African business magnate Tony Elumelu has met with President Bola Ahmed Tinubu in Abuja and declared that the era of foreign exchange scarcity in Nigeria is over. Elumelu, Chairman of Heirs Holdings and United Bank for Africa, attributed the apparent improvement in the FX market to recent policy measures implemented by the federal government.
According to Elumelu, who spoke after the strategic meeting at the State House, significant progress has been made in stabilising the country’s foreign exchange landscape, which had been plagued by shortages and wide discrepancies between official and parallel market rates. He praised the Central Bank of Nigeria’s coordinated efforts to improve liquidity and align market forces.
The business leader credited the Monetary Policy Committee and government stakeholders for policy decisions that strengthened investor confidence, attracted capital inflows, and expanded FX availability across key sectors. Elumelu said that manufacturers, importers and exporters now enjoy greater predictability in securing foreign exchange for business operations.
President Tinubu welcomed the insights shared by Elumelu and reiterated his administration’s commitment to economic reforms aimed at boosting productivity, strengthening the naira, and reducing bottlenecks in critical markets. The president emphasised the importance of private-sector participation in driving sustainable growth and diversifying revenue sources beyond oil.
Elumelu also noted that recent reforms have restored trust among diaspora investors and remittance flows, which he said are vital to shoring up foreign exchange reserves and supporting small and medium-sized enterprises. He urged continued collaboration between government institutions and private actors to enhance Nigeria’s economic resilience.
While cautioning that challenges remain, including global economic pressures and structural constraints, Elumelu expressed optimism that Nigeria could build on current gains to achieve a more stable and inclusive economic environment. His remarks signal growing private-sector confidence in policy direction as stakeholders prepare for broader national development goals.
