Tinubu's reforms responsible for strong performance of companies
The Nigerian government attributes the strong financial performance of local companies in 2026 to economic reforms initiated by President Bola Ahmed Tinubu. Key measures, such as the unification of the foreign exchange market, have particularly benefited the energy sector.
Why it matters
This analysis provides insight into how specific macroeconomic policy shifts in Nigeria are impacting the valuation and operational success of major energy firms.
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.
One of these significant reforms was the unification of the foreign exchange market.
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.
This has been particularly beneficial for export-oriented and foreign exchange-earning businesses such as Aradel Holdings and Seplat Energy , whose revenues are largely linked to international oil prices and settled in foreign currency.
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