BUA Chairman Rabiu: Tinubu’s Economic Reforms Beginning to Yield Results for Businesses

By: Tunji Okunlola

Chairman of BUA Group, Abdul Samad Rabiu, has said President Bola Ahmed Tinubu’s economic reforms are beginning to yield positive results, particularly for businesses, despite the hardship still confronting many Nigerians.

Speaking with journalists in Lagos after meeting with the President, Rabiu said business operators were already seeing improvements in the economy, pointing in particular to developments in the foreign exchange market. He acknowledged that Nigerians were going through difficult times but urged patience, saying the impact of the reforms would become more evident over time.

According to the industrialist, the relative stability of the naira and improved foreign exchange inflows were signs that conditions were gradually changing. “Quite a lot of things are going on, and I understand there are quite a few issues here and there. But if you look at the reforms, and I was just discussing this matter with His Excellency, things are actually getting better. It takes a bit of time, no doubt. And I know that Nigerians are going through a lot. But, you know, we need to be a bit more patient. For us businessmen, we have started seeing the positive results of the reforms,” Rabiu said.

He pointed to specific movement in the exchange rate: “If you look at the foreign exchange situation today, I think there are probably more dollars coming into Nigeria than Naira that we have now. The rate is very stable. In fact, the exchange rate within the last week has improved or come down by about 20 Naira to the dollar. So things are really getting better. And we just need to be a bit more patient, and things will definitely get better.”

Rabiu said his visit to the President was also to welcome him back from his vacation and to congratulate him on Nigeria’s 66th Independence Anniversary, marked on Thursday. He said the anniversary held special personal significance, as he was also born in 1960, the year Nigeria gained independence. “Well, I’m here to once again pay a visit to His Excellency, Mr. President, to welcome him back from a well-deserved vacation and to, of course, wish him a very happy Independence Day. Nigeria is 66, you know, yesterday. And this is particularly special for me because 1960 is also the year of my birth. So, in a way, you know, Nigeria and I have actually grown up together,” the BUA chairman said.

He also extended Independence anniversary greetings to Nigerians generally. “So, I came to see His Excellency. I wish him well. And I want to also seize this opportunity to wish Nigerians, all of us, a happy Independence Day. You know, and yeah, that’s why I’m here, just to greet him.”