The Nigerian Presidency stated on Wednesday that the strong financial results posted by major firms on the Nigerian Exchange (NGX) for the first half of 2026 are a direct result of economic policies initiated by President Bola Tinubu since 2023. Special Adviser Bayo Onanuga explained that structural changes have created a more stable and predictable environment for businesses across the energy, manufacturing, and financial sectors.
A primary driver of this success was the unification of the foreign exchange market. By allowing the market to determine rates, the administration enabled companies to better value their dollar-denominated assets and revenues. This change specifically benefited export-oriented firms like Aradel Holdings and Seplat Energy, which operate largely in foreign currency.
The government also highlighted the approval of significant upstream oil and gas transactions, including the acquisition of Shell Petroleum Development Company assets by the Renaissance Africa Energy consortium and Seplat Energy’s purchase of Mobil Producing Nigeria assets. Onanuga noted that these moves boosted investor confidence and empowered local operators to expand their production capacity. Furthermore, allowing naira-denominated payments for crude oil has bolstered local refining, aiding the Dangote Refinery’s output.
Industrial leaders such as Dangote Cement and BUA Cement have also seen improvements due to increased access to foreign exchange and more stable supply chains. Additionally, the removal of the petrol subsidy has bolstered the government’s fiscal health, allowing for greater investment in infrastructure and economic stability. Onanuga concluded that these combined monetary, tax, and banking reforms have lowered business costs and set a strong foundation for corporate growth.
