Investors Upbeat About CBN’s FX Policy Reforms, Says Elumelu


Ndubuisi Francis in Abuja

The Chairman of Heirs Holdings and founder of the Tony Elumelu Foundation (TEF), Mr. Tony Elumelu has declared that the Central Bank of Nigeria (CBN) has brought predictability to the foreign exchange (FX) market and that investors are excited by the apex bank’s reforms.

Elumelu, who is one of Africa’s leading entrepreneurs and philanthropists, is confident that the country’s economic environment will improve soonest.

He  told CNN Money’s anchor Maggie Lake on the ‘Quest Means Business’ programme that the Buhari administration’s economic plan will help bring confidence back to the Nigerian economy.

“The central bank has brought predictability to the forex market and investors are excited by the reforms. The Nigerian economy is turning the corner and as an investor, I am optimistic this will continue especially now that there’s a clear economic recovery and growth plan,” he said.

According to him, creating the enabling environment and improving infrastructure like power, will take Nigeria out of poverty and unemployment, while also empowering Nigerian women.

Elumelu, who is also the Chairman of UBA Plc harped on the importance of bringing together government and business leaders to interface on ways to build upon the momentum with a view to further promoting economic growth, and helping the youth.

Popular CNN business journalist, Richard Quest is in Nigeria for a week filming and doing Quest Means Business.

In one of his meetings, Quest canvassed for more youth friendly programmes, noting: “There’s no shortage of entrepreneurs in Nigeria. No shortage of drive or ambition. People are succeeding inspite of government not because of it.”