The Presidency has attributed the strong first-half 2026 financial performance of several companies listed on the Nigerian Exchange to economic reforms introduced by President Bola Tinubu’s administration.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the reforms had created a more stable and predictable business environment, helping to boost investor confidence and corporate profitability.
In a statement posted on his official X account on Wednesday, Onanuga identified the unification of the foreign exchange market as one of the key reforms behind the improved corporate performance.
He said the move to a single, market-determined exchange rate had improved price discovery and allowed companies with significant foreign exchange exposure to better reflect the value of their dollar-denominated revenues.
According to Onanuga, export-oriented and foreign exchange-earning companies such as Aradel Holdings and Seplat Energy particularly benefited from the reform because of their exposure to international oil prices and foreign currency earnings.
He also cited the Federal Government’s approval of major upstream oil and gas transactions as another factor that had strengthened investor confidence.
Among the deals highlighted were 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 Mobil Producing Nigeria Unlimited assets.
The Presidency said the reforms were helping to improve the business environment and create opportunities for stronger corporate performance and investment in Nigeria.
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