Chairman of BUA Group, Abdul Samad Rabiu, has stated that President Bola Ahmed Tinubu's economic reforms are beginning to have a positive impact on businesses in Nigeria. Rabiu made this statement after a meeting with the President in Lagos, where he noted that despite the current hardships faced by many Nigerians, business operators are already seeing improvements in the economy. He particularly highlighted developments in the foreign exchange market as a positive indicator.
Rabiu acknowledged that Nigerians are currently going through difficult times but urged them to exercise patience, assuring that the impact of the reforms would become more evident with time. According to him, the relative stability of the naira and improved foreign exchange inflows are indications that economic conditions are gradually changing. He emphasized that it takes time for such reforms to take full effect.
The BUA chairman noted that quite a lot of positive developments are underway, and while there are still issues to be addressed, the reforms are on the right track. He mentioned that if one looks at the foreign exchange situation, there are probably more dollars coming into Nigeria than even naira currently. The exchange rate has improved, with a reduction of about 20 naira to the dollar within the last week.
Rabiu's visit to the President was also to welcome him back from his vacation and congratulate him on Nigeria's 66th Independence Anniversary, marked on October 2, 2026. He stated that the anniversary held special significance for him because he was born in 1960, the year Nigeria gained independence. This coincidence made the celebration even more personal for him.
During his visit, Rabiu extended his Independence anniversary greetings to Nigerians and wished the President well. He expressed his well-wishes for the President's continued good health and success. The meeting was a courtesy call, allowing Rabiu to pay his respects and discuss the current state of the economy.
Rabiu emphasized that business operators have started seeing the positive results of the reforms, particularly in the foreign exchange market. He expressed optimism that with a bit more patience, the economy would continue to improve. The stability of the naira and increased foreign exchange inflows are key indicators of the positive changes underway.
The BUA Group chairman concluded by reiterating his support for the President's economic reforms and his confidence in their ability to yield long-term benefits for Nigeria. He encouraged Nigerians to remain patient and optimistic about the country's economic future.
Key points
- President Bola Ahmed Tinubu's economic reforms are yielding positive results for businesses in Nigeria.
- The reforms have led to relative stability of the naira and improved foreign exchange inflows.
- BUA Group Chairman, Abdul Samad Rabiu, urges Nigerians to exercise patience as the impact of the reforms becomes more evident.
