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Strong half-year financial results released by several companies listed on the Nigerian Exchange have been attributed to the Federal Government’s ongoing economic reforms, with analysts saying policy changes introduced under President Bola Tinubu are creating a more stable environment for businesses despite prevailing economic challenges.

Market watchers noted that the unification of the foreign exchange market, the removal of petrol subsidy, and reforms in the energy sector have significantly improved business planning, reduced market distortions and strengthened investor confidence across key industries.

READ ALSO: Tinubu Raises Military Pay by 80%, Wage

Companies operating in the oil and gas, manufacturing, banking and consumer goods sectors recorded impressive revenue and profit growth in their half-year earnings, reflecting improved operational efficiency and stronger market conditions.

Financial analysts explained that although businesses initially faced increased operating costs following the reforms, many have now adjusted to the new economic realities by improving productivity, expanding local sourcing and adopting more efficient financial management strategies.

According to investment experts, the liberalisation of the foreign exchange market has enhanced access to foreign currency, allowing firms to import raw materials, service obligations and plan investments with greater certainty. They added that the elimination of multiple exchange rates has reduced arbitrage opportunities and improved transparency.

Industry stakeholders also pointed to reforms in the petroleum sector, including increased domestic refining capacity and deregulation, as major factors supporting stronger corporate earnings, particularly among energy companies and firms dependent on petroleum products.

Manufacturers said improved energy availability and better access to foreign exchange have helped reduce production disruptions, although they maintained that infrastructure deficits and high borrowing costs remain challenges requiring further government attention.

Economic analysts believe the sustained profitability recorded by listed companies could encourage additional domestic and foreign investments, deepen activities on the Nigerian Exchange and strengthen confidence in Nigeria’s long-term economic outlook.

They, however, stressed that continued fiscal discipline, infrastructure investment and monetary stability would be necessary to sustain the momentum and ensure the benefits of the reforms extend beyond large corporations to small and medium-sized enterprises.

The strong earnings have also lifted sentiment in the capital market, with investors responding positively to improved corporate performance across several sectors.

As companies prepare to release their full-year financial results, market observers expect reforms aimed at improving productivity, expanding industrial output and strengthening macroeconomic stability to remain key drivers of corporate growth and investor confidence.

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President Bola Ahmed Tinubu
Amarachi Ihesiulo
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