Presidency says reforms drive strong corporate earnings

The Presidency attributed the strong financial performance of listed companies to key economic reforms, including foreign exchange unification and subsidy removal.

The strong financial performance recorded by many of the companies listed on the Nigerian Exchange in the first half of 2026 is attributable to several key economic reforms implemented by President Bola Ahmed Tinubu’s Administration since mid-2023. The Presidency said one of these significant reforms was the unification of the foreign exchange market. By establishing a single, market-determined exchange rate, the reform improved price discovery and enabled companies with substantial foreign currency exposure to more accurately reflect the value of their dollar-denominated revenues.

The administration’s commitment to strengthening investor confidence in the energy sector was further demonstrated through the timely approval of several landmark upstream transactions, including the Renaissance Africa Energy consortium’s acquisition of Shell Petroleum Development Company assets and Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited’s assets. President Tinubu’s approval of Naira payment for crude has also supported local refining capacity. Manufacturing and industrial companies similarly benefited from improved access to foreign exchange and a more predictable currency market.

Complementing the foreign exchange reforms was the removal of the petrol subsidy, which significantly strengthened the government’s fiscal position. 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.

The winners: the Tinubu administration, which can claim credit for corporate performance; and Nigerian companies, which have benefited from the reforms. The losers: the Nigerian public, who have yet to feel the benefits; and the opposition, which disputes the government’s narrative.

Bottom Line: The government says its reforms are driving corporate success. The debate over who deserves credit continues.