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

Ten major Nigerian companies reported a combined revenue of N14.4 trillion and profit before tax (PBT) of N4.99 trillion in the first half of 2026, reflecting the positive impact of President Bola Tinubu's economic reforms. The Nigeria Revenue Service (NRS) attributed the growth to a more stable macroeconomic environment, improved market efficiency, and stronger investor confidence.

This represents a significant improvement from the previous year, when the companies generated N10.59 trillion in revenue and N2.99 trillion in PBT.

Key drivers of the growth include MTN Nigeria, which led the revenue table with N2.99 trillion, a 25% increase from N2.38 trillion in the previous half-year. The company also reported a 75.2% increase in PBT to N1.09 trillion. Dangote Cement followed with N2.51 trillion in revenue, a 21.4% increase from N2.07 trillion in the same period. Seplat Energy recorded N2.5 trillion in revenue, marking a 16.5% increase from N2.17 trillion.

Other companies with substantial growth include Aradel Holdings, which saw a 576.9% increase in revenue to N2.49 trillion and N752 billion in PBT, representing a 293.7% increase. Nigerian Breweries and BUA Foods also recorded notable growth, with revenue increases of 8.9% and 16.2%, respectively. Transcorp experienced a 13.4% decline in revenue to N279.04 billion.

The NRS defended the economic reforms, pointing out that Nigeria's petrol subsidy would have cost N53 trillion annually if left in place, potentially leading to a deteriorated naira-dollar exchange rate. By removing the subsidy, the country avoided a potential N53 trillion cost, strengthening investor confidence and creating a more predictable operating environment for capital-intensive and export-oriented companies.