The Independent Media and Policy Initiative (IMPI), a policy group, says the reform policies of President Bola Tinubu’s administration are driving higher revenue earnings in Nigeria’s real sector.
The group stated this in a policy brief issued on Tuesday by its Chairman, Dr Omoniyi Akinsiju.
IMPI said the performance showed that companies in the productive sector had adjusted to the new policy environment and were recording stronger annual returns.
It criticised opposition claims that the reforms had failed, describing such positions as lacking empirical support.
“Contrary to frequent public espousal of reform failure by the opposition, our reading of the national economic trajectory since 2023 strongly indicates otherwise,” it said.
The group acknowledged that reforms often came with implementation challenges.
It, however, maintained that the policies had helped revive and strengthen the real sector of the economy.
According to IMPI, stronger revenues and profitability in private companies would have positive implications for Gross Domestic Product, employment, poverty reduction and wealth creation.
The think tank said its position was based on market realities and verifiable data from quoted companies and informal enterprises.
It listed Guinness Nigeria Plc among top performers, saying the company posted N41 billion profit after tax in its audited 18-month results ending Dec. 31, 2025.
MTN Nigeria Communications Plc. was also cited as posting N1.7 trillion profit before tax in 2025, compared with a N550.3 billion loss in 2024.
Airtel Africa Plc returned to profitability with profit after tax of 328 million dollars, reversing an 89 million dollars loss in 2024.
IMPI said Nigerian Breweries Plc returned to profitability after two years, recording 68.9 per cent revenue growth to N383.6 billion.
International Breweries Plc also posted a pre-tax profit of N88.9 billion in its 2025 audited results.
The group added that Dangote Cement Plc recorded revenue of N4.31 trillion, up from N3.58 trillion in 2024.
“Seplat Energy Plc announced N4.14 trillion revenue in 2025, representing a 150.4 per cent increase over 2024.”
It further stated that Unilever Nigeria Plc grew gross profit by 62 per cent to N90 billion, while net profit doubled to N32 billion.
