Chairman of the United Bank for Africa (UBA) Group, Tony Elumelu, has declared the Federal Government’s decision to float the foreign exchange market a major policy breakthrough that has restored stability and renewed investor confidence in Nigeria’s economy.
Elumelu spoke with State House correspondents after a meeting with President Bola Ahmed Tinubu at the Presidential Villa, Abuja, where discussions focused on economic reforms, support for small and medium-scale enterprises (SMEs), monetary policy direction and power sector development.
He described the foreign exchange reform as a bold and necessary step that has reduced uncertainty in the market and strengthened economic predictability.
According to him, President Tinubu reaffirmed his administration’s strong commitment to empowering SMEs, which he described as the backbone of economic growth and job creation.
Elumelu noted that expanding access to finance and improving the operating environment for small businesses remain central to driving inclusive growth.
On the power sector, the UBA chairman said the President acknowledged the urgent need to address electricity challenges, stressing that reliable power supply is fundamental to industrialisation and national development.
Elumelu expressed optimism that ongoing reforms—backed by improved funding mechanisms and payment structures in the electricity value chain—would enhance generation capacity, strengthen investor confidence and accelerate economic growth.
He maintained that sustained policy consistency would further consolidate the gains of the reforms and position Nigeria for long-term economic stability.
