Tony Elumelu
Elumelu backs Tinubu’s reforms, calls for sustained focus on SMEs, power
Billionaire investor and founder of the Tony Elumelu Foundation, Tony Elumelu, has thrown his weight behind President Bola Ahmed Tinubu’s economic reform agenda, citing a mutual commitment to revitalising Nigeria’s economy.
Elumelu made the remarks on Friday, February 13, 2026, while addressing State House correspondents in Abuja, shortly after holding talks with the President at the Presidential Villa.
The discussions, according to reports, centred on critical areas of national economic policy, including support for small and medium-sized enterprises (SMEs), tax reform, and efforts to revive the country’s struggling power sector.
Elumelu commended the Tinubu administration’s reform measures, describing them as “worthy of commendation” and aligned with the goal of expanding economic opportunity and strengthening institutional backing for the private sector.
A major theme of the meeting was the pivotal role of SMEs in driving job creation and fostering inclusive growth. Elumelu described small and medium-scale enterprises as vital engines of innovation and economic resilience.
He noted that conversations with the President explored ways to bolster these businesses through targeted tax reforms and financial interventions designed to ease operational constraints and support expansion.
Elumelu also acknowledged the President’s firm commitment to ongoing tax restructuring efforts aimed at simplifying the business environment, cutting bureaucratic red tape, and attracting investment.
He said this focus aligns with longstanding calls from private sector stakeholders for more consistent and transparent tax policies.
Power sector reform was another key issue on the table. Elumelu stressed that improving electricity infrastructure and resolving legacy debts owed to power generators are essential steps to boost productivity, sustain industries, and draw capital inflows.
He praised the President’s resolve to fast-track solutions to the sector’s persistent challenges.
Reflecting on the broader economic climate, Elumelu expressed cautious optimism. He noted that recent policy shifts had enhanced predictability within the financial system, creating a more stable landscape for both domestic and international investors.
He emphasised that stability in monetary policy is crucial for sustaining confidence across banking and business circles.
Echoing views shared by financial experts and industry observers, Elumelu pointed to emerging positive indicators—such as relative stability in the foreign exchange market and strategic interventions in energy and tax policy—as signs of progress.
However, he did not downplay the hurdles that remain. He highlighted ongoing concerns around reliable electricity and sustained access to credit for growing enterprises, noting that resolving these would require deepened collaboration between the public and private sectors.
Elumelu’s endorsement has sparked widespread discussion in media and political circles. While some see it as a sign of growing alignment between government objectives and private sector priorities, others urge caution until tangible improvements reach ordinary Nigerians.
Nonetheless, the conversation underscores the centrality of economic reform in shaping Nigeria’s policy direction in 2026.
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