The Independent Media and Policy Initiative (IMPI) says Nigerian companies are recording significant revenue growth, attributing the trend to the policy direction of President Bola Tinubu’s administration.
In a policy statement signed by its Chairman, Dr. Omoniyi Akinsiju, the group said the development contradicts negative assessments of the economy following ongoing reforms.
According to IMPI, available data indicate that the real sector has strengthened over the past 24 months, despite initial challenges associated with policy implementation.
The group stated that reforms introduced since 2023 have contributed to improved revenue and profitability among private companies, with positive implications for Gross Domestic Product, employment, and wealth creation.
It added that its position is based on market realities, including consumer behaviour, competition, and prevailing economic conditions, rather than pre reform subsidy driven dynamics.
IMPI said its findings were supported by performance data from companies listed on the Nigerian Exchange, as well as enterprises in the informal sector.
While acknowledging early economic volatility, the group noted that many firms have recorded stronger financial performance in the last 18 months, aided by improved macroeconomic conditions and relative stability in the foreign exchange market.
The statement also cited a sample of 20 blue chip companies listed on the NGX, which collectively posted N27.8 trillion in revenue in 2025, representing a 28.7 per cent increase from N21.62 trillion in 2024.
Among the companies highlighted, Guinness Nigeria Plc returned to profitability with a N41 billion profit after tax in its 18-month results ending December 31, 2025.
MTN Nigeria Communications Plc recorded a profit before tax of N1.7 trillion in 2025, a turnaround from a N550.3 billion loss in 2024, while Airtel Africa Plc posted a profit after tax of 328 million dollars, reversing an 89 million dollar loss in the previous year.
Nigerian Breweries also returned to profitability, reporting 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 compared to a loss in 2024.
Dangote Cement recorded revenue of N4.31 trillion, up from N3.58 trillion, while Seplat Energy reported N4.14 trillion in revenue, representing a 150.4 per cent increase year-on-year.
Unilever Nigeria Plc also posted strong results, with gross profit rising by 62 per cent to N90 billion and net profit doubling to N32 billion.
IMPI said the improved performance of listed companies reflects broader gains across sectors, including the informal economy, where a 2025 survey by Moniepoint indicated a 65 per cent increase in revenue.
The group added that the growth has supported private sector employment estimated at about 9.64 million Nigerians and led to increased shareholder payouts, which it put at N1.7 trillion in recent periods.
IMPI expressed optimism that the trend would translate into business expansion and improved economic indicators in the coming years.
