President Bola Tinubu has credited the strong first-half 2026 financial performance of several companies listed on the Nigerian Exchange with the economic reforms introduced by his administration since mid-2023.

In a statement issued on Wednesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency said measures such as the unification of the foreign exchange market, removal of the petrol subsidy, banking sector recapitalisation, tax reforms, and tighter monetary policies have strengthened the business environment and enhanced corporate profitability.

According to the statement, the reforms have improved market efficiency, strengthened macroeconomic stability, boosted investor confidence, and provided businesses with greater certainty for investment and operational planning.

The Presidency described the unification of the foreign exchange market as one of the administration’s most significant reforms, noting that the adoption of a single, market-driven exchange rate enhanced price discovery and enabled companies with substantial foreign currency exposure to more accurately reflect the value of their dollar-denominated earnings.

The Presidency said export-oriented and foreign exchange-earning companies, including Aradel Holdings and Seplat Energy, have been among the major beneficiaries of the foreign exchange reforms, as their revenues are largely linked to international oil prices and earned in foreign currency.

It also attributed the stronger financial performance of both firms to the Federal Government’s approval of key upstream oil transactions, which it said had supported growth and improved investor confidence in the sector.

These include the acquisition of Shell Petroleum Development Company’s onshore assets by the Renaissance Africa Energy consortium, in which Aradel Holdings is a member, as well as Seplat Energy’s acquisition of the assets of Mobil Producing Nigeria Unlimited.

“By facilitating the transfer of mature onshore assets to well-capitalised indigenous operators, the administration strengthened investor confidence, accelerated domestic participation in the petroleum sector, and positioned both Aradel and Seplat to capture higher production volumes, stronger revenues, and improved earnings before tax,” it said.