Chairman of Heirs Holdings, Tony Elumelu, has declared that Nigeria has moved beyond the era of chronic foreign exchange shortages.
He spoke on Friday after meeting with President Bola Tinubu at the State House in Abuja.
Elumelu, a member of the Presidential Economic Council, commended the administration’s economic reforms, saying recent monetary measures have restored stability and predictability to the financial system.
He particularly praised the leadership of the Central Bank of Nigeria, noting that businesses can now plan with greater confidence due to improved policy clarity.
According to him, foreign exchange access, once a dominant concern among investors and bank customers, has significantly improved.
He explained that in the past, most business-related calls centred on sourcing foreign exchange. That pressure, he said, has virtually disappeared.
Elumelu attributed the progress to reforms that created room for the apex bank to function independently and effectively.
Beyond currency stability, the businessman said discussions with the President also focused on electricity supply and the need to strengthen Nigeria’s power sector.
He stressed that access to reliable electricity remains fundamental to economic growth and industrial expansion.
Elumelu disclosed that Tinubu is committed to accelerating the settlement of outstanding debts owed to power-generating companies.
He noted that despite heavy liabilities, generation companies have continued supplying electricity while awaiting payment.
Clearing those obligations, he said, would enable operators to increase capacity and improve nationwide supply.
The Heirs Holdings chairman further revealed that small and medium-scale enterprises featured prominently in their talks.
He said the President expressed strong interest in empowering entrepreneurs through targeted reforms and financial support.
Tax reforms and expanded financing windows were highlighted as tools to stimulate growth among smaller businesses.
Elumelu added that Tinubu spoke positively about the Bank of Industry, urging it to intensify support for enterprise development.
He maintained that strengthening SMEs is essential because they remain the backbone of job creation and economic expansion.
