Tinubu reforms boosted Seplat, Dangote, BUA, others’ H1 gains — Presidency
The Presidency has attributed the strong first-half 2026 financial performance of companies listed on the Nigerian Exchange (NGX) to the economic reforms introduced by President Bola Tinubu’s administration, arguing that the gains reflect the impact of structural policy changes rather than isolated corporate successes.
In a statement on Wednesday, Bayo Onanuga, special adviser to the president on information and strategy, said reforms such as the unification of the foreign exchange market, removal of petrol subsidy, banking sector recapitalisation and tax reforms had created a more stable business environment, boosting revenues and profitability across key sectors.
According to the Presidency, the reforms have improved market efficiency, strengthened investor confidence and enabled companies to make longer-term investment decisions with greater certainty.
“The strong financial performance recorded by many of the companies listed on the Nigerian Exchange in the first half of 2026 is attributable to several key economic reforms implemented by President Bola Ahmed Tinubu’s administration since mid-2023,” the statement said.
The Presidency said the foreign exchange market unification allowed companies with significant foreign currency exposure to more accurately reflect the value of their dollar earnings, benefiting export-oriented firms such as Aradel Holdings and Seplat Energy.
It also credited Tinubu’s approval of major upstream oil and gas transactions, including Renaissance Africa Energy Consortium’s acquisition of Shell Petroleum Development Company (SPDC) assets and Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited (MPNU) assets, with strengthening the growth prospects of indigenous energy firms.
According to the statement, the approvals expanded production capacity, increased reserves and removed regulatory uncertainty surrounding two of the country’s biggest oil asset transactions.
The Presidency further said the naira-for-crude policy had supported domestic refining, enabling Dangote Refinery to become a net exporter of premium motor spirit (petrol) and aviation fuel.
