- Elumelu noted that planned tax reforms would play a key role in supporting business growth
- He described the policy direction of the Central Bank of Nigeria as reassuring, citing greater stability
President Bola Tinubu on Friday held talks with Tony Elumelu, Chairman of United Bank for Africa (UBA) Group Plc, as part of ongoing consultations on economic expansion and tax reforms designed to empower small businesses.
Elumelu addressed journalists after the private meeting at the Presidential Villa in Abuja, explaining that discussions centred on measures to strengthen small and medium-sized enterprises (SMEs), which he described as the backbone of the nation’s economy, Eko Hot Blog gathered.
EDITOR’S PICK
- Senate Approves Electronic Transmission of Polling Unit Results
- Nigeria Reopens Kamba, Tsamiya Borders to Boost Cross-Border Trade
- Ibeju-Lekki LG Announces ATM Card Distribution for 3rd Batch CCT Beneficiaries
According to him, the president demonstrated strong interest in building the capacity of SME operators and creating more opportunities for young entrepreneurs.
Elumelu noted that planned tax reforms would play a key role in supporting business growth and widening access to opportunities for smaller enterprises.
He added that the president also reviewed developments at the Bank of Industry (BOI), expressing confidence in its leadership and current performance.
Elumelu said the alignment between public policy objectives and private sector initiatives aimed at nurturing entrepreneurs offers renewed hope for Nigerian youths.
A member of the President’s Economic Council, Elumelu said he also shared his perspectives on prevailing economic conditions.
He described the policy direction of the Central Bank of Nigeria as reassuring, citing greater stability and predictability in the financial system.
The UBA chairman, who also leads Heirs Holdings, observed that access to foreign exchange has improved significantly compared to previous periods, reducing pressure within the banking industry.
Power supply was another major issue raised during the meeting. Elumelu said the president reaffirmed his administration’s determination to address outstanding payments in the electricity sector to enable generation companies to boost output.
He stressed that reliable electricity remains essential for improving productivity, stimulating business activity, and accelerating national development.
Elumelu concluded by commending Tinubu’s focus on supporting SMEs, promoting youth entrepreneurship, and revitalising the power sector to drive sustainable economic growth.
FURTHER READING
