By Ayomide Otitoju
Chairman of Heirs Holdings and member of the Presidential Economic Council, Tony Elumelu, has lauded President Bola Tinubu for economic reforms he said have ended the era of foreign exchange (FX) scarcity in Nigeria.
Elumelu spoke on Friday after meeting with the President at the Presidential Villa in Abuja, where discussions centred on monetary policy, electricity supply and support for small and medium-scale enterprises (SMEs).
He praised the efforts of the Central Bank of Nigeria (CBN), noting that recent policy measures had restored predictability and stability to the economy.
“What the Central Bank Governor and his team are doing is quite encouraging. We have seen a return to predictability and stability. The ability to predict the direction of the economy is vital for planning,” Elumelu said.
According to him, concerns over access to foreign exchange, once a dominant issue for businesses, have significantly eased.
“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. 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,” he added.
On the power sector, Elumelu said President Tinubu is committed to improving electricity supply, particularly by accelerating the payment of debts owed to power-generating companies to enable them expand capacity.
He stressed that access to electricity remains critical for economic development, noting that operators in the sector are owed substantial sums but have continued to generate power.
“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.
Elumelu also disclosed that discussions covered broader economic issues, with a strong focus on strengthening SMEs. He said the President expressed passion for empowering entrepreneurs and using tax reforms to support small businesses.
He further revealed that the President commended the performance of the Bank of Industry (BOI), urging it to scale up its support for enterprises across the country.
