Otedola Cites Market Rally and Stronger Reserves in Backing Tinubu’s Reforms

Femi Otedola says President Bola Tinubu’s economic reforms are strengthening confidence in Nigeria’s economy. He made the comments after a private dinner with the President in Paris. The businessman cited Nigeria’s return to the FTSE Russell Frontier Market classification and the addition of FirstHoldCo, GTCO, Zenith Bank, MTN Nigeria, Dangote Cement and Aradel Holdings to the FTSE Frontier 50 Index. He also pointed to record levels on the Nigerian Exchange and foreign reserves of about $55.25 billion. The Central Bank says the reserve level provides roughly 11.3 months of import cover.

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