Nigeria’s real sector is recording a strong rebound, with major companies posting significant increases in revenue and profitability as the impact of ongoing economic reforms begins to materialise.
In a statement signed by Omoniyi M. Akinsiju, Chairman of the Independent Media and Policy Initiative, the think tank said recent data shows a clear turnaround in corporate performance, countering criticisms that the reforms under President Bola Ahmed Tinubu have failed.
According to the report, a sample of 20 blue-chip companies listed on the Nigerian Exchange Limited generated a combined N27.8 trillion in revenue in 2025, representing a 28.7 per cent increase from N21.62 trillion recorded in 2024.
The analysis highlighted strong turnarounds across several sectors, particularly telecommunications, manufacturing and energy, as firms adjusted to a new macroeconomic environment marked by foreign exchange reforms and improved pricing structures.
Among the top performers, MTN Nigeria Communications Plc posted a profit before tax of N1.7 trillion, reversing a N550.3 billion loss recorded in the previous year.
Airtel Africa Plc also returned to profitability with $328 million in profit after tax, while Guinness Nigeria Plc reported N41 billion profit, its first since 2023.
In the industrial and consumer goods space, Dangote Cement Plc recorded N4.31 trillion in revenue, representing a 20.28 per cent increase year-on-year, while Seplat Energy Plc posted N4.14 trillion in revenue, up by over 150 per cent.
Other firms, including Nigerian Breweries Plc, International Breweries Plc and Unilever Nigeria Plc, also recorded improved earnings or a return to profitability.
The IMPI attributed the performance to stabilising macroeconomic conditions, including a more predictable foreign exchange market and improved operational efficiency among firms adapting to the new policy environment.
It added that the rebound is not limited to the formal sector, noting that revenues in Nigeria’s informal economy rose by about 65 per cent, based on a 2025 survey.
The group said the earnings recovery has broader implications for the economy, including increased employment, business expansion and higher shareholder returns, with payouts estimated at N1.7 trillion in recent periods.
While acknowledging initial challenges linked to reform implementation, the report maintained that the current trajectory reflects a strengthening economic base, driven by policy adjustments and market adaptation.
