Rabiu also predicted that the Naira will strengthen to between ₦1,300 and ₦1,400 to a dollar by the end of the year.
By Kehinde Okeowo
President of BUA Group, Abdul Samad Rabiu on Wednesday described the economic reforms of President Bola Tinubu’s administration as “bold and decisive” moves.
He made this known while addressing journalists shortly after a meeting with the president at the Presidential Villa in Abuja.
According to Rabiu, the policy changes are already yielding positive results for businesses and the currency.
He went on to predict that the Naira will strengthen to between ₦1,300 and ₦1,400 to the dollar by the end of the year.
Speaking after the visit, Rabiu said, “I expect that the exchange rate is going to strengthen even further. I expect that the rate should come down to maybe ₦1,300, ₦1,400 before the end of the year. And this is something that we should all celebrate.”
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He went on to say many businesses now source foreign exchange independently through credit cards and international banking channels, stressing that they no longer rely solely on the Central Bank of Nigeria (CBN).
“So really, for all of these, we must give full credit to His Excellency and the government.
“Their bold reforms and decisive policies are creating the foundation for a stronger economy, a more stable currency, and a better future for businesses and Nigerians alike,” the BUA chairman added.
While addressing inflation and food costs, Rabiu affirmed that commodity prices have fallen compared with last year.
He encouraged patience as the reforms continue to take effect.
“If you look at the prices of food items last year and what we have today, you’ll see that there is a significant reduction in all the commodities.
“So, I think we just need to be a bit more patient. Clearly, things are getting better, and we must continue to support the government,” the business mogul further said.
