Elumelu Meets Tinubu, Says Foreign Exchange Scarcity Era Over

In a rare public commendation from one of Nigeria’s most prominent entrepreneurs, Chairman of Heirs Holdings, Tony Elumelu, has declared that the era of foreign exchange scarcity in the country is over, crediting the administration of President Bola Ahmed Tinubu for significant economic strides.

Elumelu made the remarks on Friday after a meeting with President Tinubu at the Presidential Villa in Abuja, where discussions centred on monetary policy reforms, access to electricity, and support for small and medium-scale enterprises (SMEs). He described recent economic policies as steps toward stability and predictability, which he said are essential for sustainable growth.

Tony Elumelu Commends Bola Ahmed Tinubu on Monetary Reforms

Speaking to journalists after the meeting, Elumelu praised the administration’s economic reforms, particularly changes in monetary policy under the leadership of the Central Bank. He noted that there has been a noticeable return to predictability and stability in the financial system.

According to him, access to foreign exchange, once a persistent concern among businesses and financial institutions, is no longer a dominant issue. “There was a time when, if I received ten calls regarding banking, seven would be about how to access foreign exchange. Today, not even one is about FX. That market is effectively sorted,” he said.

Elumelu attributed the progress to coordinated efforts between the Presidency and the Central Bank, stating that the President had created the necessary environment for monetary authorities to carry out reforms effectively.

Focus on Power Sector and Electricity Access

Beyond monetary reforms, discussions also focused heavily on the power sector, which Elumelu described as critical to Nigeria’s economic development. He emphasised that improving electricity access remains fundamental to industrial expansion and broader economic productivity.

Elumelu highlighted the issue of outstanding debts owed to power-generating companies, noting that despite being owed significant sums, operators continue to supply electricity to the national grid. He expressed hope that the Federal Government would fast-track debt payments to enable generating companies to expand capacity and improve supply.

“Access to electricity is essential for the development of our economy. 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,” he stated.

Support for SMEs and Tax Reforms

The meeting also addressed the growth and sustainability of small and medium-scale enterprises (SMEs), which Elumelu described as the engine of economic development. He disclosed that President Tinubu expressed strong commitment to “capacitizing” Nigerian entrepreneurs through targeted reforms.

Part of the strategy, according to Elumelu, involves leveraging tax reforms to create a more supportive environment for SMEs. He also noted that the President commended the work of the Bank of Industry, expressing satisfaction with its leadership and urging it to expand its impact.

Elumelu concluded that continued collaboration between government and the private sector would be essential in consolidating gains from ongoing reforms and ensuring inclusive economic growth across the country.