By BONIFACE AKARAH

The Presidency on Wednesday 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 by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency said key policy measures, including the unification of the foreign exchange market, fuel subsidy removal, banking sector recapitalisation and tax reforms, had created a more stable and predictable business environment that boosted corporate earnings.

"The strong financial performance recorded by many of the companies listed on the Nigerian Exchange in the first half of 2026 is attributable to several key economic reforms implemented by President Bola Ahmed Tinubu's Administration since mid-2023," the statement said.

According to the Presidency, the unification of the foreign exchange market improved price discovery and enabled companies with significant foreign currency exposure to better reflect the value of their dollar-denominated earnings.

"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," Onanuga stated.

The statement identified oil and gas firms such as Aradel Holdings and Seplat Energy among companies that benefited from the reforms, noting that presidential approvals for major upstream acquisitions significantly expanded their reserve base, production capacity and long-term growth prospects.

It also said manufacturing firms including Dangote Cement, BUA Cement and HBM benefited from improved access to foreign exchange, which enhanced production planning, procurement of imported inputs and capital allocation.

"Improved foreign exchange availability has reduced operational bottlenecks, strengthened supply chain planning, and supported higher production volumes, contributing to stronger revenue growth and improved profitability," the statement added.

The Presidency further argued that the removal of petrol subsidy strengthened public finances, while tighter monetary policies, financial sector reforms and ongoing tax reforms improved macroeconomic stability and investor confidence.

"Taken together, these reforms have enhanced the operating environment for capital-intensive and export-oriented firms by improving market efficiency, strengthening macroeconomic stability, increasing investor confidence, and facilitating more efficient capital allocation," the statement said.

According to Onanuga, the improved corporate earnings should not be viewed as isolated company successes but as evidence that structural economic reforms are producing measurable gains across Nigeria's business environment.

"Rather than reflecting isolated firm-level developments, these results illustrate how comprehensive structural reforms can translate into measurable improvements in corporate financial performance through stronger market fundamentals and a more predictable business environment," he added.