Nigeria’s presidency has credited President Bola Ahmed Tinubu’s economic programme with helping 10 blue-chip companies listed on the Nigerian Exchange (NGX) generate combined revenue of N14.40 trillion in the first quarter of 2026. The companies also posted aggregate profit after tax of N4.99 trillion during the period.
Companies report strong first-quarter results
In a statement released on Wednesday by presidential spokesperson Bayo Onanuga, the administration said the performance reflected the impact of reforms introduced since Tinubu took office in 2023. The companies included MTN Nigeria, Dangote Cement, Seplat Energy, Aradel Holdings and BUA Cement, among others.
The presidency also referred to the robust results delivered by several NGX-listed companies in the first half of 2026, saying the gains were connected to a series of policy changes aimed at reshaping the economy.
Foreign-exchange changes improve earnings visibility
The administration identified the 2023 overhaul of Nigeria’s foreign-exchange system as one of the main drivers of the market’s improvement. It said the move to a unified, market-based exchange rate strengthened price discovery and allowed companies with significant dollar exposure to present the value of their foreign-currency income more accurately in their accounts.
According to the presidency, the change was especially helpful to exporters and other businesses that earn foreign currency. Aradel Holdings and Seplat Energy were cited as examples because their income is closely tied to international crude prices and is generally settled in foreign currency.
- The unified exchange-rate framework gave investors a clearer basis for valuing companies with dollar-linked revenue.
- Energy producers with international sales, including Aradel Holdings and Seplat Energy, benefited from the improved treatment of foreign-currency earnings.
- Industrial and manufacturing businesses gained from better access to foreign exchange and a more predictable currency environment.
Oil-sector approvals and domestic refining
The presidency said investor confidence in Nigeria’s energy industry was also reinforced by the government’s prompt approval of major upstream deals. Among them was the Renaissance Africa Energy consortium’s purchase of Shell Petroleum Development Company assets, with Aradel Holdings participating in the consortium.
The administration also approved Seplat Energy’s acquisition of the assets of Mobil Producing Nigeria Unlimited. It said the two decisions removed uncertainty around two of the biggest transactions in Nigeria’s upstream oil and gas sector.
In the presidency’s assessment, the approvals increased the companies’ reserves and production potential while improving their longer-term growth outlook.
Tinubu’s authorisation of naira payments for crude was cited as another policy supporting domestic energy development. The presidency said the approach, which has also been adopted by some other African countries, had helped expand local refining activity and contributed to Dangote Refinery becoming a net exporter of premium motor spirit and aviation fuel.
Banking recapitalisation adds support
The administration further connected the NGX’s gains with the recapitalisation of Nigeria’s banking industry in 2026, presenting the strengthening of banks as another factor behind the market’s performance.
