Chairman of Heirs Holdings, Tony Elumelu, has said Nigeria’s foreign exchange market has witnessed significant improvement, noting that stability and predictability have returned following recent economic reforms
Speaking after a closed-door session with President Bola Tinubu at the State House in Abuja, the business leader praised the direction of reforms spearheaded by the administration and the Central Bank of Nigeria.
Elumelu explained that concerns around accessing foreign exchange, which once dominated conversations in the banking sector, have largely disappeared.
“I told someone, I said there was a time before 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.”
He described the current economic climate as reassuring for investors, stressing that clarity and consistency in policy direction are crucial for business growth.
“If you see what the Central Bank Governor and his team are doing, it’s quite encouraging; we’ve had some predictability and stability.”
According to him, the President should be credited for providing the necessary backing that has enabled monetary authorities to implement reforms aimed at restoring confidence in the system.
Beyond the foreign exchange market, Elumelu said discussions also focused on strengthening support for small and medium-scale enterprises, which he described as the backbone of economic expansion. He noted that the President was deeply committed to empowering entrepreneurs through tax reforms and development finance initiatives.
He added that Tinubu expressed satisfaction with the performance of the Bank of Industry and is keen on expanding its reach to support more small businesses across the country.
The Heirs Holdings chairman further highlighted the importance of improving electricity supply, revealing that the President is determined to accelerate the settlement of outstanding debts owed to power generation companies.
“Mr. President realises this, embraces it, and is committed to doing more, especially helping to fast-track the payment of the power sector debt so that the power generators can do more for the country.”
Elumelu maintained that clearing the debts would enhance electricity generation and widen access to power, a move he said is vital for productivity and long-term economic growth.
He expressed optimism about the administration’s drive to stabilise the economy, empower young entrepreneurs, and strengthen the power sector as part of efforts to ensure sustainable development.
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