By Kazeem Waris
Chairman of BUA Group, Alhaji Abdul Samad Rabiu, has urged Nigerians to remain patient with the economic reforms of President Bola Ahmed Tinubu’s administration, saying businesses are beginning to see positive results.
Rabiu, who spoke after visiting President Tinubu in Lagos, said recent developments in the foreign exchange market indicated that the reforms were yielding visible results.
According to the billionaire businessman, there were now signs of increased dollar inflows into the country, while the naira exchange rate had also shown greater stability.
“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,” Rabiu said.
He acknowledged the economic difficulties confronting Nigerians but appealed for patience, saying businesses were beginning to feel the impact of the government’s policies.
“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,” he said.
More dollars coming into Nigeria than Naira
Rabiu pointed specifically to developments in the foreign exchange market as evidence of improving economic conditions.
“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,” he said.
He also said the exchange rate had remained relatively stable, noting that the naira had appreciated by about N20 to the dollar within the preceding week.
“The rate is very stable. In fact, the exchange rate within the last week has improved or, you know, come down by about 20 Naira to the dollar,” Rabiu said.
The BUA chairman expressed optimism that the trend would continue, saying the country needed to give the reforms time to produce broader results.
“So things are really getting better. And we just need to be a bit more patient and things will definitely get better,” he added.
‘Nigeria and I Have Grown Up Together’
Rabiu said his visit to the President was partly to welcome him back from vacation and to mark Nigeria’s Independence anniversary.
“I came to welcome him back from a well-deserved vacation and to, of course, wish him a very happy Independence Day,” he said.
Reflecting on Nigeria’s 66th Independence anniversary, Rabiu noted that the country and he were born in the same year.
“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.”
Asked about the President’s appearance, Rabiu said Tinubu looked healthy and wished him well.
“I saw him and he’s looking very healthy. And I wish him the very best,” he said.
The BUA chairman said the ongoing reforms had presented challenges, but maintained that improvements were emerging and that businesses were beginning to see the benefits.
“Well, you see, the thing is, as I’ve said, you know, several times, quite a lot of things are going on and I understand there are quite a few issues here and there,” Rabiu said.
