Tinubu Reforms Drive Surge in Manufacturers’ Revenue — IMPI By Raymond Enoch
Nigeria’s real sector is experiencing a significant rebound, with local manufacturers and major corporations posting strong revenue growth, a development attributed to the ongoing economic reforms of President Bola Ahmed Tinubu, according to the Independent Media and Policy Initiative (IMPI).
In a policy statement signed by its Chairman, Omoniyi Akinsiju, the think tank said verifiable data indicate that Nigerian companies are reaching new revenue heights, countering widespread pessimism about the country’s economic direction since the introduction of reforms in 2023.
IMPI argued that contrary to criticisms from opposition voices, the current economic trajectory reflects a steady recovery anchored on the revitalisation of the real sector.
“From our standpoint, the opposition’s narrative against the federal government’s reforms lacks empirical validation and is largely based on generalisations,” the group stated.
It acknowledged that while the reforms initially triggered economic volatility, they have begun to yield measurable gains, particularly in revenue growth and profitability among companies listed on the Nigerian Exchange.
According to IMPI’s analysis of 20 blue-chip firms, total revenue rose to N27.8 trillion in the 2025 financial year, representing a 28.7 per cent increase from N21.62 trillion recorded in 2024.
Several major companies were highlighted as evidence of the turnaround. MTN Nigeria Communications Plc posted a profit before tax of N1.7 trillion in 2025, reversing a N550.3 billion loss in the previous year, while Airtel Africa Plc returned to profitability with a $328 million profit after tax.
In the consumer goods sector, Nigerian Breweries Plc recorded a 68.9 per cent increase in revenue to N383.6 billion, while Guinness Nigeria Plc posted a N41 billion profit after tax, marking a return to profitability.
Similarly, Dangote Cement Plc reported revenue of N4.31 trillion, representing a 20.28 per cent increase, while Seplat Energy Plc achieved a 150.4 per cent surge in revenue to N4.14 trillion.
Other firms, including Unilever Nigeria Plc and International Breweries Plc, also recorded strong profit growth, reinforcing what IMPI described as a broad-based recovery across sectors.
The think tank maintained that these gains are supported by improving macroeconomic conditions and a more stable foreign exchange environment, which have helped boost investor confidence and business performance.
It further noted that the strengthening of the naira has positioned it as one of Africa’s better-performing currencies against the dollar in recent months.
Beyond the formal sector, IMPI pointed to data suggesting that the informal economy is also benefiting from the reforms. Citing a 2025 survey, it reported a 65 per cent increase in revenue among small and medium-scale enterprises.
The group estimated that the current growth trajectory could sustain employment for approximately 9.64 million Nigerians in the private sector, while also driving expansion, higher retained earnings, and improved Gross Domestic Product (GDP) figures.
In addition, the rebound has translated into increased shareholder value, with companies reportedly paying out a combined N1.7 trillion in dividends—one of the strongest performances in recent years.
IMPI concluded that while challenges remain, the emerging data signal a positive outlook for Nigeria’s economy, with the real sector playing a central role in driving sustained growth and prosperity.
