Tony Elumelu praises President Tinubu’s reforms, says FX scarcity is over, urges faster power debt payments and stronger SME support
Elumelu Hails Tinubu Reforms, Says FX Crisis ‘Effectively Sorted’
Chairman of Heirs Holdings and member of the Presidential Economic Council, Tony Elumelu, has commended President Bola Ahmed Tinubu for what he described as decisive reforms that have ended Nigeria’s era of foreign exchange (FX) scarcity.
Elumelu spoke on Friday after a meeting with the President at the Presidential Villa in Abuja, offering a strong vote of confidence in the administration’s monetary and economic policies.
Highlighting changes in the foreign exchange market, Elumelu said improved predictability and stability under the current Central Bank leadership have restored investor confidence.
“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.
“I told someone recently that there was a time when, if I received ten calls regarding banking, seven would be about how to access foreign exchange (FX). 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.”
Beyond monetary reforms, Elumelu revealed that discussions also focused on Nigeria’s electricity challenges, particularly the need to accelerate payment of debts owed to power-generating companies.
According to him, access to electricity remains fundamental to economic development.
“Regarding reforms, I haven’t complained about slow implementation. Rather, as we discussed today, I believe that 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,” he said.
“This is very critical. 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.”
Elumelu also disclosed that the meeting examined strategies to strengthen Nigeria’s small and medium-scale enterprises (SMEs), which he described as the engine of economic growth.
“Today, we spoke extensively about Small and Medium-Scale Enterprises (SMEs) and how to further support them. Mr. President is very passionate about ‘capacitizing’ entrepreneurs in Nigeria. I am very happy to hear that because they are the engine of economic growth,” he said.
“He spoke about using tax reform to support SMEs and mentioned being super impressed with the Bank of Industry (BOI), even noting the CEO by name and expressing a desire for them to do more.”
Elumelu’s endorsement adds to growing voices within the private sector acknowledging improvements in Nigeria’s foreign exchange framework and broader reform agenda.
As the administration continues to navigate economic restructuring, the coming months are expected to test whether stability in FX and power sector interventions can translate into sustained growth, investment and job creation. Read More
