Billionaire Femi Otedola Backs Tax Reforms, Calls Them Turning Point For Nigeria's Economy

Otedola backs Tinubus tax reforms, calling them a bold move toward a transparent and investor-friendly economy.

New laws aim to simplify Nigerias tax system, reduce bureaucracy, and unify federal and state frameworks.

Private sector leaders see the reforms as a green light for renewed investment and long-term economic growth.

Nigerian billionaire businessman and philanthropist Femi Otedola has backed President Bola Ahmed Tinubus newly signed tax reform laws, calling them a bold, necessary step toward building a more transparent, efficient, and investor-friendly Nigeria.

Otedola, chairman of Geregu Power and First Holdco Plc, the parent company of First Bank of Nigeria, the countrys oldest financial institution, praised the reforms shortly after Tinubu signed four sweeping finance bills into law. These bills aim to modernize Nigerias outdated tax framework and reduce the burden of bureaucracy on businesses and citizens alike.

As a business leader, I welcome the signing of the tax reform bills into law by His Excellency, President Bola Ahmed Tinubu, GCFR., Otedola wrote on X , formerly Twitter. The new Tax Reform Laws are a bold, necessary step toward a more transparent, efficient, and investment-friendly economy. These reforms will reduce complexity, promote fairness, and restore confidence in how revenues are collected and used.

With an estimated net worth north of 1.5 billion, Otedola is one of the most influential voices in Africas private sector. His endorsement has caught the attention of both local investors and international observers, especially at a time when the government is eager to send clear signals about its economic direction.

He stressed that the reforms go beyond revenue collection. Its not just about paying taxes, Otedola said. Its about building a system where taxes and other public resources fund infrastructure, unlock productivity, and fuel inclusive growth. This is how we build a stronger private sector and a more prosperous Nigeria. Kudos to everyone who contributed to this landmark achievement for Nigeria. He concluded saying: I am inspired to invest more, and many other investors share the same sentiment. God bless Nigeria!