Tony Elumelu, Chairman of Heirs Holdings and United Bank for Africa (UBA), declared on Friday that Nigeria’s foreign exchange crisis has been effectively resolved, following a high-level meeting with President Bola Tinubu at the Presidential Villa.
Elumelu, a member of the Presidential Economic Council, told State House correspondents that the era of chronic dollar scarcity is over. He credited the Central Bank of Nigeria (CBN), under the leadership of Governor Olayemi Cardoso, for restoring "predictability and stability" to the nation’s monetary landscape through aggressive reforms.
The billionaire industrialist used a striking personal metric to illustrate the shift in the economy. He noted that while currency issues once dominated the concerns of the private sector, the focus has now shifted toward growth and expansion.
"I told someone recently that there was a time when, if I received ten calls regarding banking, seven would be about how to access foreign exchange," Elumelu said. "Today, if you get ten calls, not even one is about FX. That market is effectively sorted."
The meeting, which took place on February 13, 2026, focused heavily on the next phase of Nigeria’s economic recovery. Beyond the currency market, Elumelu and President Tinubu discussed the urgent need to "capacitise" Small and Medium-Scale Enterprises (SMEs). Elumelu revealed that the President is committed to leveraging ongoing tax reforms to create a more supportive environment for young entrepreneurs.
The dialogue also addressed structural bottlenecks in the energy sector. Elumelu, whose Transcorp Group has significant investments in power generation, urged the Federal Government to fast-track the settlement of outstanding debts owed to generation companies (GenCos).
He emphasised that while GenCos have continued to supply the national grid despite being owed significant sums, settling these obligations is critical for expanding capacity. According to Elumelu, the President expressed a strong commitment to addressing these liquidity issues to stabilise electricity supply across the country.
Elumelu concluded by commending the President for "creating the space" for the Central Bank to operate independently. He noted that the return of market discipline has allowed businesses to plan for the long term, moving away from the "frantic" search for dollars that characterised previous years.