By Iroyin Yoruba Television News Desk
Billionaire businessman Femi Otedola has publicly expressed confidence in President Bola Ahmed Tinubu’s economic reforms, describing them as “bold and forward-thinking” in a social media post published on Tuesday, 29 September 2026.
The endorsement came after a private dinner between the two men in Paris, France, on Monday night, according to Otedola’s post on Instagram, which included a photograph of himself with the President.
What Otedola Said
In his Instagram post, Otedola said the President’s reforms had put Nigeria’s economy “firmly on a path of sustainable growth”.
He cited several economic indicators as evidence: the inclusion of Nigerian companies on the FTSE Russell Frontier 50 Index, the Nigerian Exchange at historic highs, increased foreign direct investment, a unified and more stable foreign exchange market, and foreign reserves standing at approximately $55 billion.
“I remain proud of you, Mr. President!” Otedola wrote, adding that he was proud of Tinubu following what he described as the President’s “bold and forward-thinking reforms”.
Context: Tinubu’s Four-Week Absence
The dinner in Paris occurred during President Tinubu’s four-week leave, which began on 30 August 2026, when he departed Abuja for London.
After spending about a week in London, the President travelled to Paris, where he held meetings with French President Emmanuel Macron and businessman Vincent Bolloré, whose business interests include Canal+, MultiChoice and Universal Music Group.
The President is expected back in Nigeria on Tuesday, arriving in Lagos where he will mark Nigeria’s 66th Independence Anniversary on 1 October before returning to Abuja at the weekend.
The Economic Claims: What Is Verified
Otedola’s post cited several economic indicators. The following can be independently assessed based on available information:
Foreign Reserves at $55 Billion: Nigeria’s foreign reserves have been a subject of official reporting. The Central Bank of Nigeria regularly publishes reserve data. Otedola’s figure of approximately $55 billion aligns with recent official disclosures, though the exact figure at the time of the post could not be independently verified from the search results available.
FTSE Russell Frontier 50 Index Inclusion: The inclusion of Nigerian companies on the FTSE Russell Frontier 50 Index is a documented development. The FTSE Frontier Index series tracks companies in frontier markets, and Nigerian equities have been part of these indices. The specific claim that “top Nigerian companies” are now included is consistent with index provider announcements, though the precise composition and timing could not be independently confirmed from available sources.
NGX at Historic Highs: The Nigerian Exchange Limited has recorded significant gains in recent periods, with the All-Share Index reaching levels not seen in years. However, “historic highs” is a broad characterization that depends on the specific timeframe and index being referenced.
Unified and More Stable Foreign Exchange Market: The unification of Nigeria’s foreign exchange windows was a major policy decision of the Tinubu administration, implemented in 2023. The stability of the naira has been a subject of ongoing debate, with the currency experiencing significant volatility since unification. The characterization of the market as “more stable” is a matter of perspective and timeframe.
Increased Foreign Direct Investment: FDI flows into Nigeria have been a subject of official reporting. The Nigerian Investment Promotion Commission and the National Bureau of Statistics publish FDI data. Whether FDI has “increased” in absolute terms or relative to previous periods requires specific data that was not available in the search results.
Otedola’s Business Interests and Political Alignment
Femi Otedola is one of Nigeria’s most prominent businessmen, with interests spanning energy, shipping, and finance. He has been publicly associated with the Tinubu administration’s economic agenda, and his endorsement of the President’s reforms is consistent with his previous public statements.
Otedola’s post is notable for its timing. The President’s return to Nigeria after a four-week absence coincides with the 66th Independence Anniversary, a period when the administration is likely to highlight its economic record. Otedola’s endorsement provides a prominent business voice supporting that narrative.
The Broader Economic Debate
The Tinubu administration’s economic reforms, including the removal of petrol subsidies and the unification of exchange rates, have been a subject of intense national debate. Supporters argue that the measures were necessary to correct longstanding distortions and attract investment. Critics contend that the reforms have worsened inflation, eroded purchasing power, and deepened hardship for ordinary Nigerians.
The President’s aides and allies have consistently pointed to improving macroeconomic indicators as evidence that the reforms are working. Opposition figures and some economists have argued that the benefits have not translated into improved living standards for the majority of Nigerians.
Otedola’s endorsement falls firmly within the pro-reform camp. His post does not address the distributional effects of the reforms or the cost-of-living challenges that have dominated public discourse.
What Happens Next
President Tinubu is expected to arrive in Lagos on Tuesday, where he will participate in Independence Anniversary events on 1 October. He is expected to return to Abuja at the weekend.
The President’s return is likely to be accompanied by further public communications about his administration’s economic agenda, particularly in the context of the Independence Anniversary. Otedola’s endorsement may be part of a broader effort to project business community confidence in the administration.
What Remains Unclear
Several questions remain unanswered. Otedola’s post did not provide specific data sources for the economic indicators he cited, and the exact figures at the time of the post could not be independently verified.
It is unclear whether Otedola’s endorsement reflects the broader sentiment of the Nigerian business community or represents his individual position. No other major business figures have publicly commented on the dinner or the President’s reforms in connection with the Paris meeting.
The President’s four-week absence, which included extended stays in London and Paris, has not been officially explained beyond the initial leave announcement. The specific nature of his meetings with Macron and Bolloré has not been fully disclosed.
For now, Otedola’s post stands as a prominent public endorsement of the Tinubu administration’s economic direction from a leading Nigerian businessman, issued as the President prepares to return to the country amid ongoing debate over the impact of his reforms.