Nigerian billionaire and Chairman of Initial HoldCo Plc, Femi Otedola, has praised President Bola Tinubu’s economic reforms, saying the measures have placed Nigeria’s economy on a path of sustainable growth.
Otedola made the remarks following a restricted dinner together with President Tinubu in Paris, France, on Monday evening.
In a article shared on Tuesday, the billionaire businessman pointed to developments in Nigeria’s capital advertise, foreign advance manage, foreign reserves and investment landscape as evidence of improving economic conditions.
What Otedola is saying
Speaking in a publish on X, the Nigerian billionaire stated,
- “At a individual dinner in Paris yesterday evening alongside His Excellency, President Asiwaju Bola Ahmed Tinubu, whose bold and forward-thinking reforms have put our economy firmly on a path of sustainable growth,” Otedola said.
He added that the results of the reforms were becoming increasingly concise across distinct areas of the economy.
Otedola cited the up-to-date inclusion of Nigerian companies in the FTSE Russell Frontier 50 Index, the operation of the Nigerian Swap (NGX), foreign investment and improvements in the country’s external reserves.
- “The results are increasingly understandable: top Nigerian companies now included on the FTSE Russell Frontier 50 Index, the NGX at historic highs, increased foreign resource investment and renewed economic confidence, a joined and greater reliable foreign swap advertise, foreign reserves standing powerful at around $55 billion, and so much additional,” he said.
- “I persist proud of you, Mr. Nairametrics reported earlier in September that reserves crossed $54 billion for the opening time seeing that December 2008, rising from regarding $45.57 billion at the beginning of 2026. President!”
Nigeria returns to FTSE index
Otedola’s comments come weeks once FTSE Russell included six Nigerian companies in its FTSE Frontier 50 Index as Nigeria returned to Frontier Advertise position following around three years.
The companies are FirstHoldCo, Zenith Bank, Guaranty Trust Holding Enterprise (GTCO), Dangote Cement, Aradel Holdings and MTN Nigeria.
FirstHoldCo, where Otedola serves as chairman, was amid the companies admitted to the index. Otedola had earlier described the inclusion as a “defining milestone” for the financial services collection.
The FTSE Frontier 50 Index tracks 50 substantial and liquid companies across frontier markets, providing a regular for investors seeking exposure to those economies.
IMF notes gains and challenges
Nigeria has implemented a run of economic reforms seeing that Tinubu assumed office in May 2023, including the removal of the petrol subsidy and changes to the foreign change advertise.
- The Multinational Monetary Finance said in its June 2026 Compose-up IV consultation that reforms implemented over the preceding three years had improved macroeconomic outcomes and strengthened resilience. Still, the Sponsor moreover noted that economic conditions remained difficult for a lot of Nigerians, citing poverty and food insecurity within the challenges.
Nigeria’s external reserves have additionally strengthened considerably.
Source: Otedola says Tinubu’s reforms have put Nigeria’s economy on sustainable growth path
