By Ajibola Olaide, JKNewsMedia Reporter
PRESIDENCY, ON Wednesday, described the economic reforms introduced by President Bola Tinubu’s administration since mid-2023 as having contributed to the strong financial performance recorded by many companies listed on the Nigerian Exchange in the first half of 2026.
JKNewsMedia.com reports that the Presidency, in a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the reforms improved the operating environment for capital intensive and export-oriented firms by strengthening market efficiency, macroeconomic stability, investor confidence and capital allocation.
According to the statement, one of the key reforms was the unification of the foreign exchange market through a single market determined exchange rate, which improved price discovery and enabled companies with significant foreign currency exposure to more accurately reflect the value of their dollar denominated revenues in their financial statements.
The Presidency also said the policy particularly benefited export oriented and foreign exchange earning companies, including Aradel Holdings and Seplat Energy, whose revenues are linked to international oil prices and settled in foreign currency.
It also said the administration strengthened investor confidence in the energy sector through the approval of major upstream transactions, including the Renaissance Africa Energy consortium’s acquisition of Shell Petroleum Development Company assets, in which Aradel Holdings is a consortium member, and Seplat Energy’s acquisition of the assets of Mobil Producing Nigeria Unlimited.
The statement said the approvals 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.
It added that the transfer of mature onshore assets to indigenous operators strengthened investor confidence, accelerated domestic participation in the petroleum sector and positioned Aradel Holdings and Seplat Energy for higher production volumes, stronger revenues and improved earnings before tax.
The Presidency also said President Tinubu’s approval of Naira payment for crude supported local refining capacity, adding that Dangote Refinery had become a net exporter of Premium Motor Spirit and aviation fuel.
According to the statement, manufacturing and industrial companies also benefited from improved access to foreign exchange and a more predictable currency market.
It named Dangote Cement, BUA Cement and HBM, formerly known as Lafarge Africa, as companies that were able to plan production, procure imported inputs more efficiently and allocate capital with greater certainty under the unified exchange rate framework.
The Presidency said improved foreign exchange availability reduced operational bottlenecks, strengthened supply chain planning and supported higher production volumes, contributing to stronger revenue growth and improved profitability.
The statement also said the removal of the petrol subsidy strengthened the government’s fiscal position by improving public finances, increasing fiscal capacity for infrastructure investment, enhancing revenue mobilisation and reinforcing broader macroeconomic stability.
It said tighter monetary management and ongoing financial sector reforms contributed to a more stable macroeconomic environment through greater exchange rate stability, moderating inflationary pressures and improving liquidity conditions, enabling companies to make longer term investment decisions with greater certainty.
JKNewsMedia.com also reports that the Presidency further said banking sector recapitalisation strengthened the financial system’s capacity to support large scale corporate financing, while ongoing tax reforms simplified administration, broadened the revenue base, improved the business climate and reduced structural inefficiencies.
According to the statement, the combined impact of the reforms improved operational efficiency, financial transparency and investment planning, providing what it described as a clear economic explanation for the substantial increases in revenue and earnings before tax recorded by many companies listed on the Nigerian Exchange.
The Presidency even added that the financial results reflected the impact of comprehensive structural reforms on corporate performance through stronger market fundamentals and a more predictable business environment.
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