Abuja: In a decisive meeting at the Villa, President Bola Tinubu and UBA Chairman, Tony Elumelu sealed commitments on tax reforms, SME empowerment, and power sector revival, charting a path to energise Nigeria’s economy.
Elumelu spoke with State House Correspondents after a closed-door meeting at the Presidential Villa in Abuja.
He said the discussions focused on strengthening small and medium-sized enterprises (SMEs), describing them as the engine of economic growth.
Elumelu emphasised the president’s passion for empowering SME operators and supporting young entrepreneurs nationwide.
“Today, we talked about small and medium-scale enterprises and how to further support Nigerian medium and small-scale enterprises. (SMEs)
” Mr President is very passionate about my discussion about capacitating the small and medium-scale entrepreneurs in Nigeria, and I’m very happy to hear that, to feel that, to explain that, because they are the engine of economic growth,” Elumelu said.
He said Tinubu outlined plans to use ongoing tax reforms to reduce financial barriers for SMEs and expand business opportunities, marking a concrete step to foster enterprise growth.
Elumelu noted that the president praised the Bank of Industry (BOI) and expressed satisfaction with its current leadership and performance.
He observed that government priorities and private sector support for entrepreneurs aligned, encouraging Nigerian youths.
Elumelu, a member of the President’s Economic Council, said he also briefed Tinubu on his assessment of current economic trends.
He said the Central Bank of Nigeria’s monetary policy direction was “quite encouraging,” noting improved stability and predictability.
Elumelu, who is also the Chairman of Heirs Holdings, a leading pan-African investment company, said that foreign exchange access was no longer a dominant concern in the banking sector, compared to previous periods.
In the power sector, he said the meeting also addressed the need to improve electricity supply to support economic development.
Elumelu said Tinubu agreed to expedite payments owed to power sector companies, which are expected to enable generation companies to boost electricity supply and support business growth.
He described electricity access as critical to driving productivity, business growth and national development.
Elumelu thanked the president for his commitment to SMEs, youth entrepreneurship and efforts to energise the power sector.