The Chairman of Heirs Holdings and member of the Presidential Economic Council, Tony Elumelu, has commended President Bola Tinubu for his economic reforms, saying they have effectively ended the era of foreign exchange (FX) scarcity in Nigeria.
Elumelu spoke to journalists on Friday after a meeting with the President at the Presidential Villa in Abuja.
He praised ongoing monetary policy reforms under the Central Bank of Nigeria (CBN), noting that recent measures have restored stability and predictability to the economy.
“We also discussed the country’s monetary policy. What the Central Bank Governor and his team are doing is quite encouraging. We have seen a return to predictability and stability. Speaking not just as a bank chairman but as an entrepreneur who wears many hats, the ability to predict the direction of the economy is vital for planning,” he said.
According to Elumelu, access to foreign exchange, once a major concern for businesses is no longer a pressing issue.
“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. The Central Bank Governor is doing well, and Mr. President should be commended for creating the space for the Governor and his team to do their work,” he added.
On the power sector, Elumelu said President Tinubu is committed to improving electricity supply, particularly by accelerating the settlement of outstanding debts owed to power-generating companies (GenCos), enabling them to expand capacity.
He stressed that reliable electricity remains fundamental to economic growth, noting that many power firms continue to generate electricity despite being owed substantial sums.
“Improving access to electricity is critical for economic development. Mr. President realizes this and is committed to doing more, especially in helping to fast-track the payment of power sector debts so that power generators can do more for the country,” Elumelu said.
“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.”
The businessman also revealed that discussions with the President focused extensively on strengthening small and medium-scale enterprises (SMEs), which he described as the engine of economic growth.
“Today, we spoke extensively about SMEs and how to further support them. Mr. President is very passionate about empowering entrepreneurs in Nigeria. I am very happy to hear that because they are the engine of economic growth,” he said.
Elumelu added that the President highlighted tax reforms as a key tool to support SMEs and expressed strong confidence in the performance of the Bank of Industry, urging it to do even more to drive inclusive economic growth.
