Presidency reacts as NGX-listed Nigerian firms record N14.40tn revenue

President Bola Ahmed Tinubu’s presidency has reacted after 10 blue-chip firms listed on the Nigerian Exchange, NGX recorded a combined revenue of N14.40 trillion in the first quarter of 2026.

In a statement issued on Wednesday by the President’s spokesperson, Bayo Onanuga, the Tinubu administration attributed the gains to its economic reforms.

DAILY POST reports that the 10 firms, including MTN Nigeria, Dangote Cement, Seplat Energy, Aradel Holdings, BUA Cement and others, recorded a combined profit after tax of N4.99 trillion in the first quarter of 2026.

Reacting, the presidency said the strong financial performance recorded by many companies listed on the Nigerian Exchange in the first half of 2026 was attributable to several key economic reforms implemented by the Tinubu administration since 2023.

The presidency noted that its foreign exchange market reforms introduced in 2023 had positively impacted the country’s stock market.

“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.

“The Tinubu administration’s commitment to strengthening investor confidence in the energy sector was further demonstrated through the timely approval of several landmark upstream transactions. Among the most notable approvals was the Renaissance Africa Energy consortium’s acquisition of Shell Petroleum Development Company (SPDC) assets, of which Aradel Holdings is a consortium member. Another was the approval of Seplat Energy’s acquisition of the assets of Mobil Producing Nigeria Unlimited (MPNU).

“These strategic approvals significantly expanded the reserve base, production capacity, and long-term growth prospects of both companies while removing regulatory uncertainty surrounding two of the largest transactions in Nigeria’s upstream oil and gas industry.

“President Tinubu’s approval of naira payment for crude, a policy that some other African countries have adopted, has also supported local refining capacity, such that Dangote Refinery has become a net exporter of PMS and aviation fuel.

“Manufacturing and industrial companies similarly benefited from improved access to foreign exchange and a more predictable currency market,” the presidency stated.

The presidency also linked the NGX’s gains to the recapitalisation of the country’s banking sector in 2026.