ELUMELU ALIGNS WITH TINUBU ON KEY SME, TAX AND POWER SECTOR INITIATIVES
Read Time:2 Minute, 15 Second
By: Fasasi Hammad
Chairman of Heirs Holdings and founder of the Tony Elumelu Foundation, Mr. Tony Elumelu, on Friday expressed support for the reform agenda of President Bola Tinubu, particularly initiatives targeting small and medium-scale enterprises (SMEs), tax restructuring and the revitalisation of Nigeria’s power sector.
Speaking to State House correspondents after a closed-door meeting with the President at the Presidential Villa in Abuja, Elumelu said their discussions focused on maintaining economic stability, expanding opportunities for entrepreneurs and removing structural constraints hindering business growth.
Describing the audience with the President as both an honour and a privilege, Elumelu noted that the engagement provided an opportunity to share private-sector insights on the economy and exchange views in his role as a member of the Presidential Economic Council.
He said SME development formed the central theme of their talks, emphasising that small businesses remain critical drivers of job creation, innovation and inclusive growth. According to him, the President demonstrated strong interest in strengthening support mechanisms for Nigerian entrepreneurs and scaling up capacity-building efforts for small businesses nationwide.
Elumelu revealed that President Tinubu highlighted planned tax reforms as tools to ease operational burdens on SMEs and stimulate expansion. He also referenced ongoing efforts at the Bank of Industry, commending the administration’s intention to deepen financial support for small enterprises through development finance institutions.
The philanthropist added that the President’s commitment aligns closely with the mission of the Tony Elumelu Foundation, which has consistently funded and mentored young entrepreneurs across Nigeria and the African continent. He described the convergence of public and private sector priorities as encouraging for the country’s youth and enterprise ecosystem.
On the broader economy, Elumelu expressed cautious optimism about Nigeria’s outlook for 2026, citing improved policy predictability and growing investor confidence linked to recent monetary measures by the Central Bank of Nigeria. He noted that foreign exchange-related uncertainties that once strained the banking sector have eased, allowing businesses to plan more effectively.
Power sector reform also featured prominently in the discussions. Elumelu stressed that reliable electricity supply is essential for industrial productivity and national development. He said the President acknowledged the urgency of settling outstanding debts owed to generation companies in order to unlock additional capacity and stabilise power supply nationwide.
Despite persistent financial obligations across the electricity value chain, he observed that operators have continued to generate power, underscoring the need for prompt financial settlements to enhance output and attract further investment.
Elumelu concluded by reaffirming his confidence in the administration’s focus on entrepreneurship, tax reform and energy sector revitalisation, expressing hope that sustained implementation would strengthen Nigeria’s recovery path and foster broad-based, inclusive economic growth.
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