Think Tank Links Reforms to Improved Business Results
The Independent Media and Policy Initiative says recent economic reforms in Nigeria have improved revenue performance in the real sector.
Chairman Omoniyi Akinsiju signed the policy brief. The group says companies in productive sectors have adjusted to new economic policies and now record stronger annual returns.
IMPI Reviews Economic Trends Since 2023
The think tank reviewed Nigeria’s economic performance since 2023. It says privately managed companies now show better results.
IMPI also argued that public criticism of the reforms lacks strong data support.
The group said opposition figures misrepresent the reforms.
“We have followed with concern the bewildering polemics with which Nigeria’s political opposition is deliberately scandalising the public space,” the statement said.
It added that critics rely on sentiment rather than data.
Group Defends Government Economic Policies
IMPI said Nigeria’s economic direction shows clear improvement since 2023.
It acknowledged that reforms come with challenges. However, it insisted that the policies have started to strengthen the real sector.
The group described this progress as part of broader economic recovery.
It also said market realities now shape performance, not subsidy-driven conditions of the past.
Market Conditions Drive Economic Assessment
IMPI explained that it based its analysis on current market conditions.
It said these conditions include consumer behaviour, competition, and economic constraints.
The group contrasted this with the previous subsidy era before 2023.
It also said its findings rely on data from both listed and informal sector businesses.
Listed Companies Show Strong Recovery
The report highlighted strong financial results from major companies.
Guinness Nigeria Plc recorded a profit after tax of ₦41 billion. The result covers its 18-month period ending December 31, 2025.
MTN Nigeria Communications Plc posted a profit before tax of ₦1.7 trillion in 2025. This marks a recovery from a ₦550.3 billion loss in 2024.
Airtel Africa Plc also returned to profit. It reported $328 million in profit after tax after a $89 million loss in 2024.
Nigerian Breweries Plc reported a 68.9 percent revenue increase. Revenue rose to ₦383.6 billion from ₦222.17 billion in 2024.
International Breweries Plc also returned to profit. It recorded ₦88.9 billion profit before tax in 2025 after a loss of ₦111.8 billion in 2024.
Dangote Cement Plc posted ₦4.31 trillion in revenue. This reflects a 20.28 percent increase from ₦3.58 trillion in 2024.
Seplat Energy Plc reported ₦4.14 trillion in revenue. This marks a 150.4 percent increase from ₦1.65 trillion in 2024.
Unilever Nigeria Plc also improved performance. Gross profit rose 62 percent to ₦90 billion. Net profit doubled to ₦32 billion.
IMPI Links Growth to Economic Reforms
The think tank says these results show stronger corporate performance across sectors.
It argues that improved earnings reflect policy changes introduced since 2023.
IMPI also says the gains may boost output, employment, and wider economic activity.
Debate Continues Over Reform Impact
Despite these claims, debates over Nigeria’s economic reforms continue.
Supporters say the data shows progress. Critics argue that reforms still create pressure on households and businesses.
IMPI insists that real sector growth confirms early signs of recovery in the economy.
