Elumelu hails Tinubu reforms, says FX scarcity ‘effectively sorted’
Tony Elumelu, chairman of Heirs Holdings and a member of the Presidential Economic Council, has praised President Bola Tinubu’s economic reforms, saying they have brought an end to foreign exchange scarcity and restored stability to the market.
Elumelu spoke on Friday after meeting the president at the Presidential Villa in Abuja.
He said recent monetary policy measures by the Central Bank of Nigeria (CBN) had improved predictability in the economy.
“What the Central Bank Governor and his team are doing is quite encouraging. We have seen a return to predictability and stability,” he said.
“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.
“I told someone recently that there was a time when, if I received 10 calls regarding banking, seven would be about how to access foreign exchange. Today, if you get 10 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.”
Elumelu also said Tinubu was committed to improving access to electricity, including by fast-tracking payments of debts owed in the power sector to enable generating companies to expand capacity.
He described electricity supply as central to economic development, noting that power generation companies continue to supply electricity despite being owed significant sums.
“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 realises 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 said discussions with the president also focused on support for small and medium-sized enterprises (SMEs), which he described as the engine of economic growth.
“Today, we spoke extensively about small and medium-sized enterprises and how to further support them. Mr President is very passionate about capacitising 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, even noting the chief executive by name and expressing a desire for them to do more.”