Alhaji Abdulsamad Rabiu, the Chairman of BUA Group, has acknowledged that although some of the reforms introduced by the President Bola Ahmed Tinubu’s administration have been challenging, but 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,” Rabiu said this while also expressing confidence that the Nigerian economy is on the road to recovery.
The BUA Group chairman said this while speaking with State House Correspondents after the Juma’at prayer with President Bola Tinubu in Lagos.
“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)
