Nigerian billionaire and First HoldCo Plc Chairman, Femi Otedola, has lauded President Bola Tinubu’s economic reforms, asserting that they have positioned Nigeria’s economy for sustainable growth. His remarks followed a private dinner with the President in Paris.
In a post on social media, Otedola highlighted the positive developments in Nigeria’s capital market, foreign exchange market, and investment landscape as indicators of improving economic conditions. He expressed pride in the President's bold reforms.
Otedola noted that the inclusion of Nigerian companies in the FTSE Russell Frontier 50 Index and the performance of the Nigerian Exchange (NGX) reflect the tangible results of these reforms. He emphasized the importance of a unified foreign exchange market and robust foreign reserves, now standing at approximately $55 billion.
These comments come on the heels of Nigeria's return to Frontier Market status, with six Nigerian companies, including FirstHoldCo and MTN Nigeria, being added to the FTSE Frontier 50 Index. This milestone is seen as a significant achievement for Nigeria's financial landscape.
While the International Monetary Fund acknowledges the positive impact of Tinubu's reforms, it also warns of ongoing challenges, including poverty and food insecurity, that many Nigerians continue to face amidst these changes.