Chairman of BUA Group, Abdul Samad Rabiu, says Nigerian businesses are beginning to see positive results from President Bola Ahmed Tinubu’s economic reforms, urging Nigerians to be more patient as the measures take effect.
Rabiu stated this on Friday while speaking with State House Correspondents after visiting President Tinubu at his Ikoyi residence in Lagos.
Acknowledging the economic difficulties confronting many Nigerians, the industrialist said improvements were becoming evident from the perspective of the business community, particularly in the foreign exchange market.
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According to him, increased foreign exchange inflows and greater stability in the value of the naira are providing encouraging signs for businesses, expressing confidence that economic conditions would continue to improve.
BUA Chairman’s remarks come amid relative stability in the official foreign exchange market. The naira traded around ₦1,332 to the dollar at the Nigerian Foreign Exchange Market on Friday, after closing at about ₦1,329.50 on Wednesday, September 30.
Rabiu said reforms of the magnitude being implemented require time to produce their full impact, stressing that despite existing challenges, indications from the business environment suggest that the economy is moving in a positive direction.
“I know that Nigerians are going through a lot. But we need to be a bit more patient. For us businessmen, we have started seeing the positive results of the reforms,” he said.
The BUA Chairman explained that his visit was also to welcome President Tinubu back from his working vacation and felicitate with him and Nigerians on the country’s 66th Independence Anniversary.
