Temitope Mustapha, Abuja
The Chairman of BUA Group, AbdulSamad Rabiu, has lauded Nigeria’s President Bola Ahmed Tinubu’s economic reforms, which have significantly reduced the cost of doing business in the country and stabilised foreign exchange availability.
Rabiu, who spoke to journalists at the State House in Abuja on Wednesday, following his meeting with the President, expressed confidence that the exchange rate would continue to improve, predicting that the naira could appreciate to between ₦1,300 and ₦1,400 to the dollar by the end of 2025.
According to him, businesses now “virtually no longer depend” on the Central Bank of Nigeria (CBN) for access to foreign exchange.
“I expect that the exchange rate is going to strengthen even further. I expect that the rate should come down to maybe ₦1,300, ₦1,400 before the end of the year. And this is something that we should all celebrate,” he said.
The BUA Group Chairman noted private sector operators now benefit from expanded access to foreign currency through commercial banks, credit card facilities, and global payment platforms.
“If I may add, you have seen that the CBN is doing quite a lot, and businesses today do not actually need foreign exchange from the Central Bank of Nigeria.
“The reliance or need for foreign exchange from the Central Bank has virtually disappeared, and, of course, we also know that companies and businesses alike are able to get FX abroad, using the ATM and credit cards. These are all positives,” Mr Rabiu explained.
He added that the decisive policies of the Tinubu-led administration were laying the foundation for “a stronger economy, a more stable currency, and a better future for businesses and Nigerians alike.”
On food prices, Mr Rabiu maintained that conditions were gradually improving, with clear signs of reduction in the cost of key commodities.
He cited BUA’s interventions in the rice market, last year.
“If you look at the prices of food items last year and what we have today, you’ll see that there is a significant reduction in all the commodities, prices of food items. So I think we just need to be a bit more patient. Clearly, things are getting better, and we must continue to support the government,” the Chairman stated.
Rabiu attributed the economic progress to the visionary leadership of President Tinubu, urging Nigerians and the business community to continue supporting the ongoing reform agenda.
PIAK