking recapitalisation had improved liquidity, strengthened business confidence and expanded the banking sector’s capacity to support large-scale corporate financing.
He also cited ongoing tax reforms aimed at simplifying tax administration and broadening the revenue base as measures that have improved the overall business climate and reduced structural inefficiencies.
“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 said.
“The resulting improvements in operational efficiency, financial transparency, and investment planning provide a clear economic explanation for the substantial increases in both revenue and earnings before tax recorded by many of the companies listed on the Nigerian Exchange.”
Onanuga said the financial performance of many NGX-listed companies in the first half of the year demonstrates how structural economic reforms can translate into measurable improvements in corporate financial performance through stronger market fundamentals and a more predictable business environment.
