Tinubu Reforms Drive NGX Corporate Earnings

The Nigerian Presidency, through Special Adviser Bayo Onanuga, attributed the strong first-half 2026 financial performance of companies listed on the Nigerian Exchange Group to economic reforms implemented by President Bola Tinubu's administration since mid-2023. Key reforms cited include the unification of the foreign exchange market, removal of petrol subsidy, approval of major upstream oil and gas transactions, naira-based crude sales, banking sector recapitalisation, and tax reforms. These measures reportedly improved price discovery, reduced regulatory uncertainty, strengthened fiscal position, and enhanced business confidence. Beneficiaries highlighted include Aradel Holdings and Seplat Energy (energy), Dangote Cement, BUA Cement, and HBM Holdings (manufacturing), and Dangote Petroleum Refinery, which became a net exporter of PMS and aviation fuel. The Presidency argued that the reforms created a more predictable and investment-friendly environment, translating into measurable gains in revenue and earnings before tax for many NGX-listed firms.