Bayo Onanuga, special adviser to the president on information and strategy, says the strong financial performance posted by many companies listed on the Nigerian Exchange (NGX) in the first half of 2026 is a result of the economic reforms introduced by President Bola Tinubu’s administration since 2023.
In a statement on Wednesday, Onanuga attributed the improved corporate earnings to major reforms such as the unification of the foreign exchange (FX) market, removal of petrol subsidy, banking sector recapitalisation, tax reforms, and approvals of major oil and gas transactions.
According to the statement, the unification of the FX market established a single, market-determined exchange rate, improving price discovery and enabling companies with significant foreign currency exposure to better reflect the value of their dollar-denominated revenues.
He said the reform particularly benefited export-oriented and FX-earning firms such as Aradel Holdings and Seplat Energy, whose revenues are largely linked to
