The Presidency says the strong financial performance recorded by many companies listed on the Nigerian Exchange in the first half of 2026 is attributable to key economic reforms implemented by President Bola Ahmed Tinubu’s administration since mid-2023.
In a statement on Tuesday, August 5, 2026, Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the unification of the foreign exchange market was a major driver.
He explained that a single, market-determined exchange rate improved price discovery and enabled companies with substantial foreign currency exposure to accurately reflect dollar-denominated revenues. Export-oriented firms such as Aradel Holdings and Seplat Energy benefited most, he added.
Onanuga also cited the timely approval of landmark upstream transactions, including the Renaissance Africa Energy consortium’s acquisition of Shell Petroleum Development Company assets, in which Aradel is a member, and Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited assets. He said the approvals expanded reserve bases and removed regulatory uncertainty.
The statement noted that the President’s approval of Naira payment for crude supported local refining, with Dangote Refinery now a net exporter of PMS and aviation fuel.
Manufacturers like Dangote Cement, BUA Cement and HBM also benefited from improved FX access and a more predictable currency market.
The Presidency further linked the gains to subsidy removal, tighter monetary management, banking sector recapitalisation, and ongoing tax reforms.
“Taken together, these reforms have enhanced the operating environment for capital-intensive and export-oriented firms,” Onanuga stated.
