More Dollars Coming Into Nigeria Than Naira, Says BUA Chairman Rabiu

BUA Group chairman Alhaji Abdul Samad Rabiu says more dollars are now flowing into Nigeria than naira, pointing to the foreign exchange reforms of President Bola Tinubu's administration as evidence that things are gradually getting better.

Rabiu spoke in Lagos after visiting President Tinubu, saying he went to welcome him back from a "well-deserved vacation" and to wish him a happy Independence Day.

Rabiu Urges Patience With Reforms

Asked what he was doing to make Nigeria better, the BUA chairman pointed to the ongoing reforms and the improvements he said businesses were beginning to feel.

"Well, you see, the thing is, as I've said several times, quite a lot of things are going on and I understand there are quite a few issues here and there," he said. "But if you look at the reforms, and I was just discussing this matter with His Excellency, things are actually getting better. It takes a bit of time, no doubt.

"And I know that Nigerians are going through a lot. But we need to be a bit more patient. For us businessmen, we have started seeing the positive results of the reforms."

Dollar Inflows And A Stable Rate

Rabiu cited the foreign exchange market as his main evidence of progress.

"If you look at the foreign exchange situation today, I think there are probably more dollars coming into Nigeria than even naira that we have now," he said.

"The rate is very stable. In fact, the exchange rate within the last week has improved or, you know, come down by about N20 to the dollar.

"So things are really getting better. And we just need to be a bit more patient and things will definitely get better."

Independence Day Visit

The BUA chairman tied the visit to Nigeria's Independence Day, noting that he was born in 1960, the same year the country gained independence.

"Nigeria is 66, you know, yesterday. And this is particularly special for me because 1960 is also the year of my birth. So, in a way, Nigeria and I have actually grown up together," he said.

He added: "I came to see His Excellency. I wish him well. And I want to also seize this opportunity to wish Nigerians, all of us, a happy Independence Day. That's why I'm here, just to greet him."

On the President's appearance, Rabiu said: "I saw him and he's looking very healthy. And I wish him the very best."

The comments from one of Nigeria's biggest industrialists add weight to the government's argument that the naira reforms are delivering results, at a time when households and businesses are still contending with high prices and weak purchasing power.