Chairman of Heirs Holdings and founder of the Tony Elumelu Foundation, Tony Elumelu, on Friday, met with President Bola Tinubu at the State House in Abuja.
Speaking with journalists shortly after his session with President Tinubu, Elumelu appraised the economic reforms of the present administration, submitting that the Naira has recorded appreciable stability as a result of the direction of monetary policy under Tinubu’s administration.
Recall that Tinubu, at the inception of his administration in 2023, abolished the two exchange regimes and introduced a unified exchange rate.
Elumelu told state house correspondents that the reforms have changed the nature of business concerns in the financial system, as access to foreign exchange is no longer the dominant issue it once was.
He said, “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 maintained that investors always give priority to the direction of economic policy and market conditions.
“If you see what the Central Bank Governor and his team are doing, it’s quite encouraging; we’ve had some predictability and stability.”
He attributed the gains recorded by the apex bank to Tinubu’s capacity to carry through bold reforms.
Speaking on the volatility of the power sector, Elumelu declared that stable power remains central to economic growth and development.
He further revealed that President Tinubu was committed to fast-tracking the payment 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.”
