Abayomi Susan
Tony Elumelu, Chairman of Heirs Holdings and Transcentorp Group, recently met with President Bola Tinubu, and according to him, the era of foreign exchange scarcity is over. Elumelu attributed this to the reforms implemented by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso, which have restored predictability and stability to the economy.
Elumelu noted that when he receives calls about banking issues, most are no longer about accessing foreign exchange, indicating a significant improvement in the FX market. This is a welcome relief for businesses and individuals who have struggled with accessing foreign currency in the past.
The meeting between Elumelu and President Tinubu covered several key areas, including support for small and medium-scale enterprises (SMEs). Elumelu highlighted the president’s passion for capacitizing entrepreneurs in Nigeria, which is a positive sign for the country’s economic development.
Elumelu also stressed the importance of improving access to electricity, urging the government to fast-track payments to power-generating companies. This is a critical issue for businesses in Nigeria, as unreliable power supply has been a major challenge for many years.
The reforms implemented by the CBN are expected to have a positive impact on Nigeria’s economy, attracting foreign investment and boosting economic growth. Elumelu’s comments suggest that the government is on the right track, and with continued efforts, Nigeria can overcome its economic challenges.
The meeting between Elumelu and President Tinubu demonstrates the government’s commitment to engaging with private sector leaders to drive economic growth. It’s a collaborative approach that could yield positive results for the country.
Elumelu’s optimism about the end of foreign exchange scarcity is a boost for Nigeria’s business community. With increased access to foreign exchange, businesses can now plan and invest for the future with more confidence.
Overall, the meeting between Elumelu and President Tinubu highlights the progress being made in Nigeria’s economic reforms.
Source -Channels
