Nigerian billionaire businessman Femi Otedola has voiced strong approval for President Bola Tinubu’s economic policies, asserting that they have set Nigeria on a trajectory of sustainable growth. Otedola shared his commendation in an X post on Tuesday, following a private dinner with President Tinubu in Paris, France.
“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 wrote, highlighting the positive direction he believes the nation’s economy is taking under the current administration.
Evident Results of Reforms
Otedola elaborated on the tangible outcomes of the reforms, pointing to several key economic indicators that he believes demonstrate significant progress. He emphasized that the results are becoming increasingly clear across various sectors.
- FTSE Russell Frontier Market Classification: Nigeria’s re-inclusion in this prestigious market classification, signifying renewed investor confidence.
- Nigerian Exchange (NGX) Gains: The stock market reaching historic highs, reflecting robust performance of local companies.
- Increased Foreign Direct Investment: A notable surge in foreign capital inflows into the country.
- Improved Foreign Exchange (FX) Market Stability: A more unified and stable foreign exchange market, addressing previous volatility concerns.
- Robust Foreign Reserves: Nigeria’s foreign reserves standing strong at approximately $55 billion.
Otedola added, “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.”
President’s European Visit
President Tinubu has been on a working vacation in Europe since August 30, when he departed Nigeria for London before proceeding to Paris for official engagements. The private dinner with Femi Otedola occurred during this period, offering a platform for discussion on Nigeria’s economic landscape.