Ogunlesi Backs Reforms As Inland Revenue Boss Promotes Export-led Economy

After a high-level meeting with President Bola Tinubu, Nigerian-born global investor, Adebayo Ogunlesi expressed renewed confidence in the country’s economic reforms, indicating potential mega investments across energy, aviation, and port sectors.

He was joined in that optimism by the executive chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji,  who stressed that the reforms were laying the groundwork for an export-driven economy.

Speaking shortly after after the closed-door meeting, Ogunlesi praised the sweeping policy changes under Tinubu’s administration’s, including the removal of subsidies, tax reforms, and the revival of a refinery already exporting aviation fuel.

“We had an excellent meeting where we discussed how to put Nigeria front and center for international investment. The President was very encouraging, and we shared useful suggestions on driving economic growth,” Ogunlesi said.

Although he declined to reveal specific details, Ogunlesi confirmed that his firm is actively investing in Nigeria and assessing new opportunities.

“Watch this space. Nigeria is not yet the most exciting investment destination, but that’s what we are working on,” he teased.

Pressed on the sectors of interest, Ogunlesi highlighted energy, gas, aviation, ports, and renewables. Drawing on his firm’s experience with LNG projects in Texas and Australia, he noted  Nigeria’s massive untapped gas reserves.

On aviation, he acknowledged his reputation as “the guy who bought Gatwick Airport” and signaled interest in similar ventures locally.

He also admitted that one of his companies operates ports in Cotonou and Lomé but none in Nigeria, a point Tinubu reportedly challenged him on.

“He forgave me but said, ‘you have to bring port investment to Nigeria,’” Ogunlesi recounted with a smile.

International investor, Hakeem Bello-Osagie, who was also present, underscored the importance of diaspora participation in Nigeria’s growth story.

“When Nigerians at home and abroad invest in Nigeria, it sends a strong signal to the world,” he said, lauding Tinubu’s policies for making the country “investable.”

Echoing the sentiment, FIRS chairman Adedeji described the reforms as the foundation for an export-led economy. We’ve done the fundamentals, and now it is time to deliver growth, he said.

With global players signaling confidence, the momentum for Nigeria’s economic repositioning is gaining ground, setting the stage for transformative investments in key industries.