By Oscar Okhifo
Oil magnate and Chairman of FirstHoldCo Plc, Femi Otedola, has expressed confidence in the direction of Nigeria’s economy under President Bola Ahmed Tinubu, citing developments in the capital market, foreign investment, foreign exchange market and external reserves.
Otedola spoke after a private dinner with President Tinubu in Paris on Monday, describing the administration’s economic reforms as having put Nigeria “on a path of sustainable growth.”
In a statement following the meeting, Otedola said: “At a private dinner in Paris this 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.”
According to the businessman, the impact of the reforms was increasingly reflected in key economic indicators.
“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.
Six Nigerian companies — FirstHoldCo, Guaranty Trust Holding Company (GTCO), Zenith Bank, MTN Nigeria Communications, Dangote Cement and Aradel Holdings — were included in the FTSE Frontier 50 Index following its September 2026 review. The changes took effect on September 21, as Nigeria returned to FTSE Russell’s Frontier Market classification after being placed in the “Unclassified” category.
The Nigerian Exchange has also recorded a series of record highs in September. The NGX All-Share Index closed at 251,191.02 points on September 23, while market capitalisation rose to N163.06 trillion. The index subsequently closed at 252,635.11 points on September 28.
The country’s external reserves have also strengthened. The Central Bank of Nigeria said on September 22 that reserves had risen to $55.25 billion, while the current account surplus increased by 67.92 per cent to $7.54 billion in the second quarter of 2026.
Nigeria’s foreign exchange market has undergone major changes since the Tinubu administration introduced reforms aimed at moving the market towards a more unified, market-driven system.
The administration has also continued to defend its broader economic programme, including the removal of fuel subsidy and other measures aimed at improving government revenue, attracting investment and stabilising the macroeconomic environment.
The reforms have, however, come with significant economic pressures for households and businesses, including high living costs and inflation. The emerging market indicators cited by Otedola therefore form part of a broader debate over the effects of the reforms, with government officials pointing to improving macroeconomic indicators while households and businesses continue to contend with the cost-of-living impact.
Otedola, whose company FirstHoldCo was among the Nigerian firms admitted to the FTSE Frontier 50, has previously described the development as a significant milestone for the financial services group.
He ended his message with a personal expression of support for the President.
“I remain proud of you, Mr. President!” he said.