Firms Recording Higher Revenues Under Tinubu’s Policies – IMPI
By Alabidun Shuaib AbdulRahman
One of the country’s leading policy groups, the Independent Media and Policy Initiative, IMPI, has said Nigerian companies are witnessing significant growth in revenue and profitability due to the economic reforms of the President Bola Tinubu administration.
The group stated that the development contradicts what it described as pessimistic narratives by critics regarding the state of the economy.
In a policy statement signed by its Chairman, Dr Omoniyi Akinsiju, the think tank said available data indicated that the real sector had recorded measurable progress over the past 24 months.
“From our standpoint, we surmise that the opposition’s propagation of bellicose intent against the Federal Government’s reforms lacks empirical validation and is generally pivoted on abysmal, commonplace and sentimental generalisations,” the statement read.
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The group added that while it recognised the challenges associated with policy implementation, the reforms had achieved a key objective of economic revitalisation.
“Contrary to the frequent public espousal of reform failure by the opposition, our reading of the national economic trajectory since 2023 strongly indicates otherwise. While we acknowledge the inevitability of some challenges inherent in the implementation of reform policies, we assert that the Tinubu policies have, in significant ways, accomplished the resuscitation and strengthening of the real sector of the economy,” it stated.
IMPI noted that the improved performance of privately managed companies had far-reaching implications for Gross Domestic Product, GDP growth, job creation, poverty reduction and wealth generation.
It said its position was based on verifiable data drawn from the performance of quoted firms on the Nigerian Exchange as well as activities within the informal sector.
“Our affirmation of the recovery of the nation’s critical real sector is predicated on the framework of market reality, which reflects current marketplace conditions rather than the subsidy-driven environment that existed before the reforms commenced in 2023,” it added.
The think tank acknowledged that the reforms initially triggered economic volatility but said recent trends showed a strong recovery in corporate performance.
“The sweeping economic reforms that initially triggered volatility are now translating into stronger revenues and earnings for many firms. This change in tides in both top and bottom lines is enabled by improving macroeconomic conditions and a more stable foreign exchange market,” it said.
According to the group, the naira has also strengthened, emerging as one of the best-performing currencies in Africa against the dollar year-to-date.
IMPI disclosed that an analysis of 20 blue-chip companies listed on the Nigerian Exchange showed that they generated a combined revenue of N27.8tn in the 2025 financial year, representing a 28.7 per cent increase from N21.62tn recorded in 2024.
It highlighted several companies that returned to profitability, including Guinness Nigeria Plc, which posted a profit after tax of N41bn in its audited 18-month results ending December 31, 2025.
“MTN Nigeria Communications Plc delivered one of the most impressive turnarounds, posting a profit before tax of N1.7tn in 2025 compared to a N550.3bn loss in 2024. Airtel Africa Plc also returned to profitability, with a profit after tax of $328m, reversing a $89m loss recorded in 2024,” the group stated.
It added that Nigerian Breweries Plc recorded a 68.9 per cent increase in revenue to N383.6bn, while International Breweries Plc posted a pre-tax profit of N88.9bn compared to a loss in the previous year.
The group further cited Dangote Cement Plc, which recorded N4.31tn in revenue, and Seplat Energy Plc, which posted N4.14tn, representing a significant increase from the previous year.
“Unilever Nigeria Plc’s gross profit rose by 62 per cent to N90bn, while net profit doubled to N32bn from N15bn recorded in 2024,” it added.
IMPI said the performance of listed companies reflected a broader recovery across sectors, including the informal economy.
“We can generalise these performances across sectors. This aggregates to a state of buoyancy among private-led companies and supports employment for about 9.64 million Nigerians in the private sector, with increased retained earnings that will drive business expansion and higher GDP growth,” it said.
The group also noted that the rebound in corporate earnings had resulted in N1.7tn in shareholder payouts, describing it as one of the strongest increases in recent years.
It added that the informal sector was not left out, citing a 65 per cent increase in revenue recorded by small businesses, according to a 2025 survey.
“The rebound in business returns is not limited to the formal sector. The informal sector, where the majority of Nigerians are engaged, also recorded a significant rise in revenue,” the statement concluded.
