Market News

.…Urges Patience on Reforms

By Johnbosco Agbakwuru, Abuja

Chairman of BUA Group, Alhaji Abdul Samad Rabiu, has urged Nigerians to be patient with the reforms of President Bola Tinubu’s administration, saying things are gradually getting better.

Rabiu also said the foreign exchange reforms were yielding visible results, with increased dollar inflows into the country and relative stability in the exchange rate.

He spoke after visiting President Tinubu in Lagos, saying he went to welcome the President back from a “well-deserved vacation” and to wish him a 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, Nigeria and I have actually grown up together,” he said.

He added: “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. That’s why I’m here, just to greet him.”

On the President’s appearance, Rabiu said: “I saw him and he’s looking very healthy. And I wish him the very best.”

Asked what he was doing to make Nigeria better, Rabiu pointed to the ongoing reforms and the improvements he said businesses were beginning to experience.

“Well, you see, the thing is, as I’ve said several times, quite a lot of things are going on and I understand there are quite a few issues here and there,” he said.

“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 we need to be a bit more patient. For us businessmen, we have started seeing the positive results of the reforms.”

Rabiu cited developments in the foreign exchange market as evidence of progress.

“If you look at the foreign exchange situation today, I think there are probably more dollars coming into Nigeria than even naira that we have now.

“The rate is very stable. In fact, the exchange rate within the last week has improved or, you know, come down by about N20 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,” he said.