Nigerian billionaire and Chairman of First HoldCo Plc, Femi Otedola, has commended President Bola Tinubu’s economic reforms, saying they have put the Nigerian economy on a path towards sustainable growth.

Otedola made this disclosure after a private dinner with President Tinubu in Paris, France, on Monday evening.

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

In a post on X, Otedola said, “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 impact of the reforms was becoming increasingly visible across various sectors of the economy.

Otedola pointed to the recent inclusion of Nigerian companies in the FTSE Russell Frontier 50 Index, the performance of the Nigerian Exchange, increased foreign investment and the growth in the country’s external reserves as evidence of the improving economic outlook.

“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!”

Otedola’s comments came weeks after FTSE Russell included six Nigerian companies in its FTSE Frontier 50 Index, following Nigeria’s return 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.