Abdul Samad Rabiu, chairman of BUA Cement, says the economic reforms introduced by President Bola Tinubu were initially challenging, but things are improving.
Rabiu spoke during a visit to Tinubu in Lagos, on Friday.
“You will remember that the exchange rate at N500 and then outside it was N800. That was not acceptable,” he said.
“So that has actually been unified and initially it was quite difficult, we saw the exchange rate at a point hit maybe almost N2000, now it’s finding its balance, we are at about N1,500 – N1,550 naira and I’m sure we’ll see the rate come down even further.
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“So I believe that some of these reforms… yes, initially, they were a bit of a challenge, but things are getting much better now, and I’m quite confident and optimistic that things will definitely get better in Nigeria.
“Mr President is doing a lot, the government is really doing so much to ensure that there is stability within the economy and other sectors of the economy.”
On May 29, 2023, during Tinubu’s inauguration, he declared the removal of petrol subsidy in Nigeria which led to an immediate rise in petrol prices across the country, causing a surge in inflation rate.
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Also, the Central Bank of Nigeria (CBN) announced the unification of all FX market segments on June 14, 2023, leading to the devaluation of the naira.
Despite the economic difficulties arising from the reforms, on December 18, Tinubu said the economic reforms are beginning to yield positive results.
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