– Endorses Tinubu’s economic reforms
Mkpoikana Udoma
Port Harcourt — Nigerian billionaire and business magnate, Mr. Femi Otedola, has thrown his weight behind the Tinubu administration’s economic reform agenda, indicating strong interest in expanding investments in Nigeria’s banking and power sectors, particularly in renewable energy.
Otedola made this known during a courtesy visit to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in Abuja, where the two discussed Nigeria’s evolving macroeconomic landscape and efforts to boost private sector participation.
He particularly noted that opportunities in renewable energy are expanding as Nigeria seeks to diversify its power base and close its electricity supply gap, a crucial move for industrial competitiveness and inclusive growth.
“With the bold reforms under President Bola Ahmed Tinubu’s leadership, we are seeing real progress in macroeconomic stability, regulatory clarity, and fiscal discipline. These are the ingredients that build investor confidence, and I, along with other major players, am ready to deepen investments in key sectors like banking and power.
“Renewables are the future, and Nigeria is positioning itself strategically. We are ready to play our part in that transformation,” Otedola added.
The move signals fresh momentum in Nigeria’s push to attract domestic capital into critical sectors, amid efforts to stabilize the naira, improve government revenue, and reduce the cost of doing business.
In response, Minister Wale Edun welcomed Otedola’s commitment and emphasized the government’s resolve to create a private sector-driven economy capable of unlocking long-term prosperity.
“Our reforms are focused on unlocking growth and empowering businesses to create jobs and wealth. We welcome credible investors like Mr. Otedola who believe in the Nigerian economy and are willing to partner with us in this national journey,” Edun said.
Otedola also met with Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, describing him as a “firebrand” committed to ensuring the “Budget of Renewed Hope” translates into tangible infrastructure, job creation, and capital development.
“There’s no doubt both men are putting in the work. The task is enormous but so is their drive. I met leaders deeply invested in making Nigeria work, giving their all against the odds,” Otedola said in a statement shared on social media after the visit
The visit and accompanying remarks come at a time when the federal government is intensifying its efforts to revive investor interest in Nigeria, following years of economic headwinds marked by inflation, forex volatility, and capital flight.
The backing of influential business leaders like Otedola could help catalyze a new wave of confidence in the economy, especially as the government seeks to attract both local and foreign capital to fund critical infrastructure and economic diversification initiatives.
With Nigeria aiming to grow its economy to $1 trillion by the end of the decade, the alignment between government reforms and private sector confidence may prove pivotal in transforming projections into reality.
