Chairman of Heirs Holdings, Tony Elumelu, has declared that Nigeria’s foreign exchange market has seen notable improvement, crediting recent economic reforms for restoring stability and predictability.
Elumelu made the remarks after a closed-door meeting with Bola Ahmed Tinubu at the State House in Abuja.
“FX Is No Longer the Headache It Used to Be”
According to Elumelu, access to foreign exchange — once a dominant concern within the banking and business community — is no longer the pressing issue it used to be.
“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 shift as evidence of renewed clarity and consistency in policy direction, attributing progress to the Central Bank’s reforms and presidential backing.
“If you see what the Central Bank Governor and his team are doing, it’s quite encouraging; we’ve had some predictability and stability.”
Backing for SMEs and Development Finance
Beyond FX reforms, Elumelu said discussions centered on strengthening support for small and medium-sized enterprises (SMEs), which he described as critical drivers of Nigeria’s economic expansion.
He noted that the President remains committed to:
-
Expanding access to development finance
-
Implementing tax reforms to support entrepreneurs
-
Strengthening institutions like the Bank of Industry
According to him, Tinubu expressed satisfaction with the performance of the Bank of Industry and is keen to broaden its reach to empower more small businesses nationwide.
Power Sector Debt and Electricity Reform
Elumelu also revealed that the President is focused on accelerating the settlement of outstanding debts owed to power generation companies, describing improved electricity supply as essential to economic productivity.
“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.”
He emphasized that clearing sector debts would boost electricity generation and strengthen long-term growth prospects.
Investor Confidence and Economic Direction
Elumelu concluded with optimism about Nigeria’s economic outlook, arguing that stability in the FX market, alongside reforms in power and SME financing, sends positive signals to both domestic and foreign investors.
His remarks add to ongoing debates about the impact of the administration’s economic policies, particularly as Nigeria navigates inflationary pressures, currency reforms, and broader structural adjustments.
