What changed
Femi Otedola, chairman of First HoldCo Plc, publicly endorsed President Bola Tinubu’s economic reforms at a private dinner in Paris on Monday.
Otedola said the reforms had put Nigeria on “a path of sustainable growth,” pointing to Nigerian companies joining the FTSE Russell Frontier 50 Index and the NGX reaching historic highs.
Why it matters
The remarks give Tinubu a prominent business ally’s vote of confidence while the president is spending a 28-day working vacation in Europe. They also put market performance at the centre of the government’s case for reform.
That is useful political backing, but it is not independent proof that the reforms caused those gains. The stronger test will be whether the positive signals in Nigeria’s markets translate into durable economic growth.
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