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.
‘MANUFACTURING COMPANIES BENEFITING FROM IMPROVED ACCESS TO FX’
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.
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