Otedola tells Tinubu market gains point to improving investor confidence

Business leader Femi Otedola met President Bola Ahmed Tinubu at a private dinner in Paris and pointed to recent financial indicators as evidence that the administration’s economic policies are producing positive results. During the meeting, Otedola cited the inclusion of leading Nigerian companies in the FTSE Russell Frontier 50 Index and record performance on the Nigerian Exchange. He also referred to Central Bank data showing foreign reserves at about $55 billion.

Otedola identified steps towards unifying the foreign-exchange market as another sign of returning investor confidence. The meeting took place while Tinubu was on a working visit to Europe, conducting official engagements and diplomatic discussions. The administration’s main economic measures include the removal of the petrol subsidy and efforts to unify exchange rates.

Supporters say the reforms are necessary to address long-standing fiscal deficits, strengthen external reserves and improve investor confidence. Foreign investors and international financial institutions have also welcomed the direction of the policies, according to the source material. The changes remain controversial in Nigeria.

Independent analysts and labour groups argue that gains in capital markets and other macroeconomic indicators have not yet eased pressure on household incomes. They point to food inflation and high living costs as continuing challenges for millions of people. The contrasting assessments reflect a divide between improvements cited in financial data and the immediate effects experienced by households.

While proponents emphasise fiscal consolidation and external reserves, critics are focused on affordability and living standards. Tinubu was expected to return to Abuja shortly after completing his working vacation and resume official duties. The source material does not provide further details about decisions or agreements arising from the private meeting with Otedola.