Billionaire businessman Femi Otedola has expressed his support for President Bola Tinubu's economic reforms, stating that they have put Nigeria on a path of sustainable growth. Otedola made these comments after a private dinner with Tinubu in Paris, France, on Monday evening. He cited developments in Nigeria's capital market, foreign exchange market, external reserves, and investment environment as signs that the reforms are producing results.
Otedola highlighted the positive impact of the reforms, including Nigeria's return to the FTSE Russell Frontier Market classification, the performance of the Nigerian Exchange, and stronger external reserves. He noted that top Nigerian companies are now included on the FTSE Russell Frontier 50 Index, and the Nigerian Exchange has reached historic highs. Additionally, foreign direct investment has increased, and there is renewed economic confidence.
The FTSE Russell Frontier Market classification is a significant development for Nigeria, as it marks the country's return to the index after a three-year absence. Six Nigerian companies, including FirstHoldCo, Zenith Bank, Guaranty Trust Holding Company, Dangote Cement, Aradel Holdings, and MTN Nigeria, were included in the FTSE Frontier 50 Index. This development is expected to increase the visibility of Nigerian equities among international investors.
The International Monetary Fund (IMF) has also acknowledged the positive impact of Tinubu's reforms, stating that they have strengthened macroeconomic stability, rebuilt external buffers, and improved the functioning of the forex market. In its June 2026 Article IV assessment, the IMF estimated Nigeria's real GDP growth at 4 per cent in 2025 and projected 4.1 per cent growth for 2026.
However, the IMF also cautioned that improved macroeconomic indicators have not eliminated pressures facing households. The Fund warned that higher food and fuel prices could intensify these pressures. Additionally, inflation remains a major concern, although the IMF noted that inflation persistence has declined following the forex reforms.
Otedola's comments were made on Tuesday, via a post on social media, after his private dinner with Tinubu in Paris. He expressed his pride in the President's efforts, saying, "I remain proud of you, Mr. President!" The dinner meeting and Otedola's subsequent comments demonstrate the support of prominent business leaders for Tinubu's economic reforms.
The Nigerian economy has faced significant challenges in recent years, including high inflation and a decline in foreign investment. However, the IMF's assessment and Otedola's comments suggest that the economy is on a positive trajectory. The government's efforts to implement reforms and stabilize the economy have been acknowledged by international organizations and business leaders.
Key points
- Femi Otedola praises President Bola Tinubu's economic reforms, citing positive changes in Nigeria's capital market, foreign exchange, and external reserves.
- The IMF acknowledges the positive impact of Tinubu's reforms, estimating Nigeria's real GDP growth at 4 per cent in 2025 and 4.1 per cent in 2026.
- Six Nigerian companies were included in the FTSE Frontier 50 Index, marking Nigeria's return to the FTSE Russell Frontier Market classification after a three-year absence.
