Nigerian billionaire and United Bank for Africa (UBA) Chairman, Tony Elumelu, has revealed that President Bola Ahmed Tinubu expressed his approval of the private sector’s efforts to support small- and medium-sized enterprises (SMEs) in Nigeria.

Elumelu made the remarks to journalists at the State House following a meeting with the President on Friday.

He noted that the foreign exchange (FX) market in Nigeria has been “fully stabilized” under Tinubu’s administration, with monetary policy effectively guided by the Central Bank of Nigeria.

According to Elumelu, businesses no longer face the challenges that previously hindered access to dollars, bringing greater predictability and stability to the Nigerian economy.

“There was a time when, out of 10 banking-related calls I received, seven would be about accessing foreign exchange. Today, if you receive 10 calls, not a single one concerns FX. That market is totally sorted,” he said.

Elumelu added, “The President even mentioned the CEO by name, saying he appreciates what is happening and encourages them to do more to support small- and medium-scale entrepreneurs across the country.”