The Tinubu Media Volunteers (TMV) has attributed the strong performance of publicly listed companies on the Nigerian stock market to the economic reforms introduced by the President Bola Tinubu administration.
In a statement signed by its Chairman, Chukwudi Enekwechi, and Secretary, Segun Ogedengbe, the group said companies across key sectors of the economy had recorded significant improvements in revenue and profitability.
TMV identified Dangote Refinery, Aradel Holdings and Seplat Energy, among others, as some of the major beneficiaries of the reforms, particularly companies with strong export and foreign-exchange exposure.
“Some of the benefiting companies are export-oriented and earn foreign exchange,” the group said.
It recalled that the Abuja-based Independent Media and Policy Initiative (IMPI) had previously highlighted the administration’s decision to float the naira and remove the fuel subsidy as measures capable of transforming the economy.
According to TMV, the reforms have contributed significantly to the reversal of losses and the return to profitability by several companies.
“The floating of the naira marked a turning point in Nigeria’s foreign- exchange regime.
The unification of the foreign-exchange market improved price discovery and enabled companies with significant foreign-exchange exposure to reflect the value of their dollar-denominated revenues more accurately,” it said.
The group added that the reversal from losses to profits demonstrated how improved currency management and internal cost control could rapidly change the fortunes of companies previously weakened by macroeconomic pressures.
It listed MTN Nigeria, Nigerian Breweries and Guinness, among others, as top beneficiaries of the turnaround.
TMV said the combined revenues of the ten largest listed companies rose from **N10.59 trillion in the first half of 2025 to N14.40 trillion in the first half of 2026**.
“We therefore attribute the positive outlook of listed companies to the economic reforms of the Federal Government,” the group said.
It added that the improved results were generating substantial benefits for investors and other stakeholders while projecting a more positive image of Nigeria’s investment environment to foreign investors.