Tinubu reforms boost real sector revenues, counter opposition claims — IMPI
…think-tank cites corporate turnaround across telecoms, manufacturing, energy …says economic trajectory since 2023 shows recovery, not decline The Independent Media and Policy Initiative (IMPI) has dismissed opposition claims that the
...think-tank cites corporate turnaround across telecoms, manufacturing, energy
...says economic trajectory since 2023 shows recovery, not decline
The Independent Media and Policy Initiative (IMPI) has dismissed opposition claims that the reforms of President Bola Ahmed Tinubu have failed, insisting instead that the administration’s policies have triggered a strong rebound in revenue earnings across Nigeria’s real sector.
In a policy brief released on Tuesday, the think-tank, led by Dr Omoniyi Akinsiju as Chairman, argued that empirical data from major companies and market indicators show that businesses in the productive sector have adjusted to the new economic environment, recording significantly higher returns.
IMPI said the opposition’s persistent criticism of the reforms lacks factual grounding and is largely driven by “sentimental generalisations” rather than verifiable economic data.
According to the group, a closer examination of Nigeria’s economic trajectory since 2023 reveals a steady resuscitation of the real sector, which it described as the foundation of sustainable economic growth.
“Contrary to the frequent public espousal of reform failure by the opposition, our reading of the national economic trajectory since 2023 strongly indicates otherwise,” the report stated, adding that the reforms have begun to achieve the core objective of economic rejuvenation by strengthening production, improving company performance, and stimulating wealth creation.
To support its position, IMPI cited performance data from several leading companies listed on the Nigerian Exchange, highlighting a wave of profitability and revenue growth across key industries, including telecommunications, manufacturing, and energy.
Among the standout performers is Guinness Nigeria Plc, which posted a profit after tax of N41 billion in its audited 18-month results ending December 31, 2025, its first return to profitability since 2023.
Similarly, MTN Nigeria Communications Plc recorded a dramatic turnaround, reporting a profit before tax of N1.7 trillion in 2025, compared to a N550.3 billion loss in 2024.
The recovery trend also extended to Airtel Africa Plc, which returned to profitability with a $328 million profit after tax, reversing an $89 million loss recorded the previous year.
In the manufacturing sector, Nigerian Breweries Plc rebounded strongly, posting a 68.9 per cent increase in revenue to N383.6 billion in 2025, up from N222.17 billion in 2024 and N123.31 billion in 2023.
International Breweries Plc also returned to profitability, reporting a pre-tax profit of N88.9 billion after recording a loss of N111.8 billion in the prior year.
The positive momentum was equally evident in the energy and consumer goods sectors.
Dangote Cement Plc recorded revenue of N4.31 trillion, representing a 20.28 per cent increase from N3.58 trillion in 2024, while Seplat Energy Plc reported N4.14 trillion in revenue in 2025, an increase of over 150 per cent from the previous year.
Likewise, Unilever Nigeria Plc saw its gross profit rise by 62 per cent to N90 billion, with net profit doubling to N32 billion from N15 billion in 2024.
IMPI noted that these gains reflect improved market realities shaped by policy adjustments, including the removal of distortions associated with subsidy regimes, which it said had previously masked the true performance of the economy.
The group argued that the resurgence in corporate earnings has broader implications for the economy, including increased contributions to Gross Domestic Product (GDP), job creation, poverty reduction, and overall wealth generation.
“Our affirmation of the recovery of the nation’s critical real sector is predicated on the framework of market reality,” the report added, stressing that current economic conditions reflect genuine productivity rather than artificial support mechanisms.
IMPI concluded that while challenges remain inevitable in any reform process, the available data clearly demonstrates that the Tinubu administration’s policies are yielding tangible results, contrary to opposition narratives.
