One of the country’s foremost policy groups, the Independent Media and Policy Initiative (IMPI) has said that the reform policies of the Tinubu administration has engendered high revenue earnings in the real sector of the economy.

In a policy brief by its Chairman, Dr Omoniyi Akinsiju, the think tank argued that this shows that companies involved in the productive sector have adjusted to the new policy environment with higher annual returns.

It said: "We have followed with concern the bewildering polemics with which Nigeria’s political opposition is deliberately scandalising the public space to demean the economic reforms being implemented by the President Bola Ahmed Tinubu-led federal administration as ill-considered and inconsequential.

“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.

“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 any body of reform policies, we assert that the Tinubu policies have, in significant ways, accomplished the first purpose of a sovereign’s economic rejuvenation: the resuscitation and strengthening of the real sector of the economy.

“This speaks to the resurgence of revenue and profitability in privately managed companies, with far-reaching implications for Domestic Product (GDP), employment, poverty reduction, and wealth creation, leading to a state of general prosperity from now on.

“Our affirmation of the recovery of the nation’s critical real sector is predicated on the framework of market reality, which represents the actual, current conditions of the marketplace, including consumer behaviour, competitor actions, and economic constraints, rather than the subsidy conditions prevalent during the years before the commencement of the implementation of the reform policies in 2023.

“Our submission is corroborated by verifiable data that profiles the performance of quoted companies on the Nigerian Stock Exchange and artisanal enterprises in the informal sector.”

The think tank also provided some insights into the performance of major publicly-quoted companies to reflect the buoyancy the Tinubu reforms have brought to the real sector of the economy.

“Top performers on the list of high-revenue-generating companies include Guinness Nigeria Plc, which reported a profit after tax of N41 billion in its audited 18-month results ending on December 31, 2025, marking its first return to profitability since 2023.

“MTN Nigeria Communications Plc delivered one of the most impressive turnarounds, posting a profit before tax of N1.7 trillion in 2025 compared to a N550.3 billion loss in 2024.

Airtel Africa Plc also returned to profitability, with a profit after tax of $328 million, reversing a $89 million loss recorded in 2024.

“Nigerian Breweries has returned to profitability after two years. The company recorded a 68.9 per cent increase in revenue to N383.6 billion, primarily driven by better-than-expected volume growth, a notable rise from N222.17 billion in 2024 and N123.31 billion in 2023.

“International Breweries Plc also returned to profitability, reporting a pre-tax profit of N88.9 billion in its 2025 audited results, compared with a N111.8 billion loss in the prior year. Dangote Cement reported revenue of N4.31 trillion, up 20.28 per cent from N3.58 trillion in 2024.

“Seplat Energy announced N4.14 Trillion in revenue in 2025, about a 150.4 per cent increase over the N1.65 trillion reported in 2024. Unilever Nigeria Plc’s gross profit rose 62 per cent to N90 billion, while net profit doubled to N32 billion, up from N15 billion in the same period in 2024,” IMPi added.

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