Elumelu and Tinubu Discuss Forex Stability and Economic Growth

In a closed-door meeting at the Presidential State House in Abuja, Toni Elumelu, a prominent entrepreneur, discussed with President Bola Tinubu the recent stabilization of Nigeria's foreign exchange market. Elumelu noted that the Central Bank of Nigeria (CBN) has made significant progress in implementing direct monetary policies, which have improved access to foreign exchange.

He highlighted that issues previously dominating the market have diminished, allowing for a more encouraging environment for investors and entrepreneurs. Elumelu commended Tinubu for creating an enabling space for CBN leadership to implement reforms that strengthen economic confidence.

He also stressed the need to empower small and medium enterprises (SMEs) as engines of growth and discussed the importance of tax reforms and financial development to support small businesses. Furthermore, Elumelu pointed out that improving electricity supply is crucial for national economic development and mentioned Tinubu's commitment to fast-tracking payments owed to power-generating companies to enhance electricity access.