The chairman of Heirs Holdings and member of the Presidential Economic Council, Tony Elumelu, has hailed President Bola Tinubu’s reform efforts, which he said ended the era of foreign exchange scarcity.
Elumelu said this on Friday after a meeting with Tinubu at the Presidential Villa in Abuja.
“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,” the businessman 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.”
Elumelu said President Tinubu is also committed to improving access to electricity in Nigeria, particularly by fast-tracking power sector debt payments to enable power-generating companies to expand capacity.
The businessman emphasised that access to electricity remains critical for economic development, noting that despite being owed significantly, power-generating companies continue to supply electricity to the country while awaiting payment.
“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,” Elumelu 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.”
He said they also discussed a range of economic issues, with particular focus on supporting small and medium-scale enterprises (SMEs) in Nigeria.
“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 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,” he told journalists
