A leading policy group, the Independent Media and Policy Initiative (IMPI), has said that Nigerian companies are recording significant growth in revenues, attributing the trend to the economic reforms introduced by President Bola Ahmed Tinubu’s administration.
The group stated that the development contradicts pessimistic narratives about the state of the economy following the implementation of the reforms. In a policy statement signed by its Chairman, Dr. Omoniyi Akinsiju, IMPI maintained that verifiable data indicate a steady recovery in the real sector over the past 24 months.
According to the think tank, opposition claims portraying the reforms as unsuccessful lack empirical backing and are largely based on generalisations. It argued that while challenges accompanied the rollout of the policies, they have succeeded in revitalising and strengthening the real sector of the economy.
IMPI noted that the resurgence in revenue and profitability among private firms holds positive implications for Gross Domestic Product (GDP), employment generation, poverty reduction, and wealth creation.
The group explained that its position is grounded in current market realities, including consumer behaviour, competitive dynamics, and prevailing economic conditions, rather than the subsidy-driven environment that existed prior to the reforms initiated in 2023.
Citing data from publicly quoted companies, IMPI said 20 blue-chip firms listed on the Nigerian Exchange recorded a combined revenue of N27.8 trillion in the 2025 financial year, representing a 28.7 per cent increase from N21.62 trillion in 2024.
Among the top performers, Guinness Nigeria Plc returned to profitability with a N41 billion profit after tax, while MTN Nigeria Communications Plc posted a profit before tax of N1.7 trillion, reversing a N550.3 billion loss recorded in 2024. Airtel Africa Plc also rebounded with a $328 million profit after tax.
Similarly, Nigerian Breweries recorded a 68.9 per cent increase in revenue to N383.6 billion, while International Breweries Plc posted a pre-tax profit of N88.9 billion after a previous loss. Dangote Cement reported revenue of N4.31 trillion, reflecting a 20.28 per cent increase, and Seplat Energy announced N4.14 trillion in revenue, representing a 150.4 per cent rise.
Unilever Nigeria Plc also recorded strong performance, with gross profit rising by 62 per cent to N90 billion, while net profit doubled to N32 billion.
IMPI further stated that the improved performance of listed firms reflects broader gains across sectors, including the informal economy. It estimated that private sector activities currently support about 9.64 million jobs, with increased retained earnings expected to drive business expansion and higher GDP growth.
The group added that the rebound in corporate earnings has led to N1.7 trillion in shareholder payouts, marking one of the strongest increases in recent years.
It also cited a 2025 Moniepoint survey indicating a 65 per cent increase in revenue within the informal sector, suggesting that the positive impact of the reforms extends beyond formal businesses.
IMPI expressed optimism that the ongoing reforms will continue to strengthen economic stability and sustain growth across key sectors of the Nigerian economy.
