Otedola Commends Tinubu's Economic Reforms Amid IMF Support

Femi Otedola, chairman of First HoldCo, expressed his support for President Bola Ahmed Tinubu's economic reforms during a private dinner in Paris, France, on September 29, 2026. Otedola noted significant developments in Nigeria's capital market, foreign exchange market, external reserves, and investment environment as indicators of successful reforms.

He highlighted Nigeria's return to the FTSE Russell Frontier Market classification after a three-year absence, with six Nigerian companies, including FirstHoldCo and Zenith Bank, being included in the FTSE Frontier 50 Index effective September 21, 2026. Otedola emphasized the visible results of these reforms, such as increased foreign direct investment and a unified foreign exchange market, with reserves around $55 billion.

The International Monetary Fund supported Otedola's assessment, stating that reforms over the past three years had strengthened macroeconomic stability and projected a 4.1 percent GDP growth for 2026. However, the IMF also cautioned about persistent economic pressures on households due to rising food and fuel prices.