Chairman of Heirs Holdings and founder of the Tony Elumelu Foundation, Mr. Tony Elumelu, has expressed strong support for President Bola Tinubu’s ongoing economic reforms, particularly initiatives targeted at strengthening small and medium-scale enterprises (SMEs), restructuring the tax system, and revitalising Nigeria’s power sector.
Elumelu spoke to State House correspondents on Friday after a closed-door meeting with President Bola Tinubu at the Presidential Villa, Abuja. He described the meeting as an opportunity to exchange ideas on sustaining economic stability, expanding opportunities for entrepreneurs, and addressing structural challenges constraining business growth.
According to him, the discussions focused largely on measures to deepen support for SMEs, which he described as the backbone of job creation, innovation and inclusive economic development in Nigeria.
Elumelu noted that the President demonstrated strong commitment to empowering entrepreneurs through tax reforms and targeted financial support. He said the administration is exploring ways to ease operational burdens on small businesses and create an enabling environment for expansion.
He further revealed that the President spoke extensively about the role of the Bank of Industry in driving access to finance for small businesses. Elumelu said he was impressed by the President’s familiarity with developments at the institution and his insistence that more be done to strengthen support for entrepreneurs across the country.
The business leader, who is also a member of the Presidential Economic Council, said the engagement allowed him to provide private-sector feedback on the state of the economy and contribute constructively to policy conversations.
He emphasised that the alignment between government priorities and the mission of the Tony Elumelu Foundation—known for supporting young entrepreneurs in Nigeria and across Africa—would help strengthen the country’s enterprise ecosystem. He described the synergy as encouraging for Nigerian youth seeking opportunities in business and innovation.
On the broader economic outlook, Elumelu projected cautious optimism for 2026. He pointed to improving predictability within the financial system and renewed investor confidence linked to recent monetary policies introduced by the Central Bank of Nigeria.
He observed that foreign exchange pressures, which previously created significant uncertainty for banks and businesses, have eased considerably, allowing companies to plan with greater clarity and stability.
Electricity supply and financing challenges within the power sector also formed a major part of the discussions. Elumelu stressed that reliable power remains critical to industrial productivity and overall national development.
He disclosed that the President acknowledged the urgency of settling outstanding debts owed to generation companies in order to unlock additional electricity capacity and stabilise supply nationwide. Despite significant unpaid obligations across the electricity value chain, he noted that operators have continued generating power, underscoring the need for timely financial settlements to boost output and attract further investment.
Elumelu expressed confidence that sustained attention to entrepreneurship development, tax reform and power sector revitalisation would reinforce Nigeria’s economic recovery and lay a stronger foundation for broad-based, inclusive growth.
He concluded by reiterating his impression of the President’s commitment to supporting SMEs, empowering young entrepreneurs and energising the power sector to drive Nigeria’s long-term economic transformation.
Elumelu Endorses Tinubu’s Economic Reforms, Backs Push for SME Growth and Power Sector Revival
