Elumelu Hails FX Stability, Says Tinubu Reforms Have Restored Investor Confidence
Tony Elumelu, Chairman of Heirs Holdings, has praised recent economic reforms under President Bola Tinubu, saying Nigeria’s foreign exchange market has achieved stability and predictability. Speaking after a private meeting with the President at the State House in Abuja, Elumelu noted that the reforms by the administration and the Central Bank of Nigeria have fundamentally changed the financial landscape, with access to foreign exchange no longer dominating business concerns. “I told someone, I said there was a time before if I got 10 calls on banking issues, seven of those calls were about how to access foreign exchange. Today, if you get 10 calls on banking issues, not even one is on FX, that market is totally sorted,” he said. He described the current business environment as encouraging for investors and entrepreneurs, emphasizing that predictability in policy direction is essential for economic growth. Elumelu credited President Tinubu for creating the enabling environment that allowed the CBN to implement reforms that have restored confidence in the economy. Beyond the FX market, the entrepreneur said he discussed with the President ways to further support small and medium-scale enterprises (SMEs), which he described as the engine of growth. He said Tinubu showed strong commitment to helping entrepreneurs through tax reforms and development finance initiatives. Elumelu also highlighted the President’s satisfaction with the performance of the Bank of Industry and his desire to expand the institution’s support for SMEs across the country. The Heirs Holdings chairman emphasized the need to improve electricity supply, noting that Tinubu is committed to fast-tracking the payment of outstanding debts owed to power generation companies. “Mr. President realises this, embraces it, and is committed to doing more, especially helping to fast-track the payment of the power sector debt so that the power generators can do more for the country,” Elumelu said. He stressed that settling these debts would boost electricity generation, expand access to power, and strengthen productivity and economic growth. Elumelu expressed optimism about the administration’s efforts to stabilise the economy, empower young entrepreneurs, and enhance the power sector for sustainable development.
