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

What the report says

Ten major listed Nigerian companies posted a strong first-half 2026 showing, with combined revenue of N14.4 trillion and profit before tax of N4.99 trillion, according to a report cited by This Day and referenced by AllAfrica. The article said the results were linked to reforms introduced by President Bola Tinubu’s administration, including fuel subsidy removal, foreign exchange changes, tighter monetary policy and tax reforms.

The companies highlighted included MTN Nigeria, Dangote Cement, Seplat Energy, Aradel Holdings, BUA Foods, BUA Cement, Nigerian Breweries, Nestlé Nigeria, Transcorp and HBM Nigeria Conglomerate. MTN Nigeria led revenue at N2.99 trillion, while Dangote Cement reported N2.51 trillion and Seplat Energy N2.5 trillion. Aradel Holdings showed one of the sharpest increases from the prior year, and several other firms also recorded higher sales. Transcorp was the notable laggard among the group, with revenue down from the previous year.

The Nigeria Revenue Service said the stronger corporate results reflected a more stable macroeconomic environment, improved market efficiency and better investor confidence. It also said the reforms initially created pressure for businesses with foreign-currency exposure, but later exchange-rate stability, easing inflation and stronger liquidity helped improve planning and investment conditions.

The report matters because it suggests that policy changes are beginning to show up in large-company earnings, especially in capital-intensive sectors such as oil and gas, manufacturing and telecoms. More broadly, it points to a gradual recovery in parts of Africa’s largest economy, though the article also noted that tax collection and wider economic gains still face significant gaps.