Tinubu says reforms drive NGX firms' earnings surge in H1

The presidency has attributed the strong financial performance posted by many companies listed on the Nigerian Exchange (NGX) in the first half of 2026 to the economic reforms introduced by President Bola Tinubu’s administration since assuming office in 2023. In a statement issued on Wednesday, Bayo Onanuga, special adviser to the president on information and strategy, said a combination of foreign exchange reforms, energy sector policy changes, banking recapitalisation, and fiscal measures had created a more stable business environment that enabled companies to deliver stronger revenues and profitability. According to the Presidency, the unification of Nigeria’s foreign exchange market has been one of the most significant reforms supporting corporate performance by allowing market-based price discovery and improving the valuation of foreign currency earnings. Onanuga said the policy particularly benefited export-oriented companies and firms with significant foreign currency revenues, including oil producers such as Aradel Holdings and Seplat Energy. “By establishing a single, market-determined exchange rate, the reform improved price discovery and enabled companies with substantial foreign currency exposure to more accurately reflect the value of their dollar-denominated revenues in their financial statements,” he said.