On Friday, February 13, 2026, Nigerian entrepreneur and investor Tony Elumelu, Chairman of Heirs Holdings and United Bank for Africa (UBA) Group Plc, held a closed-door meeting with President Bola Tinubu at the Presidential Villa in Abuja to review Nigeria’s economic landscape and discuss key policy priorities.
Focus of the MeetingElumelu and Tinubu’s discussion centred on macroeconomic stability, foreign exchange market reform, support for small and medium-scale enterprises (SMEs), tax policy, and electricity sector challenges.
Foreign Exchange Market StabilityElumelu described the foreign exchange market as “totally sorted,” indicating that the period of dollar scarcity that previously afflicted the banking and business community has ended.
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He credited recent monetary policy reforms under President Tinubu’s administration and the Central Bank of Nigeria (CBN) for increased predictability and stability, noting that access to FX is no longer the dominant concern it once was.
This DayLiveSupport for SMEs and Tax ReformsDiscussions included strategies to strengthen SMEs, which Elumelu identified as essential for job creation and economic growth. Elumelu said President Tinubu is supportive of expanding tax reforms and development finance mechanisms, including leveraging institutions like the Bank of Industry (BOI) to widen access to credit and reduce operational barriers for small businesses nationwide.
Electricity Sector ChallengesElumelu emphasised that electricity supply remains a critical constraint to national development.
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He urged the federal government to accelerate the payment of outstanding debts owed to power generation companies, arguing that this would enable greater electricity output and support industrial productivity.
He said the President recognised the issue and is committed to addressing it. Arise NewsEconomic Outlook and Private Sector EngagementElumelu spoke to State House correspondents after the meeting, highlighting improved policy coherence and investor confidence.
He said the engagement offered an opportunity for private-sector input on economic policy and affirmed his belief in the current direction of reforms, including monetary strategy and structural support for entrepreneurs.
The meeting underscored alignment between government policy and private-sector perspectives on economic stability, enterprise support, and structural bottlenecks.
Elumelu’s comments signal private sector endorsement of key reforms while drawing attention to persistent challenges, particularly in the power sector, that require continued focus.
Image Credit: NaijaNews
Source: NaijaNews
