Nigerian Firms Report Profit Growth Amid Economic Reforms

A recent report indicates that firms in Nigeria's real sector have returned to profitability in 2023, coinciding with economic reforms implemented by President Bola Tinubu's administration. Omoniyi Akinsiju, chairman of a think tank, noted that companies are adjusting to the evolving policy environment, resulting in stronger annual returns.

Despite criticisms from the political opposition regarding the effectiveness of these reforms, the report highlights significant improvements in corporate performance. Notable companies include MTN Nigeria, which reported a profit after tax of ₦1.7 trillion for 2025, a turnaround from a loss of ₦550.3 billion in 2024.

Other firms like Airtel Africa, Nigerian Breweries, and Dangote Cement also reported substantial revenue increases. The analysis emphasizes that these improvements reflect actual market conditions rather than previous subsidy frameworks, suggesting a recovery in Nigeria's real sector.