Nigeria’s industrialist and Chairman of BUA Group, Abdulsamad Rabiu, has expressed more optimism on the nation’s economy.
He urged citizens to be more patient as the reforms initiated by President Bola Ahmed Tinubu’s administration begin to yield results.
Speaking to journalists on Friday at the Lagos residence of the President, Rabiu acknowledged that while some reforms are challenging, he maintained that they are essential for stabilising the economy and enhancing business conditions.
“The economy, I think, is going okay, although we all know that some of the reforms undertaken by His Excellency are still biting.
“As far as the business community is concerned, these reforms were necessary. Yes, some of them are quite painful, but we needed these reforms, especially the foreign exchange unification.
“At one point, the exchange rate was N500 officially and N800 on the parallel market, which was not acceptable. After unification, the rate initially spiked to almost N2000 but has now stabilized around N1,500 to N1,550. I am confident we will see further improvements as the market finds its balance,” he explained.
Rabiu commended the Tinubu led administration on stabilising the economy and improving infrastructure, citing ongoing road construction projects as a testament to the government’s commitment.
“Mr. President is doing a lot, and the government is working hard to ensure stability within the economy and other sectors. We just need to give them time. These reforms take time, and I believe things will definitely get better,” he said.
The business magnate also joined President Tinubu for the Juma’at service at the Alausa Central Mosque in Ikeja and accompanied him to his late mother’s family residence.
Rabiu described the experience as emotional and reflective, noting the prayers offered for Nigeria’s prosperity and unity.
“I came to see His Excellency to congratulate him on a successful year. I had the honor to escort him to the mosque, where we prayed for Nigeria and for every Nigerian. We later visited his late mother’s residence, and it was a deeply moving experience.
“This government has only been in power for 18 months. They have another 24 months or so, and I believe we need to give them time. Things will definitely get better,” he concluded.
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