Tony Elumelu, the chairman of Heirs Holdings and member of the Presidential Economic Council, has praised President Bola Ahmed Tinubu for steering reforms that have ended Nigeria’s long‑standing foreign exchange (FX) scarcity and brought greater predictability to the economy.
Gatekeepers News reports that Elumelu spoke to journalists after meeting with the President at the Presidential Villa in Abuja on Friday, outlining what he called a major shift in the business climate.
According to Elumelu, the difficulties that once dominated business concerns over accessing dollars have largely disappeared. Citing data on recent policy changes by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso, he said foreign exchange is now easier to obtain and the market has stabilised, giving companies and investors more confidence in planning for the future.
Elumelu noted that Nigerian external reserves have strengthened and that reforms such as merging multiple FX rate windows, adopting a willing‑buyer‑willing‑seller framework, clearing old FX obligations, and launching the Electronic Foreign Exchange Matching System have boosted transparency and reduced uncertainty in the currency market.
Beyond foreign exchange, the businessman also discussed other issues with President Tinubu, particularly the importance of improving electricity supply. Elumelu said reliable power remains vital for economic growth and praised the President’s commitment to speeding up payments owed to power‑generating companies so they can expand capacity.
Elumelu added that they covered ways to strengthen small and medium‑scale enterprises (SMEs), which he described as the engine of growth for the Nigerian economy. He highlighted plans to use tax reforms and support institutions such as the Bank of Industry to expand credit and opportunities for entrepreneurs nationwide.
