Billionaire Femi Otedola met Finance Minister Wale Edun in Lagos, commending his efforts to stabilize Nigeria’s economy through reforms like naira floatation and subsidy removal.
Otedola, chairman of Geregu Power, praised Edun’s role in attracting $24 billion in oil investments and unifying the foreign exchange market, reducing arbitrage losses by 80% since 2023. The meeting, held at Otedola’s Victoria Island office, focused on boosting Nigeria’s $500 billion GDP, with Otedola pledging $1 billion for power infrastructure by 2027, citing Edun’s 2025 budget’s 20% capital expenditure increase.
Edun highlighted a 3.5% GDP growth in Q1 2025, up from 2.9% in 2024, and a 40% rise in foreign reserves to $40 billion. However, critics note 34% inflation and 50% food price hikes have hit 100 million Nigerians, with 60% in polls opposing the reforms. Otedola urged patience, comparing Nigeria’s trajectory to China’s 1980s reforms, but labour unions demand a ₦200,000 minimum wage, citing $1.5 billion in subsidy savings.
The meeting, attended by CBN Governor Olayemi Cardoso, signaled private sector support, as Otedola’s $500 million renewable energy fund aligns with Edun’s $2 billion green bond plan. Public sentiment remains divided, with 55% skeptical of elite-driven growth, as 1,000 SMEs collapsed in 2024. The reforms’ success hinges on addressing unemployment, up 5% since 2023.