Local Manufacturers Record Revenue Surge Under Tinubu — IMPI

JOEL OLADELE, Abuja

Nigeria’s real sector is showing signs of recovery, with local manufacturers and major firms recording improved revenues under the ongoing economic reforms of President Bola Ahmed Tinubu, the Independent Media and Policy Initiative (IMPI) has said.

In a policy statement signed by its Chairman, Omoniyi Akinsiju, the think tank said data from the past two years contradicts widespread pessimism about the economy, pointing instead to a steady rebound driven by policy adjustments introduced since 2023.

According to the group, while the reforms initially triggered economic volatility, they are now delivering improved outcomes across key sectors, particularly among privately owned companies.

“Contrary to the frequent public espousal of reform failure, our reading of the national economic trajectory since 2023 strongly indicates otherwise,” the statement said, adding that the policies have helped revive the productive base of the economy.

The IMPI said a review of 20 major companies listed on the Nigerian Exchange showed a combined revenue of N27.8 trillion in the 2025 financial year, representing a 28.7 per cent increase from N21.62 trillion recorded in 2024.

It noted that several companies that previously posted losses have returned to profitability, citing MTN Nigeria Communications Plc, which recorded a profit before tax of N1.7 trillion in 2025, reversing a loss from the previous year.

Similarly, Airtel Africa Plc returned to profit with earnings of $328 million, while Guinness Nigeria Plc posted a profit after tax of N41 billion.

The report also highlighted strong performances from Nigerian Breweries Plc and International Breweries Plc, both of which recorded improved revenues and a return to profitability after previous downturns.

Other firms, including Dangote Cement Plc, Seplat Energy Plc, and Unilever Nigeria Plc, were also cited as beneficiaries of the improved business environment.

The think tank said the improved performance reflects broader economic stability, including a more predictable foreign exchange market and easing macroeconomic pressures.

“The resurgence of revenue and profitability in privately managed companies has far-reaching implications for GDP growth, employment, poverty reduction, and wealth creation,” IMPI stated.

It added that the gains are extending beyond large corporations to the informal sector, where a recent survey indicated a 65 per cent increase in revenues, suggesting that small businesses are also benefiting from the evolving economic landscape.

The group further noted that the stronger financial performance of companies has translated into increased shareholder returns, with about N1.7 trillion paid out in dividends, marking one of the highest payouts in recent years.

While acknowledging that the reforms came with initial hardships, the think tank maintained that the current trajectory points to sustained economic recovery.

“The sweeping reforms that initially triggered economic volatility are now translating into stronger revenues and earnings for many firms,” the statement added, expressing optimism about continued growth in the coming years.