Tony Elumelu, chairman of Heirs Holdings and member of Nigeria’s Presidential Economic Council, has commended President Bola Tinubu’s economic reforms, stating they have resolved the prolonged foreign exchange scarcity that previously hampered business operations.
Elumelu made the remarks on Friday following a private meeting with the president at the Presidential Villa in Abuja. He highlighted a dramatic shift in the business environment, noting that inquiries about accessing foreign exchange have virtually disappeared. “There was a time when, if I received ten calls regarding banking, seven would be about how to access foreign exchange. Today, if you get ten calls, not even one is about FX. That market is effectively sorted,” he stated.
He attributed this change to the Central Bank of Nigeria’s (CBN) current monetary policy, which he described as restoring predictability and stability. Elumelu praised the CBN governor and his team, adding that the president deserves credit for enabling the central bank to operate effectively. His observations align with the CBN’s recent policy of regular foreign exchange sales, including its approval of weekly $150,000 allocations to each Bureau de Change (BDC).
The discussion also addressed critical infrastructure challenges, particularly in the power sector. Elumelu emphasized that generator companies, including his own, continue to supply electricity despite being significantly owed by government entities. He said President Tinubu is committed to fast-tracking the settlement of these legacy debts to allow power producers to expand capacity, a move Elumelu deemed essential for broader economic development.
“All of us in the power sector are owed significantly, yet we continue to generate electricity. We want to see these payments made to ensure better provision of power. Access to electricity is essential for the development of our economy,” he noted.
Furthermore, the meeting covered strategies to bolster small and medium-scale enterprises (SMEs), which Elumelu identified as the engine of economic growth. He revealed that President Tinubu is passionate about “capacitizing” entrepreneurs and is exploring tax reforms to enhance support for the sector. The president reportedly expressed particular admiration for the Bank of Industry (BOI) and its chief executive, encouraging the institution to intensify its efforts.
The engagement underscores the administration’s focus on macroeconomic stabilization, industrial recovery, and SME empowerment as pillars of its reform agenda. By addressing forex liquidity, power sector inefficiencies, and enterprise funding, the government aims to foster a more predictable and enabling environment for private sector investment and growth across Nigeria.
