President Bola Ahmed Tinubu’s administration has credited its economic reforms for the strong first-quarter performance of major companies listed on the Nigerian Exchange, after ten blue-chip firms posted a combined revenue of ₦14.40 trillion and a combined profit after tax of ₦4.99 trillion.
In a statement issued Wednesday by presidential spokesperson Bayo Onanuga, the presidency said the results reflected the impact of policy changes introduced since 2023. The companies, which include MTN Nigeria, Dangote Cement, Seplat Energy, Aradel Holdings and BUA Cement, benefited from a more predictable foreign exchange environment and targeted regulatory approvals in the energy sector.
The unification of the foreign exchange market in 2023 established a single, market-determined rate, the statement noted. The move improved price discovery and allowed companies with significant dollar-denominated earnings to reflect the true value of those revenues in their financial statements. Export-oriented businesses such as Seplat Energy and Aradel Holdings, whose income is tied to international oil prices, were among the primary beneficiaries.
The administration also highlighted its approval of major upstream transactions. The Renaissance Africa Energy consortium’s acquisition of Shell Petroleum Development Company assets — with Aradel Holdings as a consortium member — and Seplat Energy’s purchase of Mobil Producing Nigeria Unlimited assets expanded the reserve base and production capacity of both firms while removing regulatory uncertainty around two of the industry’s largest deals.
A separate policy allowing naira payment for crude oil supported local refining capacity, the presidency said, enabling Dangote Refinery to become a net exporter of premium motor spirit and aviation fuel. Manufacturing and industrial firms also gained from improved access to foreign exchange.
The statement further linked the exchange’s gains to the recapitalisation of the banking sector in 2026, which strengthened financial intermediation and supported corporate funding.
Market analysts have welcomed the results as evidence that structural reforms are translating into corporate earnings, though they caution that sustained growth will depend on consistent policy implementation and improvements in the operating environment. The presidency said it remains committed to deepening reforms to attract investment and broaden economic productivity.
