Tony Elumelu, Chairman of Heirs Holdings and founder of the Tony Elumelu Foundation, has expressed strong support for President Bola Tinubu’s economic reform agenda, particularly initiatives targeting small and medium enterprises, tax restructuring, and power sector transformation.
Speaking with State House correspondents following a private meeting with the President at the Presidential Villa in Abuja on Friday, Elumelu described the discussions as focused on sustaining economic stability, expanding opportunities for entrepreneurs, and removing structural obstacles to business growth.
The prominent business leader, who serves on the Presidential Economic Council, said the meeting provided a valuable platform to share private-sector insights on the economy and engage directly with the President on critical issues.
“It’s always a pleasure to meet with Mr. President and discuss economic matters, to provide feedback on what we’re observing in the economy, and to exchange ideas constructively as a member of the Presidential Economic Council,” Elumelu said.
SME Development Takes Centre Stage
Support for small and medium-scale enterprises emerged as a central theme of the conversation. Elumelu emphasized that SMEs represent the foundation of job creation, innovation, and inclusive economic development.
“Today we discussed small and medium-scale enterprises and how to further strengthen support for Nigerian entrepreneurs. Mr. President demonstrated genuine passion for empowering small and medium-scale business owners, which I found encouraging because they truly drive economic growth,” he stated.
According to Elumelu, President Tinubu outlined plans to utilize tax reforms and targeted financial interventions to reduce operational burdens on entrepreneurs and stimulate business expansion.
“He discussed tax reform as a tool to support small and medium-scale enterprises. He also spoke about the Bank of Industry, and I was very impressed. He even mentioned the CEO by name, expressing satisfaction with current progress while emphasizing the need to do more for small and medium-scale entrepreneurs nationwide,” Elumelu revealed.
The philanthropist noted the alignment between government priorities and the Tony Elumelu Foundation’s mission to support young entrepreneurs across Nigeria and globally.
“For me to sit with Mr. President and discuss these issues is tremendously exciting. It demonstrates alignment in our objectives, and I believe this is exactly what Nigerian youth need. I’m grateful for Mr. President’s commitment and look forward to seeing greater progress,” he added.
Optimistic Economic Outlook for 2026
On Nigeria’s macroeconomic prospects, Elumelu projected cautious optimism for 2026, citing improved predictability in the financial system and growing investor confidence driven by recent Central Bank of Nigeria monetary policies.
He observed that foreign exchange-related pressures, which previously dominated banking sector concerns, have substantially eased, allowing businesses to plan with greater certainty.
Power Sector Financing Remains Critical
Electricity supply and sector financing also featured prominently in the meeting. Elumelu stressed that reliable power access remains fundamental to industrial productivity and national development.
He noted that President Tinubu acknowledged the urgency of settling outstanding debts owed to generation companies to unlock additional capacity and stabilize electricity supply nationwide.
Despite significant unpaid obligations within the electricity value chain, Elumelu pointed out that operators have continued generating power, underscoring the critical importance of timely financial settlements to boost output and attract further sector investment.
“In summary, I was impressed with Mr. President’s commitment to supporting small and medium-scale enterprises, empowering young entrepreneurs, and energizing the power sector to drive Nigeria’s economic growth,” Elumelu concluded.
The business leader expressed confidence that sustained emphasis on entrepreneurship, tax reforms, and energy sector revitalization would strengthen the country’s recovery trajectory and establish a more robust foundation for broad-based, inclusive growth.
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