Otedola says Tinubu’s reforms have put Nigeria’s economy on sustainable growth path

Nigerian billionaire and Chairman of First 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 private dinner with President Tinubu in Paris, France, on Monday evening.

In a post shared on Tuesday, the billionaire businessman pointed to developments in Nigeria’s capital market, foreign exchange market, foreign reserves and investment landscape as evidence of improving economic conditions.

What Otedola is saying

Speaking in a post on X, the Nigerian billionaire stated,

• “At a private dinner in Paris yesterday evening with 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 evident across different areas of the economy.

Otedola cited the recent inclusion of Nigerian companies in the FTSE Russell Frontier 50 Index, the performance of the Nigerian Exchange (NGX), foreign investment and improvements in the country’s external reserves.

• “The results are increasingly evident: top Nigerian companies now included on the FTSE Russell Frontier 50 Index, the NGX at historic highs, increased foreign direct investment and renewed economic confidence, a unified and more stable foreign exchange market, foreign reserves standing strong at about $55 billion, and so much more,” he said.
• “I remain proud of you, Mr. President!”

Nigeria returns to FTSE index

Otedola’s comments come weeks after FTSE Russell included six Nigerian companies in its FTSE Frontier 50 Index as Nigeria returned to Frontier Market status after about three years.

The companies are FirstHoldCo, Zenith Bank, Guaranty Trust Holding Company (GTCO), Dangote Cement, Aradel Holdings and MTN Nigeria.

FirstHoldCo, where Otedola serves as chairman, was among the companies admitted to the index. Otedola had earlier described the inclusion as a “defining milestone” for the financial services group.

The FTSE Frontier 50 Index tracks 50 large and liquid companies across frontier markets, providing a benchmark for investors seeking exposure to those economies.

IMF notes gains and challenges

Nigeria has implemented a series of economic reforms since Tinubu assumed office in May 2023, including the removal of the petrol subsidy and changes to the foreign exchange market.

• The International Monetary Fund said in its June 2026 Article IV consultation that reforms implemented over the preceding three years had improved macroeconomic outcomes and strengthened resilience. However, the Fund also noted that economic conditions remained difficult for many Nigerians, citing poverty and food insecurity among the challenges.

Nigeria’s external reserves have also strengthened considerably. Nairametrics reported earlier in September that reserves crossed $54 billion for the first time since December 2008, rising from about $45.57 billion at the beginning of 2026.