Nigeria’s capital market is entering a new phase of growth — NGX

Nigerian billionaire Femi Otedola, Chairman of First HoldCo Plc, has expressed his support for President Bola Tinubu's economic reforms, stating they have placed Nigeria's economy on a sustainable growth trajectory. Otedola made this observation after a private dinner with Tinubu in Paris, France, on Monday. He highlighted recent progress in the capital market, foreign exchange market, foreign reserves, and investment landscape as proof of the reforms' positive impact.

In a post on X, Otedola stated, "The reforms are beginning to show results in various sectors of the economy." He further noted the inclusion of Nigerian companies in the FTSE Russell Frontier 50 Index, the performance of the Nigerian Exchange (NGX), and improvements in foreign investments and external reserves. This comes weeks after FTSE Russell added six Nigerian companies to its Frontier 50 Index, marking Nigeria's return to Frontier Market status after three years.

FirstHoldCo, where Otedola serves as chairman, was among the six companies admitted. Among the admitted companies were FirstHoldCo, Zenith Bank, Guaranty Trust Holding Company, Dangote Cement, Aradel Holdings, and MTN Nigeria. The FTSE Frontier 50 Index measures the performance of 50 large, liquid companies in frontier markets, serving as a benchmark for investors interested in these economies.

Since President Tinubu took office in May 2023, Nigeria has undertaken several economic reforms, such as eliminating the petrol subsidy and altering the foreign exchange market. Recently, Nigeria's external reserves reached an all-time high of $54 billion, surpassing $45.57 billion at the beginning of 2026, according to Nairametrics.