Abuja — A leading Nigerian policy think tank says the country’s private sector has staged a dramatic recovery, with blue-chip companies hitting record revenue levels following two years of intensive economic reforms.
In a report released on Friday, the Independent Media and Policy Initiative (IMPI) challenged “gloomy” narratives from political opponents, arguing that empirical data from the Nigerian Stock Exchange (NGX) shows the real sector is resuscitating after a period of high volatility.
The Numbers: A Return to Black
The IMPI’s analysis of 20 “blue-chip” companies revealed a collective revenue of ₦27.8 trillion in the 2025 financial year—a 28.7% increase from the previous year.
The think tank highlighted several high-profile “turnaround” stories of companies that had previously struggled with currency fluctuations and subsidy removals:
- MTN Nigeria: Reported a profit before tax of ₦1.7 trillion in 2025, reversing a significant loss of ₦550.3 billion in 2024.
- Guinness Nigeria: Returned to profitability for the first time since 2023, posting ₦41 billion in profit.
- Seplat Energy: Saw revenue jump by 150.4%, reaching ₦4.14 trillion.
- Nigerian Breweries & International Breweries: Both major brewers returned to the black after two years of losses, driven by volume growth and improved macroeconomic stability.
‘Market Reality vs. Subsidy Conditions’
Dr. Omoniyi Akinsiju, Chairman of the IMPI, stated that the growth is a result of moving away from an economy “propped up by subsidies” to one defined by “market reality.”
“The Tinubu policies have accomplished the first purpose of a sovereign’s economic rejuvenation: the resuscitation and strengthening of the real sector,” Akinsiju said.
He attributed the rebound to improving macroeconomic conditions and a more stable foreign exchange market, noting that the Naira has emerged as one of Africa’s top-performing currencies in 2026.
Impact Beyond the Boardroom
The report suggests this corporate buoyancy has a direct “trickle-down” effect on the wider population:
- Job Security: The resurgence guarantees the employment of roughly 9.64 million Nigerians in the private sector.
- Shareholder Wealth: Listed companies unlocked ₦1.7 trillion in payouts to shareholders, the strongest rise in recent years.
- The Informal Sector: The recovery isn’t limited to big corporations. Citing a 2025 Moniepoint survey, the IMPI noted a 65% jump in revenue for small-scale artisanal enterprises in the informal sector.
Context: The Reform Journey
President Bola Tinubu’s administration began its tenure in 2023 with bold but painful reforms, including the removal of a decades-long fuel subsidy and the unification of the exchange rate. While these moves initially triggered high inflation and “economic volatility,” the IMPI argues the 18-month “change in tides” proves the long-term viability of the strategy.
“Until we agree to be bound by the rule of law and market discipline, development will be a mirage,” the statement concluded, praising the resilience of Nigerian firms in adapting to the new economic landscape.
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