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From Juliana Taiwo-Obalonye, Abuja
Business magnate and Tony Elumelu Foundation founder Tony Elumelu has praised President Bola Tinubu’s commitment to boosting Nigeria’s small and medium-scale enterprises (SMEs), young entrepreneurs and the power sector, describing their latest meeting as a “super elating” alignment on economic revival.
“It’s always a pleasure and a privilege to be granted an audience by Mr President. I love to sit with the president and discuss economic issues, give feedback from what we think is happening in the economy, and then constructively agree,” Elumelu told State House Correspondents after the closed-door session with the president.
As a member of the Presidential Economic Council, he highlighted their focus on SMEs: “Today, we talked about small and medium-scale enterprises, how to further support Nigerian medium and small scale enterprise. Mr President is very passionate… about capacitating the small and medium-sized entrepreneurs in Nigeria. And I’m very happy to hear that, to feel that, to sense that, because they are the engine of economic growth. We spoke a lot about it.”
Elumelu spotlighted Tinubu’s tax reform push and Bank of Industry (BoI) interventions as key boosters. “He talked about tax reform and how he wants to use that to support small and middle-scale enterprises. He spoke about the Bank of Industry. I was super impressed. He even called the name of the CEO… he likes what is going on, and he wants them to do more to support small and middle-scale entrepreneurs in the country. To me, it was gratifying.”
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Linking it to his foundation’s global youth entrepreneurship drive, Elumelu called the synergy “super exciting. It shows there’s Congress and alignment, and I believe that this is what Nigerian youth need. So I thank Mr President for that commitment and look forward to greater things happening.”
On his 2026 economic outlook, Elumelu commended monetary policy stability under Central Bank Governor Olayemi Cardoso. “I also discuss what’s happening in the country in the monetary policy… what the central bank governor and team are doing is quite encouraging. We’ve had some predictability and stability… What’s important is to be able to predict in an economy the direction of things. So you can plan very well.”
He noted a dramatic shift in business concerns: “If I got 10 calls on banking issues, seven of those calls were about how to access foreign exchange. Today, if you get 10 calls on banking issues, not even one is on FX. FX, that market is totally sorted. So I think the central bank is going to do well. Mr President should also to be commended for creating that space for the governor to do what he and his team are doing.”
Addressing perceptions of slow reforms, Elumelu clarified his stance on power, a sector where his interests run deep. “I’ve never complained. Rather, what I talk about is that, and we still spoke about it today. Improvement in access to electricity is critical for economic development. Mr President realises it, embraces it and is committed to doing more, especially helping to fast-track the payment of the power sector debt so that the power generators can do more for the country… All of us who are in the power sector are owed significantly, but in spite of that, we’re going to generate electricity, so we want to see the payment made so that there’ll be more provision of electricity to the country.”
Elumelu concluded by expressing optimism: “I was impressed with Mr President’s commitment to supporting small and medium-scale enterprises. I was impressed with the president’s commitment to young entrepreneurs. Impressed with Mr President’s commitment to energising the power sector so that we can power the Nigerian economy.”
