Economy in Recovery: Tinubu’s Reforms Propel MTN, Dangote, BUA, Transcorp, Seplat, Others’ H1 Revenues to N14.4trn, N4.99trn Profits

Nigeria's economy is showing signs of recovery, with ten major listed companies achieving a combined revenue of N14.4 trillion and N4.99 trillion in profit before tax in the first half of 2026. This robust performance marks a substantial improvement from the N10.59 trillion revenue and N2.99 trillion profit recorded in the first half of 2025.

The surge in corporate earnings is directly attributed to the wide-ranging economic reforms initiated by President Bola Tinubu's administration since mid-2023. These reforms encompass the removal of the costly petrol subsidy, significant adjustments in the foreign exchange market, tighter monetary policies, and a revamped tax system. These measures have collectively fostered a more stable macroeconomic environment, enhanced market efficiency, and bolstered investor confidence.

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Fuel subsidy will be costing N53 trillion, exchange rate N3,500/$ without Tinubu’s reforms

Companies like MTN Nigeria Communications Plc, Dangote Cement Plc, Seplat Energy Plc, and Aradel Holdings Plc were at the forefront of this growth. MTN Nigeria reported N2.99 trillion in revenue, a 25% increase, and a 75.2% rise in profit before tax to N1.09 trillion. Dangote Cement saw its revenue climb 21.4% to N2.51 trillion, while Seplat Energy's revenue increased by 16.5% to N2.5 trillion, with its profit before tax rising 54.2% to N700 billion. Aradel Holdings experienced an extraordinary revenue increase of 576.9%, reaching N2.49 trillion, and a 293.7% profit growth to N752 billion.

Beyond these leaders, other companies also demonstrated strong performance. Nigerian Breweries saw an 8.9% revenue increase to N803.68 billion, and BUA Foods grew its revenue by 16.2% to N765.12 billion. The Nigerian Revenue Service (NRS) noted that tax collections reached N27.1 trillion in the first eight months of the year, raising the tax-to-GDP ratio to 13%. Zacch Adedeji, a government official, highlighted the significant fiscal burden that would have been incurred without these reforms, estimating the fuel subsidy alone would have cost N53 trillion and the exchange rate could have reached N3,500 to the dollar.

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Tax collections hit N27.1trn in 8 months as tax-to-GDP rises to 13%