ABUJA — President of BUA Group, Alhaji Abdul Samad Rabiu, has hailed President Bola Ahmed Tinubu’s bold economic reforms, crediting them with reducing Nigeria’s dependence on the Central Bank of Nigeria (CBN) for foreign exchange and lowering the cost of doing business.
Rabiu, who spoke to State House correspondents after meeting Tinubu at the Presidential Villa, Abuja, said businesses now source forex directly through banks, credit cards, and international platforms instead of depending on CBN allocations.
He predicted that the naira would continue to strengthen, forecasting an exchange rate of ₦1,300–₦1,400 to the dollar by year-end 2025.
“I expect the exchange rate is going to strengthen even further. I expect it should come down to ₦1,300 or ₦1,400 before the end of the year. This is something that we should all celebrate,” Rabiu said.
According to him, liberalisation measures and monetary reforms have created a fairer forex system, opening new opportunities for private operators.
“The reliance on CBN for foreign exchange has virtually disappeared. Companies today are able to get FX abroad using ATMs and credit cards. These are all positives,” he stressed.
Rabiu also noted that food prices were gradually easing, citing BUA’s intervention in the rice market as an example of private-sector efforts supporting government reforms.
“If you look at food prices last year and compare them to today, you’ll see a significant reduction in major commodities. We just need to be more patient; things are getting better and we must continue to support the government,” he added.
The BUA chairman concluded that Tinubu’s vision and leadership were laying the groundwork for a stronger economy, a stable currency, and a better future for Nigerians.
