Nigeria Credits Tinubu Reforms for Strong Corporate Earnings

The Presidency of Nigeria has linked the strong financial performance of companies listed on the Nigerian Exchange in the first half of 2026 to the economic reforms introduced by Bola Ahmed Tinubu since 2023. Administration officials stated that these structural changes have increased investor confidence and strengthened macroeconomic stability across the country.

Key policy measures cited as drivers of this growth include the unification of the foreign exchange market, the removal of the fuel subsidy, tax reforms, and banking sector recapitalization. According to the administration, these actions improved price discovery for export-oriented firms such as Aradel Holdings and Seplat Energy and enhanced production planning for major manufacturers including Dangote Cement and BUA Cement.

Additionally, the government highlighted the approval of major upstream oil and gas transactions and the implementation of the naira-for-crude policy. The Presidency noted that the naira-for-crude initiative specifically supported the Dangote Refinery in transitioning into a net exporter of fuel. Bayo Onanuga, Special Adviser to the President on Information and Strategy, stated that these policy measures created a more stable business environment for the private sector.