President Bola Tinubu held discussions with Tony Elumelu, Chairman of the United Bank for Africa (UBA) Group, on Friday to review strategies for accelerating economic growth through targeted support for small and medium-scale enterprises (SMEs) and forthcoming tax reforms. The closed-door meeting took place at the Presidential Villa in Abuja.
Elumelu, who also chairs Heirs Holdings and serves on the President’s Economic Council, briefed journalists afterward. He stated that the conversation centered on strengthening Nigeria’s SME sector, which he described as “the engine of economic growth.” According to Elumelu, President Tinubu expressed a strong commitment to “capacitising” SME operators and supporting young entrepreneurs nationwide.
A key focus was the government’s ongoing tax reform program, which Elumelu said is designed specifically to boost small businesses and widen avenues for enterprise expansion. The leaders also evaluated the performance of the Bank of Industry (BOI), with Elumelu noting his satisfaction with the institution’s current leadership and operations.
The dialogue extended to the broader economic landscape. Elumelu characterized the Central Bank of Nigeria’s recent monetary policy direction as “quite encouraging,” citing improved stability and predictability. He added that access to foreign exchange is now less of a constraint for the banking sector compared to previous periods.
Addressing critical infrastructure, the meeting tackled the power sector’s role in economic development. Elumelu reported that President Tinubu reiterated a commitment to fast-tracking outstanding payments in the sector, a move intended to enable generation companies to increase supply. Both agreed that reliable electricity is fundamental to enhancing productivity, business growth, and national development.
Elumelu, who briefed the president on his analysis of current economic trends, highlighted the encouraging alignment between government priorities and private-sector initiatives supporting entrepreneurs. He thanked President Tinubu for the focus on SMEs, youth entrepreneurship, and efforts to improve power supply, underscoring the significance of these pillars for Nigeria’s economic resilience and job creation. The meeting signals a continued partnership between the federal government and private sector leaders in advancing structural economic reforms.
