The Chairman of Heirs Holdings and United Bank for Africa (UBA) Plc, Tony Elumelu, has declared that the era of foreign exchange (FX) scarcity in Nigeria is effectively over, citing the success of the Central Bank of Nigeria’s (CBN) recent monetary policy interventions.
Speaking with State House correspondents on Friday after a private meeting with President Bola Ahmed Tinubu at the Presidential Villa, Elumelu expressed strong optimism regarding the nation’s economic trajectory. He noted that the “noise” and volatility previously surrounding the currency have been replaced by renewed investor confidence and market predictability.
“We discussed the country’s monetary policy and what the Central Bank Governor and his team are achieving. It is quite encouraging to witness a return to predictability and stability,” Elumelu said. “As an entrepreneur, having a clear sense of the economy’s direction is crucial for long-term planning.”
Highlighting the dramatic shift in the FX market, Elumelu shared a personal observation: “There was a time I would receive seven out of ten calls about accessing foreign exchange. Today, out of ten calls, not even one is about FX. That market is effectively sorted. The Central Bank Governor deserves commendation, as does Mr. President for creating the enabling environment for these reforms.”
Power Sector Debts and Energy Access
Beyond currency stability, Elumelu, who is also a member of the Presidential Economic Council, emphasized the need to revitalize Nigeria’s power sector. He revealed that his discussions with the President touched on fast-tracking the payment of debts owed to electricity generating companies (GenCos) to enable them to expand capacity.
“Access to electricity remains fundamental to our economic development,” Elumelu stated. “Despite being owed significant sums, power generators continue to supply the grid. We want these payments expedited to ensure better power provision for all Nigerians.”
Support for SMEs and Tax Reform
The meeting also focused on entrepreneurship as a catalyst for growth. Elumelu praised President Tinubu’s commitment to Small and Medium Enterprises (SMEs), describing them as the “engine of economic growth.”
According to Elumelu, the President expressed a strong desire to use tax reforms to alleviate the burdens on small businesses. He also noted the President’s vocal support for the Bank of Industry (BOI), encouraging the institution to do more to empower local entrepreneurs.
The high-level discussion underscored a shared vision for stabilizing the economy, expanding energy access, and driving inclusive growth through private sector empowerment.
