Alhaji Abdulsamad Rabiu, the Chairman of BUA Group, has expressed confidence that the Nigerian economy was on the road to recovery.
By Salif Atojoko
Alhaji Abdulsamad Rabiu, the Chairman of BUA Group, has expressed confidence that the Nigerian economy was on the road to recovery.
Rabiu shared his optimism while speaking with State House Correspondents after the Juma’at prayer with President Bola Tinubu in Lagos.
He acknowledged that although some of the reforms introduced by the Tinubu administration have been challenging, they were necessary for the long-term stability of the economy.
“It’s true that some of them are quite painful, but we needed these reforms, especially the foreign exchange unification.
“As you’ll remember, the exchange rate was N500, and then outside it was N800, which was unacceptable.
“Now, the exchange rate has been unified, and although it was initially difficult, with rates reaching nearly N2,000 at one point, it is now stabilising at about N1,500 to N1,550.
I’m confident that we’ll see the rate come down even further,” he said.
Rabiu also highlighted the efforts of President Tinubu to ensure stability across all sectors of the economy.
“We can see the improvements in infrastructure, with a lot of road works underway. Given some time, I believe things will definitely improve,” he added.
He urged patience, noting that these reforms take time, especially considering that the current administration had been in power for only 18 months, with another 24 months to go.
“I think we need to give them time, and I am sure things will get better,” Rabiu said. (NAN)
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