- Tony Elumelu commended Bola Tinubu for effectively stabilising Nigeria’s foreign exchange market, easing access for businesses
- He highlighted the administration’s recognition of private sector contributions, noting President Tinubu praised CEOs supporting small- and medium-scale enterprises across the country
- Elumelu stated that the improved predictability in the financial environment encouraged investment and entrepreneurship, signalling closer collaboration between government and business leaders
Tony Elumelu, Nigerian billionaire and Chairman of the United Bank for Africa (UBA), has praised President Bola Ahmed Tinubu for the strides made in stabilising the country’s foreign exchange market and for recognising the private sector’s role in supporting small- and medium-scale enterprises (SMEs).
Elumelu made the remarks to journalists at the State House on Friday after a meeting with President Tinubu. He explained that the foreign exchange market in Nigeria has been “totally sorted” under the current administration, with monetary policy effectively guided by the Central Bank of Nigeria.
According to him, businesses now enjoy a level of predictability and stability that had previously been lacking. “There was a time before when if I got 10 calls on banking issues, seven of those calls were about how to access foreign exchange. Today, if you get 10 calls on banking issues, not even one is on FX. That market is totally sorted,” Elumelu stated.
He further revealed that President Tinubu personally expressed appreciation for the efforts of private sector players in supporting entrepreneurs. “He even called the name of the CEO, that he likes what is going on, and he wants them to do more to support small and medium-scale entrepreneurs in the country,” he added.
Elumelu’s comments highlight the administration’s efforts to restore confidence in Nigeria’s financial markets, especially for SMEs that have historically faced challenges accessing foreign currency for imports and business operations. Analysts say that a stable foreign exchange market is crucial for attracting investment, sustaining business growth, and ensuring overall economic stability.
The UBA Chairman’s meeting with the President also underscores the government’s intent to maintain close collaboration with private sector leaders in driving economic reforms and supporting entrepreneurship, a sector widely recognised as a key driver of employment and innovation in Nigeria.
By pointing to the reduced difficulties in accessing dollars, Elumelu indicated that business owners can now operate in a more predictable financial environment, encouraging further domestic and foreign investment in the Nigerian economy.
This meeting comes amid ongoing efforts by the Tinubu administration to strengthen fiscal policies, improve the ease of doing business, and leverage partnerships with leading entrepreneurs to boost economic growth.